Chances are that if you’ve heard of cryptocurrencies, you’ve most likely visited the crypto.com website at some point. Their mission is challenging but clear: to accelerate the world’s transition to cryptocurrency. With crypto.com you can buy, sell and pay for crypto worldwide.
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What is Crypto.com – CRO?
Crypto.com team has managed to build a series of products that are now being used by two million people worldwide. It is important to note that several products are not currently available in the United States for regulatory reasons.
Products ranging from: the exchange, a mobile app, (Visa) cards, staking, borrow and their wallets.
What is the crypto.com exchange?
The crypto.com exchange offers attractive trading fees for new users. New users pay 0% trading fees for the first 90 days, this requires passing the ‘advanced user’ KYC verification. After this, the trading costs will be based on your trading volume.
The user interface/UX of the exchange is simple and clear. It is easy to use and it seems that they are targeting ‘new’ cryptocurrency enthusiasts. It seems that the platform does not yet offer advanced trading options (e.g. Stop-loss, trailing orders, …). Volume is growing, as its liquidity.
General info about Crypto.com – CRO
What is the Crypto.com Visa card?
The Crypto.com Visa Card is a prepaid card. Broadly speaking, prepaid cards are the same as debit cards. The difference is that debit cards are linked to your bank account, but prepaid cards need to be topped up. In our case, you can top up using bank account transfers, other credit/debit cards, or cryptocurrency.
You need to stake CRO tokens for a period of 180 days to apply for a Crypto.com Visa Card.
To do so, first sign up for a Crypto.com App account and complete our KYC verification. Next, purchase CRO tokens and deposit them into your Crypto Wallet in the App. If you buy CRO directly in the App, then no action is required. The amount of CRO depends on the card tier you’re applying for.
Finally, go to the ‘Card’ tab in the App, select your desired Crypto.com Visa Card, tap the ‘Stake CRO’ button, and follow the on-screen instructions. Now, all you need to do is wait for us to notify you when your card has shipped!
What is crypto.com staking – earning?
In my experience, a large number of users use crypto.com for their earn a.k.a. staking program.
It is important to mention that users who have deployed CRO will receive a higher interest rate on deploying other cryptocurrencies than someone who has not deployed CRO.
Crypto.com currently offers interest rates for the above currencies.
Exact interest rates can be found in the mobile app. However, these vary based on your CRO stake, chosen lockup period and cryptocurrency.
What is crypto.com lending?
If you’re interested in borrowing money, I’d recommend checking out my recent post on NEXO. I’d recommend you look at the differences between the two platforms, compare trading costs, and decide which platform is more suitable for you based on that information.
What is crypto.com wallet?
Last but not least, crypto.com recently introduced their cryptocurrency wallet.
Their slogan is simple: Your Keys, Your Crypto.
Your private keys are encrypted locally on your device and can only be accessed by you. The wallet offers facial recognition and two-factor authenticator options to further enhance your security
Crypto.com is thus a user-owned wallet where you are the custodian. This means you get full access and control over your crypto private keys.
You have full legal and beneficial titles for your crypto when they are stored in the Crypto.com wallet, as opposed to a centralized custodian in the Crypto.com app.
You do not need a Crypto.com account to store, send and receive crypto in the Crypto.com wallet”. While money in the crypto.com app is not fully managed by you, meaning you do not have access to the private keys in your account and crypto.com performs activities on your behalf.
For more information about the wallet, click here.
What do we think about Crypto.com – CRO?
Frankly, I think it’s a shame that crypto.com chose to use two currencies in their ecosystem. CRO & MCO. It seems like it would have made much more sense to stick with one currency here, used throughout their ecosystem.
Nonetheless, it is hard to get around this project. They seem more professional and on the right track than Cronos, where I remember many deadlines being missed and communication not being great.
I think this is a strong project that will be around for the long haul, so I recommend that you do your own research and base your own opinion on this project if you are considering buying CRO.