Crypto.com offers almost every product possible within the cryptocurrency space including an exchange, app, cards, earn, credit, invest, pay, a separate wallet as well as new DeFi features for adding liquidity, swapping, and staking. Plus they even have their own crypto.com (CRO) tokens too. With a lot of products under its wing, this Crypto.com review includes information on each service.
Who are Crypto.com?
Crypto.com, with headquarters in Hong Kong were previously known as Monaco. The platform was launched in June 2016 and renamed to crypto.com in July 2018. The company now has 3 million users worldwide. With users being able to trade on their Exchange, earn interest on crypto deposits, use their reward-driven Visa cards and even have access to DeFi features.
Crypto.com CRO Tokens
The Crypto.com native utility token (CRO) is an Ethereum based ERC20 token, now available on 22 exchanges worldwide. CRO provides their users with discounted fees, higher earnings, priority token allocations and more on the Crypto.com Exchange and App Payment. Holders of the coin can gain access to exclusive benefits of the MCO Visa Card and mobile crypto payment and participate in the Crypto.com Chain network to receive rewards.
The Crypto.com app allows you to buy with 7 FIAT currencies by bank transfer and debit or credit card and 53 cryptocurrencies. there’s 0% fees for deposits, crypto to crypto exchanges and transfers to their own wallet. The App is an all in one custodial wallet, investment, and that encompasses a range of products that promote the adoption of digital coins on a wide scale. You can apply for the MCO Visa Card in a matter of minutes from right within the app too.
The crypto.com wallet allows users to securely send and track their crypto. It supports and allows you to manage your BTC, ETH, CRO, MCO, LTC, XRP, XLM and other erc20 tokens in the wallet too. With full control over your crypto, your private keys are encrypted locally on your device. And you can easily import your existing wallet with a 12/18 or 34-word recovery phrase to the crypto.com wallet.
Crypto.com DeFi Swap
Defi Swap is a new DeFi protocol by Crypto.com, allowing users to swap and farm DeFi coins at the best available rates whilst offering an attractive incentive program for CRO token holders. Crypto.com who are famous for their one-stop-shop crypto app is the next crypto company to release a DeFi service for their users.
Launched on the Ethereum main net, the service allows users to swap and farm DeFi tokens as well as provide liquidity and earn “Triple Yield.” Which includes Swap Fee Sharing, CRO Defi Yield, and a Bonus Yield which is coming soon.
Also at the time of this writing, Crypto.com are guaranteeing a minimum reward pool of 14,000,000 CRO for the first 14 days (1,000,000 CRO per day).
You’ll find the interface is very similar to UniSwap and this is because Defi Swap is a fork of UniSwap V2. However, where Defi Swap differentiates itself is where users can stake CRO and get great rewards.
Crypto.com have now launched SuperCharger on their exchange. Supercharger is a simple, flexible and secure liquidity mining platform for the most popular Defi projects. The first project to launch on Supercharger is the Uniswap UNI token with a $500,000 USD allocation.
In this project, exchange users will receive UNI tokens (as rewards) for depositing CRO tokens into the Supercharger pool. The UNI token project charging starts on 30th September 2020 and ends 30th October 2020. With the reward (or distribution) period starting 30 days after, on 31st October and lasts for 30 days, ending November 30th 2020. Any verified Crypto.com Exchange user is eligible to participate as long as you have some CRO to deposit!
How does Supercharger Work?
When a Supercharger event is in the “Charging Period”, users can deposit and withdraw tokens from the liquidity pool as often as they wish with no gas fees. A charging period is for 30 days and there’s a minimum deposit of 100 CRO which users can deposit from their Crypto.com Exchange spot wallet
Then the Reward or Distribution Period is for the next 30 days and starts after the Charging Period. And Users’ rewards are based on the liquidity score they accumulated during the Charging Period. Rewards are distributed evenly on a daily basis during the Reward Period and are prorated based on a user’s share of the total liquidity pool. These tokens are sent back to your Crypto.com exchange spot wallet.