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What is Crypto.com – A Comprehensive Step-by-step Guide
Crypto.com login is a cryptocurrency and payment platform. Its main aim is to promote the widespread adoption of cryptocurrencies. Founded in 2016, Crypto.com already has over 3 million users.
The company is headquartered in Hong Kong and is headed by seasoned entrepreneur Kris Marszalek. Along with him, Crypto.com has 3 other Co-founders – CFO Rafael Melo, CTO Gary Or and Head of Corporate Development Bobby Bao…
Crypto.com offers several financial services like:
- MCO Visa Card: Convert your crypto to fiat and spend.
- Crypto.com App: Buy, exchange, send, and track cryptocurrency.
- Crypto Credit: An instant loan product that enables you to get credit to spend on your MCO visa card.
- Crypto Earn: A product that allows users to earn up to 18% interest p.a. on cryptocurrency deposits.
- Crypto.Com Exchange: Powered by CRO, with deep liquidity, low fees and best execution prices, users can trade major cryptocurrencies like Bitcoin here.
MCO and CRO – Crypto.com’s Native Tokens
Crypto.com utilizes a dual-token system with – MCO and CRO.
The MCO token sale took place between May 18, 2017–June 18, 2017. During this time, they raised a staggering $26.7 million and is currently trading on 30 exchanges globally. The utility of the MCO tokens are as follows:
- Allows users to order metal visa cards by staking the MCO tokens.
- Every time you transact with the MCO card, you will receive up to 5% back on all spending (in MCO).
- Upgrade reserved MCO cards to a higher tier by staking more MCO tokens.
- Upon staking, you’ll receive MCO at 6% p.a. for 500 and 8% p.a. for 5,000 and 50,000 tiers
The second token in the ecosystem is the CRO token which allows for cross-asset intermediary currency settlement for the native Crypto.com Login Chain. It is currently available in 22 exchanges worldwide. Its utility is as follows:
- Cross-asset currency settlement.
- Settle block transaction fees.
- Nodes are rewarded with CRO upon processing and validating transactions.
- Users need to pay minimal transaction fees upon transacting directly with CRO.
- Users can access a 50% discount if they buy cryptocurrencies with CRO in the crypto.com exchange.
- CRO tokens also enable users to gain access to the Syndicate. The Syndicate is a fundraising platform for the most promising crypto projects to list their coins on the Crypto.com exchange. We will talk more about this later.
The beta version of the exchange was launched in November 2019. Now, let’s go through some of the features of the exchange:
- The Vortex Liquidity System allows users to competitive rates and access to a large global platform.
- You can receive a 100% trading fee discount based on your 30-day trading volume and your CRO staking level.
- 10x increase in throughput via a revamped Matching Engine and the Order Management System.
- Ease of use with a unified REST and Websocket API.
- Provides a strong and robust risk engine and high leverage margin and derivatives trading
Crypto.com Exchange markets and sign up
The exchange offers up to 44 markets with BTC, USDT, and CRO pairs.
Crypto.com has two levels of verification on their exchange, Basic and Advanced.
- Basic: This level of verification takes in data such as name, email, and phone number. Following that, users will be able to move around freely and access most of the services.
- Advanced: In the advanced version, you will need to submit identity documents which give you unlimited deposits, and a 100 BTC withdrawal limit.
As explained above, The Syndicate is a fundraising platform for promising projects to list their coins/tokens on the crypto.com exchange. CRO stakeholders will receive priority token allocation for these events at a discount.
Syndicate features are as follows:
- Crypto.com does not charge any listing fees to projects.
- The listing Project will provide an allocation of their own token for sale to Crypto.com Exchange users with a 50% discount.
- All proceeds from the sale will be passed back to the Projects.
- Also, projects will be able to increase their coins’ utility in the following ways – spend via our card, earn interest on their coin, use it as a collateral for instant loans, use it on the Crypto.com Pay network.
The Syndicate Participation
Users will need to sign up as a Crypto.com Exchange user successfully and stake at least 10,000 CRO in the Crypto.com Exchange account to participate in the Syndicate. Details will be published for each event that occurs, including: