What is crypto.com also known as CRO, Crypto.com is a cryptocurrency platform that intends to encourage the global use of cryptocurrencies. In this article, we’re going to explain what crypto.com is, who invented crypto.com, How it works, the difference between CRO and MRO, and what are my thoughts on it.
What is crypto.com?
Crypto.com is a cryptocurrency platform that intends to encourage the global use of cryptocurrencies. It was originally known as Monaco technologies before being renamed crypto.com. Chris Marszalek a seasoned entrepreneur is the CEO of a hong kong-based corporation. The most common misconception about crypto.com is that it is simply a cryptocurrency exchange. Although it has an exchange the platform’s ecosystem includes much more than just an exchange.
It might be considered a crypto bank because it offers multiple capabilities such as buying and selling crypto on its exchange, switching tokens through your Defi wallet, putting your tokens into an interest-earning account, and obtaining a crypto loan. The most essential element of this site however is the ability to obtain a prepaid visa card with which to spend your cryptocurrency.
Who invented crypto.com?
Chris Marszalek established crypto.com as Monaco technologies in 2016. The company began with the motto spend anywhere at no cost. The platform’s native token the MCO token was launched in the first half of 2017. The ICO raised 26.7 million for the firm. Monaco technologies were renamed crypto.com in July of 2018. The first of these new inventions was the crypto.com visa card which began distribution a few months following the rebranding.
The other significant milestone was the establishment of the crypto.com chain which has its own native token known as CRO. Chris Marszalek a serial entrepreneur leads the crypto.com team. Other members of the team are Raphael, Melo, Gary, bobby bao, brent Diehl and Weiyi zhang. The corporation is headquartered in hong kong and has offices in Singapore, japan, china, India, the united kingdom, the united states, Argentina, and Australia.
How does crypto.com work?
When it comes to functionality crypto.com offers a plethora of options. Its multiple features are unrivaled in the crypto industry. The most well-known function of crypto.com is as an exchange. Over 90 plus coins can be traded on the platform. As an exchange crypto.com has the industry’s lowest maker and taker costs. This paired with strong liquidity and the best execution pricing makes it one of the world’s most efficient cryptocurrency exchanges. Based on their CRO staking level the user can also earn up to a 100 trading fee discount, in addition, the exchange features a strong risk engine and allows for high leverage margin and derivatives trading.
Another intriguing aspect of crypto.com is its focus on decentralized finance or Defi. The platform’s Defi swap feature enables users to trade Defi tokens in a non-custodial manner. This implies the tokens can be exchanged without jeopardizing the user’s private keys. Uni swap version 2 has been forked into Defi swap. The user can also connect it to their crypto.com Defi wallet to store their tokens safely. Defi earn is yet another platform feature related to Defi. Users receive significant profits by putting their tokens into the protocol.
Defi earns also integrated with ave lending version 2 urine earned version 2 cosmo staking and crow staking at the moment. The most distinctive aspect of crypto.com is the availability of prepaid visa cards. This card works as a rewards debit card allowing the user to spend their cryptocurrency holdings. The visa card has five different reward tiers each of which offers some sort of reward ranging from rebates for services like Spotify, Netflix, and Airbnb to 1% to 8% cashback and limited free atm withdrawals.
Although this visa card is available to all customers those who have bet a considerable amount of crow will benefit the most. The supercharger which allows users to deposit grow into the supercharger pool and earn Defi coins as a reward is another major feature of crypto.com.
The amount of the incentive is determined by the amount of liquidity offered by the user. The creation of an NFT marketplace is another intriguing and novel component of the ecosystem. Users can gain access to countless NFT collections by well-known artists, athletes, and companies by registering with crypto.com NFT. The marketplace also allows users to sell their own NFTs and buy NFTs with their credit or debit cards.
What are CRO and MCO?
As for its native cryptocurrencies, crypto.com uses two tokens, these are MCO and CRO. MCO debuted in 2017 while the company was still known as Monaco technologies. During its ICO it raised approximately 26.7 million which aided in the platform’s initial development, despite the renaming and the rise of crow the MCO coin retains its own value inside the ecosystem. By staking MCO coins it’s possible to order metal visa cards. Similarly, when using an MCO card to make a purchase the user can receive up to 5% cashback.
Following Monaco technology’s renaming are crypto.com and the subsequent launch of the native blockchain a new native token known as CRO was established. The CRO token has a variety of uses throughout the ecosystem. Users simply have to pay a little transaction fee while using CRO, likewise, if the customer uses crow to purchase cryptocurrencies on the crypto.com exchange they’ll receive a 50% discount. CRO tokens also provide users with access to the syndicate. The syndicate is a crowdfunding site that is part of the crypto.com ecosystem. It enables promising cryptocurrency projects to list their tokens on the crypto.com exchange. Finally, crow tokens are awarded to nodes that process all transactions on the network.
Related: Why Decentralized Exchanges are the future of crypto trading?
Where can you purchase CRO?
CRO can be purchased on exchanges such as Kucoin in the same way that any other cryptocurrency can. You have the option of placing a market buy or a limit buy. You select the price you’re ready to pay with a limit purchase and your order is filled once the token price hits your limit price. If you need the token right away you can place a market order in which you agree to pay the current market price and have your order filled almost immediately. If you want to trade crow you can do so by going to Kucoin.
What are my thoughts? The main issue with crypto.com has always been that it’s not suitable for beginners. The site’s UI is better suited to experienced traders. Another reason is the absence of instructional material on how to use the site. Its competitors Coinbase Gemini and even Binance are far more user-friendly and provide a wealth of instructional resources.
There is also the concern expressed by many users that there is a lack of on-site help, so far the platform’s customer service has been unsatisfactory. The cashback rewards that the user can earn on the platform are paid in CRO. So the user may see a decrease in the value of their rewards and may need to pay them out and convert them to USD. Similarly, the trading fees for users who do not have a crow are rather costly. As always I hope you got value from this article and learned something new about crypto.com so I’m curious have you used the crypto.com exchange to buy and sell crypto? Have you downloaded the app? What are your thoughts on crypto.com leave a comment below.