π₯ Crypto.com Wiki - MCO & CRO course, cryptocurrency & more!
Crypto.com is a cryptocurrency and payment platform. Their main goal is to encourage the widespread adoption of cryptocurrencies. Crypto.com was founded in 2016 and already has over 3 million users. The company is headquartered in Hong Kong and is led by experienced entrepreneur Kris Marszalek. In addition to him, Crypto.com has 3 other co-founders - CFO Rafael Melo, CTO Gary Or and head of corporate development Bobby Bao.
Crypto.com - What does the platform offer?
Crypto.com offers various financial services such as
- MCO Visa Card: Convert Your Crypto To Fiat And Spend Money
- Crypto.com application: buy, exchange, send and track cryptocurrency.
- Crypto Credit: An instant credit product that allows you to obtain credit for your MCO Visa card.
- Earning Crypto: A product that allows users to earn up to 18% interest pa on cryptocurrency deposits.
- Crypto.com Exchange: Powered by CRO, with high liquidity, low fees and prices for best execution, users can trade major cryptocurrencies like Bitcoin here.
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MCO and CRO - Coins from Crypto.com
Crypto.com uses a dual token system with MCO and CRO.
MCO token
The MCO's token sale took place between May 18, 2017 and June 18, 2017. During that time they raised a staggering $ 26,7 million and are currently traded on 30 exchanges around the world. The benefits of the MCO tokens are as follows:
- Allows users to order metal Visa cards by staking the MCO tokens.
- With every transaction with the MCO card you get back up to 5% of all expenses (in MCO).
- Upgrade reserved MCO cards to a higher level by using more MCO tokens.
- With assignments, you receive the MCO at 6% pa for 500 and 8% pa for 5.000 and 50.000 ranks.
CRO token
The second token in the ecosystem is the CRO token, which enables cross-system inter-currency accounting for the native Crypto.com chain. It is currently available on 22 stock exchanges worldwide. Its benefits are as follows:
- Cross-asset currency accounting.
- Billing of block transaction fees.
- The nodes are rewarded for processing and validating transactions with CRO.
- Users must pay minimal transaction fees when doing business directly with the CRO.
- Users can get a 50% discount when buying cryptocurrencies with CRO on the Crypto.com exchange.
- CRO tokens also allow users to gain access to the syndicate. The syndicate is a fundraising platform where the most promising crypto projects can register their coins in the Crypto.com exchange. We'll talk more about this later.
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How does the Crypto.com platform work?
The beta version of the exchange started in November 2019. Now let's go over some of the features of the exchange:
- The Vortex liquidity system enables users to have competitive pricing and access to a large global platform.
- You can get a 100% discount on trading fees based on your 30 day trading volume and CRO stake.
- 10-fold increase in throughput thanks to a revised matching engine and the order management system.
- Easy to use with a unified REST and Websocket API.
- Provides a strong and robust risk engine and high leverage in margin and derivatives trading.
Crypto.com - Markets, Trading and Account Creation
The exchange offers up to 44 markets with BTC, USDT, and CRO pairs. Crypto.com has two levels of verification for their exchanges, Basic and Advanced.
- Basic: This verification level includes data such as name, email and phone number. After that, users can move around freely and access most services.
- Advanced: In the advanced version, you need to submit identification documents that give you unlimited deposits and a withdrawal limit of 100 BTC enable.
What is the Syndicate and what is it good for?
As explained above, the syndicate is a fundraising platform for promising projects that list their coins on the Crypto.com exchange. For these events, CRO actors receive a preferential allocation of coins with a discount.
The syndicate characteristics are as follows:
- Crypto.com does not charge any registration fees for projects.
- As part of the listing project, users of the Crypto.com Exchange will be provided with their own token for sale with a discount of 50%.
- All proceeds from sales are returned to the projects.
- In addition, the projects can increase the usefulness of your coins in the following ways: Issuance via our card, interest on your coins, use as security for instant loans, use in the Crypto.com Pay network.
How do you get involved in the syndicate?
Users must successfully register as a Crypto.com Exchange user and register at least 10.000 CRO in the Crypto.com Exchange account in order to participate in the syndicate. Details are posted for every event that takes place, including:
- Token information
- Amount of tokens to be sold
- Pricing discount level
- Timeframe, including - Start / End time of the listing event ("Subscription Period")
- Maximum CRO contribution
- Allocation and distribution of purchased tokens
Crypto.com Exchange users can only purchase the project tokens using CRO tokens. The maximum allocation of project tokens depends on the CROs used by the user. If the total pledged amount is greater than the total project allocation, the user will receive a prorated amount based on the pledged amount.
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Security at Crypto.com is very important
Crypto.com applies the highest standards of security philosophy. Let's go over a few points:
- Crypto.com is the first cryptocurrency company in the world to have ISO / IEC 27001: 2013, ISO / IEC 27701: 2019, PCI: DSS 3.2.1, Level 1 compliance, and CCSS.
- 100% of the funds are stored in cold storage. In the event of a loss of money, the exchange uses a cold storage insurance fund.
- The coins stored in hot wallets are only company money and ensure that transactions in your service network run smoothly.
- If you are a US citizen and have US dollars with Crypto.com, up to US $ 250.000 is insured with the FDIC.
- Every single transaction is carefully monitored by Crypto.com to ensure that no money is laundered for criminals. This level of proactive compliance control prevents criminal behavior such as money laundering.
- Crypto.com uses 2FA authentication both for its mobile application and for exchanges via biometrics or Google Authenticator. You must also whitelist every address to which you send your funds from the exchange.
- Crypto.com secured $ 100 million direct insurance under the direction of Arch Underwriting with Lloyd's Syndicate in 2012. This is the largest coverage Crypto.com has taken out for its cold storage with its custody partner Ledger Vault. With the new policy, Crypto.com's total cryptocurrency insurance increases to $ 360 million, including direct and indirect custodian coverage.
Fees at Crypto.com
- Crypto.com has reasonable manufacturer / consumer fees starting at 0,2%.
- It uses an open and competitive fee structure.
- You can get cheaper fees by staking CRO marks. Aside from cheaper fees, you also get a 20% ROI on the amount you wager.
MCO Visa cards from Crypto.com
MCO Visa cards are available in several tiers depending on your needs and requirements.
- Midnight Blue Card: On the one hand, we have the MCO card for beginners, which gives you 1% cashback. You do not need to use MCO tokens. Users have a withdrawal limit of $ 200, an ATM withdrawal fee of 2%, and an interbank fee of 0,5%. Users can exchange up to $ 2.000 for free.
- Ruby Steel Card: To obtain this card, you must wager 50 MCO tokens. After activation you will receive 2% cashback on the card and 0,2% on the wallet with this stake. Your withdrawal limit is up to $ 400 and the switch limit is up to $ 4.000. You can receive a referral bonus of up to 10%, including an additional $ 20 for referring up to five additional users. You also receive a discount of up to 50% on investment fees.
- Jade Green / Royal Indigo Card: You can unlock this level by using 500 MCO tokens. The cashback rewards increase up to 3% for the card and 0,4% for the wallet. Withdrawal and exchange limits have been raised to $ 800 and $ 10.000, respectively. You can receive a referral bonus of up to 15%, including an additional $ 40 per person for referring up to 10 users. Holders can also use the card to gain access to the LoungeKey airport lounges.
- Icy White Card: Wagering 5.000 MCO tokens gives you access to this tier. The reimbursement increases to 4% for the card and 0,8% for the wallet. The referral bonus increases up to 20% and $ 80 for 50 new users.
- Obsidian Black Card: This is the highest level available and is unlocked with a stake of 50.000 MCO. The cashback rewards go up to 5% for the card and 1% for the wallet. The card gives you a free transaction limit of up to $ 1.000. Owners can also get a referral bonus of up to 25% and $ 100 for up to 100 when they bring in new users.
Crypto.com compared to Ten X and WIREX
Let's compare what Crypto.com has to offer with its two biggest competitors - Ten X and WIREX.
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Features of Crypto.com at a glance
Crypto credit services
Another product that we should look into is the crypto credit services. The idea is to give users the option to borrow money from the company and repay the amount later. The user must use MCO or Bitcoin. This product also has the following properties:
- No repayment period.
- No credit check.
- Using MCO tokens results in lower fees.
- No minimum payments.
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Crypto.comPay
Crypto.com Pay will enable businesses and merchants to accept cryptocurrency payments in-store. Merchants receive 0% processing fees on all payments processed with crypto and 0,5% fees on payments processed through fiat. This is a whopping 80% discount off of the fees normally charged by other major payment processors. Ledger and WooCommerce stores are already accepting payments through Crypto.com.
More functions from Crypto.com
In addition to the above, Crypto.com also offers the following exciting features:
- A wide range of crypto trading including margin trading, derivatives trading, OTC trading, and decentralized token swaps.
- Integrating Crypto.com Pay with more websites and adding more functionality to its card.
- Support for Latin America and other regions.
- Conducting various campaigns such as trade competitions, quizzes and other promotions to distribute crypto to participants for free.
- Introduction of its own blockchain, which will highlight speed, data protection and more economic incentives for node operators. This blockchain is currently in the testnet phase.
Our conclusion on Crypto.com and its coins
As can be seen from the variety of offers available, Crypto.com is one of the most ambitious organizations in the blockchain space. Your exchange, the syndicate, the Visa cards, there is something for everyone! If you are a newbie among investors then give them a try to get your feet wet and familiarize yourself with the amazing world of crypto. If you are an advanced investor then use their blockchain portfolio options to take your game to the next level. Definitely keep an eye out for this fantastic project.
