Launched in June 2016, crypto.com is a company that aims to democratize cryptocurrency and blockchain adoption. Often seen as one of the largest crypto companies in the industry, they are in fact pioneers in the introduction of many products and services.
From custody management, Visa debit cards… to crypto staking, the range of services is certainly the widest ever seen in the space.
In this article, we are going to give an overview of what crypto.com is and why they are more than a simple cryptocurrency platform.
Strap on and get ready for the journey.
Spot exchange
Late 2019, crypto.com announced the launch of its first cryptocurrency exchange. With a user base of 2+ millions of people, it was the logical step to keep pushing forward their progress towards crypto adoption.
It offers significant advantages such as:
- deep liquidity provided by their Vortex trading engine which pools liquidity from major exchanges and routes the orders to guarantee a better execution price.
- competitive trading fees for high-volume traders and CRO stakers. For example, if you stake at least 50.000.000 CRO, you can start trading for free. You will find more info about the fee tier system here.
- institutional custody and security grade. It received the ISO 27001:2013 certification, PCI DSS level 1 and CSS level 3 compliance with ledger vault.
One of the specificities of the exchange is that it is powered by crypto.com’s native coin, CRO. The benefits of it are multiple:
As we have seen it before, staking CRO will provide interesting discount on trading fees and yield 20% p.a. on staked coins. CRO holders will get a priority access and discounts on fundraising events exclusively held on the platform.
Finally, many CRO trading pairs will be added throughout the coming months to increase the overall liquidity of the coin and ensure low-spread settlement across currency transactions/conversions.
App
crypto.com app is one of the best ones on the market. It includes a wide range of features and services that you can use on a daily basis.
You can buy and sell 53 cryptocurrencies and can also convert them directly into 7 FIAT currencies.
The app offers to send and receive crypto to other crypto.com app users without fees.
You can withdraw crypto to external wallets for a flat rate fee.
Finally, you are given the opportunity to track more than 200 coins using different metrics such as: price, volume, market cap, % variation…
Visa debit cards
The company issued its own debit card (firstly) in Singapore in 2018 with the aim of letting crypto users spend crypto in the most convenient way.
The card offers many advantages that we are going to list but first you need to know that it is not available everywhere (for now). Issuing a card is a long and hard task requiring regulatory compliance. This is the reason why crypto.com is working strategically to make it available in as many areas as possible.
Singapore, USA, South Korea, Phillipines, Vietnam, Thailand, Taiwan, Hong Kong and Europe & Canada (added recently to the list) are the regions where the card is currently available.
Before we go through the advantages it is important to point out that there is no fee and therefore the card is completely free to use (0 issuance fee, 0 spend fee, 0 monthly fee, 0 minimum deposit). The only case where you could be charged money for using it is when withdrawing more than $200 from an ATM. In this case, you would have to pay the regular ATM fee.
As explained above, the advantages of possessing and using the debit card are numerous. You can get rewards on spending directly paid in MCO into your account. If you purchase one of the “top tier“ cards, you will have access to airport lounges.
But the real benefits come when you stake MCO coins on your account because then (depending on your “staking level“, you will get some reductions on services such as Netflix, Amazon prime, Spotify, airbnb… And even private jet flights (for the highest level of staking). The comparative chart below summarizes everything you need to know about the offer.
If you want to dig further and calculate the real benefits of using the card and staking MCO coins at the same time, Oof released a very precise simulation of the break even point with different tier levels.
In the coming weeks, our team will make a complete review of the card after using it in real life on a daily basis.
Crypto interests
If you are a crypto “hodler“ and would like to find a way to passively earn money on your holding stack as you would do with a traditional saving account, crypto.com has the solution.
You can now earn up to 8% p.a. on “regular“ coins, up to 12% p.a. on stable coins and up to 18% p.a. on CRO tokens.
The rates solely depend on the length of holding and whether you stake MCO coins or not.
The chart below lists all the different rate scenarios.
Accepting crypto payments
In its quest to make crypto a global payment solution, crypto.com created a service to help you out accepting crypto as a payment option for your business.
With a few lines of code that you can set up in a few minutes, you will be able to manage crypto payments through a clean and slick dashboard (payment tracking, balance, statistics…).
Everything you need to know is centralized in one place and becoming your own bank is now a reality.
Wallet
Trading crypto is a thing but if you are a holder and want to secure your coins you know the importance of software/hardware wallets.
Once again, crypto.com has a solution. They created a decentralized digital wallet that you can connect directly to their app for a user friendly experience.
It is convenient and as secure as any other alternative such as MyEtherWallet, Metamask, ledger…
The keys are encrypted locally on your device and protected by biometric authentication and 2-factor authentication.
Crypto credit
Depositing crypto into your account and getting a loan is now possible thanks to crypto.com once again.
You can choose to deposit any worth of the coins among the following list: MCO, CRO, BTC, ETH, XRP, LTC, EOS, XLM. And receive an extra 50% worth of what you have deposited as a loan (with interests) in stable coins (PAX/TUSD/USDC/USDT).
There is no credit limit and you will always be given the same percentage of coin worth you have into your account. Whether you deposit $1000 or $1 000,000; the loan allocation percentage and the interest rates will remain the same.
But once again, MCO “stakers“ can benefit from better conditions as seen in the chart below.
Stay aware that borrowing money has a cost and these type of services should never be considered as a way to gamble with highly volatile assets.
Conclusion
crypto.com is certainly a pioneer in the crypto industry and they have proven to be one of the few legit actors trying to push global crypto adoption forward.
Their products offer some serious alternatives to the traditional banking system and there is no doubt that they will keep thriving and delivering user friendly products driving more people to embrace the crypto way of living.
#promoted
