What is Crypto.com Coin?
Crypto.com Coin (CRO) is an Ethereum-based token as well as its own network which offers prepaid debit cards backed by popular cryptocurrencies. Users of Crypto.com cards can easily convert between his holdings of different coins and pay for online or daily transactions.
History of Crypto.com Coin
Formerly known as Monaco, Crypto.com was founded in June 2016 and in October 2016, its prototype was tested on a test-net. Sales for its original token, Monaco, were formally announced in May 2017, and the MCO token sale continued up until June 2017. The sale of a secondary token, Crypto.com Coin, was completed in late 2018, with CRO being listed on major exchanges in December of that year. The core Crypto.com consists of Kris Marszalek (CEO), Rafael Melo (CFO), Gary Or (CTO) and Bobby Bao (managing director).
How Crypto.com Coin Works
Crypto.com debit card holders can top up/deposit leading cryptocurrencies in their wallet and then pay for expenses incurred in any currency using that balance. Upon purchase, the network finds the best available exchange rate between the stored currency and the required currency and the amount is released from the user’s account. The cardholder can hold multiple currencies in their wallet and can specify which coins are to be used for each particular transaction. It is similar to having a bank account debit card, except for instead of being backed by a fiat reserve, it is backed by BTC, ETH and other cryptocurrencies.
Crypto.com charges 1% fee for transactions which are backed by ETH or BTC. This amount is charged in the same coin which is being encashed for the transaction and is sent to MCO Asset Contract fund. The users can buy Crypto.com Coins and create a stake for them in this fund which they can liquidate any time.
Why Crypto.com Coin?
While the concept is not unique, Crypto.com offers some terrific benefits for its users.
- Daily Transactions: Funds held in Crypto.com wallets can be used for easy transactions in the real world. Debit card users can fund their wallet using ETH, BTC and other ERC20 coins and pay for products and services in EUR, USD and other leading fiat currencies.
- Best Conversion rates: Crypto.com’s algorithm always finds the best available real-time conversion rate and thus, the user gets the maximum value for their stored coins. In other words, due to the best possible conversion rate, the user spends less cryptocurrency for their daily expenses.
- Cashback Offer: Crypto.com offers 0.75% cashback to every user for any cryptocurrency transaction, up to 5% monthly. Users can expect to get the best possible deals due to cashback and real-time conversion mechanisms.
- Debit/Credit Cards: Monaco offers real, plastic or metal debit cards to the users and these cards can be used anywhere the normal debit cards are used. Moreover, these cards are issued for free and there are no yearly or monthly charges to it.
- Success-driven Profitability: Increased transaction volumes have the potential to drive the Crypto.com asset fund will up. Thus, CRO token holders can gain on their investment from increasing utilization of the network.