What is Crypto.com?
The Crypto.com platform was founded in 2016, making it a rather old service provider at the ecosystem scale. Originally called Monaco, it supported one token: the MCO. The company first became known for its cryptocurrency payment cards, which allow you to spend crypto-assets in the same way you would use a bank card.
Crypto.com then evolved its proposition, gradually getting rid of the MCO token and adding a wide variety of services to its platform. It was its other token, CRO, that began to go it alone.
The CRO symbolizes the “finance” aspect developed by Crypto.com in recent years, including trading services and staking. Crypto.com’s exchange platform was moreover launched in beta version in 2019.
Services that have adapted to changes in the ecosystem
Since then, various services have been added. In 2020, Crypto.com launched DeFi Swap, an automated market maker (AMM) to hook up the wagons with decentralized finance (DeFi). Margin trading arrived the same year, as well as a lowering of the cost of access to crypto-currencies.
Crypto.com’s blockchain mainnet, dubbed Crypto.org, meanwhile, arrived in 2021, which began to propel the CRO’s price. The company signed several large partnerships that same year, including one with the giant Visa. Crypto.com has continued to focus on hybrid financial services, including a fiat currency lending service backed by cryptocurrencies.
The company’s intention is indeed to tackle all areas of cryptocurrencies, to become an all-in-one platform. In 2021, for example, it launched a non-fungible token (NFT) service in partnership with Snoop Dogg, to ride the wave.
Crypto.com has also shown a willingness to enter the public space, through numerous partnerships in the sports arena. These initiatives culminated at the end of 2021 with a partnership with the Staples Center in Los Angeles, which was renamed the Crypto.com Arena. This latest initiative sent the ROC price skyrocketing, making it one of the most capitalized cryptocurrencies of the moment at the end of 2021.
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The CRO token from Crypto.com
CRO is the native token of Crypto.com. CRO token holders can enjoy significant discounts and benefits on the platform’s various services. The cryptocurrency was launched on Crypto.org, one of the blockchains created by Crypto.com.
CRO is staked by validators to secure the network, and they are rewarded when they lock their tokens. The cryptocurrency powers the majority of the platform’s services, and has enjoyed a consistent price increase during 2021.
It should be noted that there are also Ethereum CRO tokens, of the ERC-20 type. These are different from “classic” CROs: their primary purpose is to carry out swaps on the Ethereum blockchain.
👉 More info on Ethereum’s ERC-20 tokens
CRO token logo, styled by Cryptoast
The Crypto.com team
Crypto.com was launched around its CEO Kris Marszalek. Based in Hong Kong, he had already founded several companies, including Beecrazy, an e-commerce site. He later served as CEO of Ensogo, another major Southeast Asian e-commerce site, before taking over as CEO of Crypto.com in 2016.
Gary Or is also a co-founder of the company, and although he left his CFO position, he still works with Crypto.com blockchain. He founded Particle B, an incubator for blockchain startups.
The current CFO of Crypto.com is Rafael Melo. He has specialized in Asia’s payment ecosystems, and compliance, among other things. He is also an Ensogo alumnus, who has participated in major fundraisings for both companies.
Crypto.com has also distinguished itself with numerous partnerships. In early 2021, the platform signed with Booking.com, to offer its customers exclusive discounts. In addition, its crypto-card rewards rely on partnerships with other big names, including Netflix and Spotify for example.
The platform also enlisted the services of Matt Damon in an ad that aired in the fall. On the financial services side, Visa has also shown interest in the company: the payments giant has allowed Crypto.com to expand the reach of its cards.
But the big area that Crypto.com has tackled is sports. Throughout 2021, the company has signed partnerships with teams and events in order to raise its profile among the general public. The Aston Martin F1 team has joined its ranks, and Crypto.com became a sponsor of the Italian Football Cup in the spring.
On the French side, it was the Paris-Saint Germain (PSG) that signed with the company for a multi-year partnership. However, the numerous initiatives culminated when Crypto.com signed an agreement with the legendary Staples Center in Los Angeles, which is now called Crypto.com Arena.
Partnerships are therefore one of the strong points of Crypto.com, which places its pawns in order to solidify its reputation with the crypto-community, while attracting new users.
The Crypto.com ecosystem: a wide range of services
As we have seen, Crypto.com services are particularly varied. We will detail below the main ones, but the list is not exhaustive:
Crypto.com’s payment cards have made the platform famous. Unlike other companies, it is not a single card, but several types of cards. In order to obtain a card, you have to store your CRO tokens, i.e. lock them. Depending on the number of CROs that have been locked, you can access different levels:
Source : Crypto.com
Unlike other payment card providers, Crypto.com pays cashback directly in CRO tokens, not as a percentage of the purchase value. If you spend 35,000 euros, you will receive 5% cashback. The highest level is set at 350,000 euros of staking, for rewards of 8%.
The tiers are also used to unlock benefits, such as paying for subscriptions to certain online services. Withdrawal limits are also tiered according to the level of the card.
The centralized exchange platform
In 2021, Crypto.com is also known for its exchange platform, on which the company has focused part of its communication. It offers a substantial list of cryptocurrencies: more than 150. The fees are relatively low: 0.40%, with a reduction if you exchange a large volume, or if you hold CRO.
It is possible to trade in the spot market or futures contracts on Crypto.com’s trading platform. It is also compatible with staking services, with users able to free up up to 14.5% per year by locking their coins into the wallet.
Crypto.com’s exchange platform also offers other notable services: it is possible to exchange several major stablecoins (including Tether, USD Coin and GUSD) at a 1:1 ratio. Users can also fund their accounts directly with fiat, which is then exchanged for USDC.
Crypto.com’s trading platform is showing daily trading volume in November 2021 that exceeds $4 billion. This puts it in 4th place among platforms in terms of volume, according to data from CoinGecko.The most comprehensive crypto appUp to $50 free with the code CRYPTOASTDiscover the Crypto.com exchange
The non-fungible token platform (NFT)
Non-fungible tokens(NFTs) started to explode in 2020, which prompted Crypto.com to offer its own platform for buying and selling NFTs. Launched in March 2021, it has signed a few major partnerships to attract customers, including Snoop Dogg, Aston Martin, Formula 1 and Lionel Richie.
Rather unusually, Crypto.com users can purchase NFTs with one click of their credit card. The purchases are also compatible with Crypto Pay. This payment service developed by Crypto.com allows users to spend about 20 cryptocurrencies. The NFT platform is based on the Crypto.org blockchain, which is used to “mint” NFTs.
The Cronos blockchain
At the end of 2021, Crypto.com launched another blockchain, named Cronos. Compatible with blockchains in the Ethereum universe, it was expected, as it promised more reasonable fees, as well as better scalability.
Cronos was built on Cosmos, it uses a Proof-of-Authority consensus mechanism. The blockchain supports decentralized finance projects, such as VVS Finance, CronSswap, or Crodex.
Its interest is that it will eventually allow decentralized applications and smart contracts from Ethereum (or blockchains compatible with the Ethereum Virtual Machine) to be ported directly to the Cronos network. This is made possible by an integration of the Inter Blockchain Communication (IBC) protocol.
👉 More information about Proof of Authority and other consensus mechanisms.
The decentralized finance platform (DeFi)
Crypto.com has also offered an automated market maker (AMM) since 2020, called DeFi Swap. Also powered by the CRO token, the service was launched on the Ethereum mainnet.
DeFi Swap allows users to swap their tokens, provide liquidity for pools against rewards, and stage CRO. They can connect their wallet (e.g. MetaMask), or use the native Crypto.com wallet.
The annual rate of return (APY) also varies according to the number of CROs staked. DeFi Swap applies “multipliers” which are also affected by the duration of the stake in the CRO:
Source : Crypto.com
How to buy CRO?
The CRO being the native token of Crypto.com, it is of course on its services that it will be easiest to get it. However, we note that the CRO is available on other centralized exchanges, including Coinbase, Huobi or KuCoin.
CROs can be purchased through the Crypto.com application, available on Google Play and the App Store. The purchase is possible via credit card, or bank transfer. CROs are also available on the Crypto.com exchange platform, for a variety of crypto-assets.The most comprehensive crypto appUp to $50 free with the code CRYPTOASTDiscover the Crypto.com exchange
Conclusion and opinion on Crypto.com services
The main advantage of Crypto.com is of course its “Swiss Army knife” aspect, which will appeal to users looking for a unique platform. The long list of available crypto-currencies and the width of the ecosystem make it a great choice for all categories of investors.
However, it should be noted that Crypto.com rewards those who use its native CRO tokens, so you will need to hold a certain number of them if you want to take advantage of the competitive transaction fees. Beginners might also have a bit of trouble understanding how the services work, as the interface is less user-friendly than some competitors.
Nevertheless, Crypto.com has established itself in a short period of time as an essential platform, and its services continue to diversify.
It is also worth noting that it is the first crypto company to obtain ISO/IEC 27701:2019 certification, a security guarantee that proves the efforts made in terms of risk management.
For all these reasons, it is therefore likely that it will continue to occupy an important place in the crypto landscape in the coming years.