Crypto.com - The Best Place to Buy, Sell and Pay with Crypto
What Is Crypto.com?
Crypto.com represents a one-stop-shop for consumers to buy, save, and spend cryptocurrencies like Bitcoin, Binance Coin, and Ethereum.
The site features a variety of staking options that allow customers to unlock features like cashback, rebates, and interest rewards.
Strongly geared towards everyday individuals, the company provides many ways for customers to take full advantage of their digital asset holdings. At Crypto.com, you'll deal in two native tokens, MCO and CRO. Let's explore the different role each token plays in the company's broader ecosystem a bit further.
The first token created by the project was MCO, which gets used as a staking mechanism to upgrade credit cards with high feature sets and unlock tiered benefits.
How does it work? When you use the Crypto.com mobile app, the more you stake in MCO, the higher your savings, rebates, and cashback incentives.
As for CRO? This recently launched token is the standardized medium used for exchange and is similar to any other native blockchain. You can stake it to earn when performing different governance actions using the ecosystem's network.
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Our take
4.0
Bitcompare score
Since 2016, Crypto.com has provided services to customers to help accelerate the transition to cryptocurrencies worldwide. Crypto.com claims to offer consumers more options than any other single crypto brand.
Today, it boasts one of the most powerful platforms, and millions of users worldwide trust and rely on it. As you'll see in our Crypto.com review, it also offers a wide variety of crypto-related services, permitting consumers to replace the role of fiat currency in many areas of life.
Recently, Crypto.com has added the Exchange, which lets consumers trade on a stable exchange platform. The advent of the Exchange further adds to Crypto.com's robust proposition as a full range site for crypto-related finances.
But how does it stand up to the competition? Keep reading for our honest, in-depth analysis of the platform.
What Is Crypto.com?
Crypto.com represents a one-stop-shop for consumers to buy, save, and spend cryptocurrencies like Bitcoin, Binance Coin, and Ethereum.
The site features a variety of staking options that allow customers to unlock features like cashback, rebates, and interest rewards.
Strongly geared towards everyday individuals, the company provides many ways for customers to take full advantage of their digital asset holdings. At Crypto.com, you'll deal in two native tokens, MCO and CRO. Let's explore the different role each token plays in the company's broader ecosystem a bit further.
The first token created by the project was MCO, which gets used as a staking mechanism to upgrade credit cards with high feature sets and unlock tiered benefits.
How does it work? When you use the Crypto.com mobile app, the more you stake in MCO, the higher your savings, rebates, and cashback incentives.
As for CRO? This recently launched token is the standardized medium used for exchange and is similar to any other native blockchain. You can stake it to earn when performing different governance actions using the ecosystem's network.
The Team
Founded in mid-2017 as Monaco, Crypto.com raised $26.7 million in an initial coin offering (ICO) in June of 2017. This investment occurred at an average price of $2.89/MCO.
You'll find 15 members currently listed on the team led by Kris Marszalek. Marszalek, along with a handful of other employees, formerly worked together at Ensogo.
Crypto.com's History
MCO and CRO are listed on a wide range of well-known exchanges like Bithumb, Binance, Bittrex, and OKEx. The vast majority of MCO's trading volume comes from LAToken. Unfortunately, LAToken has a reputation for wash trading.
You should also know that before Monaco and Crypto.com, the same founders worked at another organization, Ensogo. Ensogo closed its doors in 2016 after Monaco's inception. Speculation has surrounded Ensogo's decline ever since.
Some believe Ensogo closed due to unstable cash management as well as the inability to deliver on promised rewards and flash sales. During this period, a handful of unexpected layoffs occurred, causing public sentiment to shift rapidly.
As a result, it remains in your best interests to proceed cautiously when entering the Crypto.com ecosystem. Among the worst allegations made within the crypto community? That Crypto.com is merely a front for historically shady entrepreneurs.
Why Use Crypto.com
Despite the history mentioned above and the current bear market, Crypto.com has made some very impressive recent progress. From blog posts to active updates, the continual addition of exciting future implementations coupled with supported assets is noteworthy.
As a result, Crypto.com will likely retain its position as a standard investment tool for individuals new to the digital asset ecosystem.
This observation is supported by the popularity of the platform since the COVID-19 outbreak first started. According to Marszalek, transaction volumes doubled between December and February despite the virus's devastating impact on the global economy.
Marszalek attributes this to the fact people are turning to crypto as a hedge against the capricious current market.