Crypto.com: a bit of history
Crypto.com is a cryptocurrency exchange founded in 2016 by Kris Marszalek and his team.
After a rebranding in 2018 (the initial name was Monaco), the company has moved into the spotlight by competing with major players in the industry.
Crypto.com’s winning idea was to give its customers the option of being able to spend cryptocurrency through a VISA debit card, still a product in high demand among the platform’s users.
One step after another, crypto com made its way among exchanges that were far more famous and robust. A David and Goliath clash in which the weak one ended up becoming a giant as well.
Fundamental to this are marketing initiatives geared primarily toward partnerships with the sports world. Names include UFC, Formula 1, and TIME, up to the purchase of the rights to the former Staples Center in Los Angeles, now Crypto.com Arena.
The relationship with sports has been a winning move in bringing cryptocurrencies into the mainstream, becoming a mainstream topic.
Although starting off at a disadvantage, the company managed to catch up and become one of the benchmarks in the centralized cryptocurrency exchange scenario.
This company, although it seemed to have started off at a disadvantage compared to its competitors, is greatly increasing its business volumes by gaining a foothold in the digital coin community.
Index
What is a crypto exchange?
A crypto exchange is a place of exchange where people can buy and sell cryptocurrencies.
In return for the service, the platform charges a small fee on each sale or purchase transaction.
To explore this topic further, here is an article dedicated to exchanges.
Features of Crypto.com
Crypto.com is a cryptocurrency exchange that has developed a service-rich, though sometimes a bit cumbersome to use, smartphone app.
Among the offerings, the Crypto App allows you to:
- Buy and sell cryptocurrencies;
- Place one’s digital coins in earnest and earn an interest;
- Spend your own coins through your VISA debit card;
- Participate in the Crypto.com Supercharger;
- Obtain loans by giving one’s own coins as collateral.
Crypto.com’s app is downloaded and used daily by millions of people. In the course of this in-depth study, we will return to several features it offers and find out more about them.
Let’s shift the focus for a moment to the actual exchange, which is dedicated to advanced users who wish to get into crypto trading.
"Rich proposal and different solutions for experienced and non-experienced users: this is Crypto.com"
Crypto.com cryptocurrencies exchange
Crypto.com Exchange, just as is the case with Coinbase (and was the case with Coinbase Pro), is a second version of the main application that has features designed for more experienced users.
In fact, on the platform we find a high number of exchange pairs, more features inherent to buying and selling cryptocurrencies, and lower fees. In this way, professionals and advanced traders can trade crypto freely, knowing that they can count on a powerful and rich tool.
Crypto apps and exchanges are created to meet different needs…
Cryptocurrencies remain an unexplored world for many users. As a result, those taking their first steps need simple and intuitive solutions.
Conversely, more navigated and experienced users will want equally advanced features as well as more room to maneuver in their trades and investments.
These observations give rise to two separate applications in which we find another major difference: higher fees are required in the simpler version…convenience pays for itself!
The two platforms have separate and distinct wallets; therefore, moving our coins from one to the other will require manual action. Note that this operation does not require additional fees.
Costs are based on trading volumes moved in the previous 30 days. It goes from a minimum 0.15 percent maker fee (which doubles from taker). Caution: figures may change over time.
Since we just mentioned it, let’s learn more about the CRO coin, Crypto.com’s cryptocurrency!
Coin CRO Crypto.com
CRO is theutility token of the Crypto.com platform, to be held if we want to enjoy some features and discounts of this exchange.
After the 70% burn in 2021, its maximum supply is 30,000,000, of which 26.6 are in circulation at the time of writing.
The use cases of this coin within the Crypto.com application are many, including:
- Locking CROs in staking for at least 6 months, so you can get a Visa card to spend your coins held in the exchange and get cashback. Depending on the amount of coins, we will be able to access more exclusive cards with higher benefits;
- Participate in the Supercharger, where CROs are staked to generate annuity;
- Subscribing to earn services;
- Buying and selling NFTs;
- Paying commissions on buying and selling currencies, so as to get a discount on fees.
In addition to this, the coin CRO also partly represents the performance of the Crypto.com company. Consequently, the better the company’s performance, the more theoretically the value of the coin should increase. Holding CRO thus becomes a way to invest in the company, somewhat like what happens with BNB and Binance.
Among Crypto.com’s various projects, it is impossible not to mention the Cronos chain, of which CRO is the native coin.
On this network, CRO is the coin currency to which gas fees are paid. Cronos hosts an interesting DeFi ecosystem that presents often very appetizing opportunities for li cryptocurrency investors.
Below is the CRO/USD chart directly from TradingView, the best portal for technical analysis of stocks, commodities, cryptocurrencies and more. Join TradingView and take advantage of our super discounts!
SuperCharger Crypto.com
Crypto.com’s SuperCharger is a way to put one’s own coins to income by putting them into a liquidity mining program created by the platform.
For the uninitiated, liquidity mining is nothing more than a pool into which a user can deposit their cryptocurrencies to generate a return that is paid out in another currency chosen by the platform itself, such as bitcoin. In the case of the Crypto App, the coin to be deposited is CRO.
The operation is quite simple and is divided into two steps:
Crypto.com Supercharger: reload period
This is the initial phase of Crypto.com’s SuperCharger, the duration of which varies.
During this period, users will have to deposit coins into the dedicated pool. The procedure is simple and the Supercharger item is available in the main menu of the Crypto com application.
Throughout the duration of the phase, the average deposit percentages on the user’s cryptocurrencies for each hour will be calculated. The more hours we keep the coins tied up, the greater the reward obtained.
Note: During the reload period, the user can withdraw and deposit their coins at any time.
Crypto.com supercharger: reward period
During this phase, the user who has provided liquidity during the reload period will get a daily reward. As we said, it will be calculated based on how long the coins have been left to yield.
Important to remember to accept the reward from the day before the start of phase 2, otherwise you will lose part of the rewards to which you are entitled.
For more trivia, here is the page dedicated to the Supercharger directly from the Crypto.com website.
Crypto.com Cards
Crypto.com’s debit card relies on VISA payment circuits. Beautiful to look at and all-metal, it allows us to receive variable cashback based on level.
Crypto.com’s VISA cards are different and can be applied for depending on the CROs deposited in staking on the application. Keep in mind that the deposit bond corresponds to six months: for that entire period we will be exposed to the coin and will have no way to withdraw it, let alone sell it.
At the end of the period, we will be able to unlock the principal and consider what to do with it. Remember, however, that the removal of funds from the stake means the loss of the benefits associated with the card.
In addition to cashback on almost all purchases (there are a few exceptions such as betting sites and exchanges), the Crypto.com card brings other benefits such as free Spotify, available, however, only for certain tiers (from Ruby Red on up). Still, moving up the card tier will give us access to higher benefits such as full cashback on Amazon Prime and Netflix, discounts on Expedia and Airbnb, to airport lounge for yourself and a guest.
Crypto.com Earn: how does it work?
Crypto.com Earn allows us to staking some of our coins and generate some passive income. This will be paid out in CRO or in the same currency deposited.
Earn varies both by asset and by term. Specifically, there are three terms provided: Flexible, 1-Month Term and 3-Month Term. As the time horizon increases, so do the earnings.
As the name suggests, Flexible gives us maximum freedom and imposes no lock-in. Conversely, the interest we will be entitled to will be lower.
The other two options will earn us more, but having to keep the cryptocurrencies locked in for a certain period. Once we subscribe to the lock-in, there is no going back: we will have to wait and comply with the terms.
As we can imagine, the main disadvantage lies in the risk of exposure to the asset. We opt for the solution in line with our needs, considering above all our own risk appetite.
The following image shows the annual returns with a three-month lock and less than 4,000 CROs in stakes. On the product page you can simulate potential interest.
To learn more about risks and benefits, we discussed Crypto Earn in this article.
Recurring Buy Crypto.com
Recurring Buy is a feature provided by Crypto.com’s application to be able to make automatic purchases at scheduled intervals. The scheduled intervals are daily, weekly, bi-weekly and monthly.
This function was created for the purpose of carrying out the accumulation plan of a digital currency without necessarily having to perform the purchase operation manually. This is a nice convenience both to save time and to make sure you follow your plan.
The type of coin to be purchased can be viewed in the Crypto App. We find of course all the major coins and tokens: hard not to be satisfied.
Purchasing can be done either from the crypto com wallet or through one’s bank, including by credit/debit card. Beware of fees: it is recommended to opt for bank transfer: the credit card imposes a rather high fee.
"The Recurring Buy is an easy way to carry out accumulation plans without worries"
Crypto.com Wallet
The Crypto.com Wallet is the non-custodial wallet created by the developers of the platform. With this tool, users can keep their private keys and, consequently, the cryptocurrencies they hold safe.
A wallet is defined as non-custodial when the coins it stores remain 100 percent in our possession.
This specification may seem trivial, but we are often led to think that cryptocurrencies are something that belongs to us by definition. In reality, by holding our coins on an exchange, in most cases we are actually delegating responsibility for the coins to a third party, namely the exchange itself. In these cases, the wallet provided by the platform is called a custodial.
This mechanism is comparable to that of traditional banks and carries risks: in case of liquidity problems, or worse bankruptcies, we may not see our funds again.
In contrast, through the Crypto.com Wallet the cryptos are ours for all intents and purposes. This also entails a number of specific risks that should not be underestimated, chief among them the custody of the seed phrase.
"Not Your keys, not Your Coins - Andreas Antonopoulos"
Crypto com NFT Marketplace
Crypto.com’s NFT store allows us to buy or sell NFT works.
In short, NFTs (NonFungible Tokens), so-called non-fungible tokens, represent a unique or limited-run digital version of an asset.
The NFT makes it easy to certify authenticity, uniqueness and ownership of the artwork thanks to the blockchain.
After the initial frenzy, these assets are becoming increasingly used by companies. Use cases are multiplying and the industry is experiencing a moment of major consolidation.
Numerous types of art or collectibles can be found on Crypto.com’s NFT marketplace, such as:
- Works of art by well-known and unknown artists;
- Short snaps of IIHF World Championship actions;
- Other NFT collectibles.
The offerings are constantly expanding, a sign of user acceptance.
However, the benchmark portals for NFTs remain Blur and OpenSea, available on Ethereum, Polygon , and other networks. If you are a digital art enthusiast, or wish to create NFTs, you should definitely get to know this platform!
Crypto Credit: getting a loan
The Crypto Credit service allows us to obtain a loan from the platform without having to go through all the paperwork usually required.
The procedure is simple: we will only need to provide collateral to receive the requested amount. It will serve as collateral and will remain locked until we have repaid the full amount received as a loan, plus interest (which can be reduced thanks to CRO staking).
Usually currencies with variable prices are put to use as collateral, borrowing stablecoins instead. This modus operandi allows us to remain positioned on the coin, but without giving up having cash to spend; or, again, we can develop multilevel investment strategies.
Conclusions
Having reached the end of this article, we can finally draw conclusions and compare Crypto.com with other competing exchanges.
The platform has undoubtedly made significant strides and forged very important partnerships. So far, the ideas and goals Crypto com gives make many users choose it, whether beginner or advanced.
The fees are the jarring note as they are higher than other players. However, they remain sustainable considering the service.
The crypto-com cards are interesting and offer good cashback. As is the practice, however, to hold a card we will have to be willing to expose ourselves to a certain amount of CRO.
In conclusion, Crypto.com is a good cryptocurrency exchange with many services and has proven its reliability.
