Crypto.com: User-Facing Functionalities of Crypto.com’s Ecosystem


An explanation of Crypto.com’s main features and how the site makes use of the CRO token to make its products and services more accessible.

Summary

Crypto.com was created to provide global users with access to blockchain-based financial services. The Crypto.com ecosystem’s native CRO coin is the underlying currency that powers the platform’s payment, trading, and financial services capabilities.

The Crypto.com initiative is primarily focused on its multifunctional mobile app, which includes Crypto.com Pay, Crypto Earn, and Crypto Credit, among other features. Crypto.com has also developed a solid exchange platform, as well as a robust payment infrastructure that is integrated with the Crypto.com Visa Card and the mobile app.

Contents

Introducing the Crypto.com Mobile Application

The Crypto.com App was created to provide users with financial freedom and accessibility by offering a variety of services in an easy-to-use interface. The software lays a strong basis for the overall Crypto.com ecosystem by providing a simple way for users to buy, store, send, sell, and track their crypto assets. The app supports over 80 cryptocurrencies and seven global fiat currencies as of October 2020. The Crypto.com App also has a number of advanced functions, such as:

●  Crypto.com Pay

●  Crypto Earn

●  Crypto Credit

●  Crypto Trading (via the Crypto.com Exchange and App)

●  Crypto.com DeFi Wallet and DeFi Swap

>>The Best Bitcoin and Cryptocurrency Exchange Guide<<

Crypto.com Pay via the Crypto.com App and Visa Card 

The Crypto.com Pay solution is based on the Crypto.com Chain and is meant to allow users to send and receive cryptocurrency without incurring any fees. Four main services are provided by Crypto.com Pay:

  1. Pay Checkout: Allows consumers to pay with cryptocurrency and allows retailers to accept cryptocurrency as a payment option (both online and offline) with immediate settlement and no fees. The service comes with its own desktop interface that allows the merchant to keep track of all transactions and payments made by users. Customers can also receive cashback in different quantities depending on their Visa card tier.
  2. Pay Gift Cards: Allows customers to shop at well-known global businesses (such as Nike, iTunes, Amazon, and Starbucks) and receive cashback in CRO currency.
  3. Pay Airtime Top-Up: Allows customers to top up their mobile phone minutes with bitcoin via more than 340 mobile service providers across the world.
  4. Pay Your Friends: Allows users to send crypto payments to their friends and gain rewards for doing so, with up to 10% CRO coin cashback for every transaction.

Crypto Earn via the Crypto.com App

Crypto Earn uses three standardized words for staking crypto and allows users to stake eight different stablecoins and 25 different crypto assets, including CRO coin, BTC, ETH, XRP, and LTC.

  1. Three-month fixed term
  2. One-month fixed term
  3. Flexible holding term

Weekly payouts of up to 12% APY are offered to users, with stablecoins offering the largest annual earnings. When a person has at least 25,000 CRO coins, staking rewards increase.

Crypto Credit via Crypto.com Mobile App

Users can utilize Crypto Credit to get a quick crypto loan by pledging CRO, BTC, ETH, XRP, LTC, XLM, or EOS as collateral. There are no credit checks or repayment deadlines. To reduce volatility, loans are paid in stablecoins. Crypto Earn uses this technique to allow users to obtain cash when they need it the most.

>>Cryptocurrency Trading Guide for Beginners<<

Crypto Trading via Crypto.com Exchange and Mobile App

The Crypto.com App allows users to securely trade, buy, sell, store, send, and track their cryptocurrency assets. To give the best execution price, the Crypto.com Vortex Trading Engine aggregates liquidity from key crypto exchanges.

In addition, the solution has a direct connection to the Crypto.com Exchange, which is a desktop-based exchange. Deep liquidity, a competitive cost structure (with CRO-holder discounts), and access to 33 crypto-assets are all available through the Crypto.com Exchange solution, which is housed in an institutional-grade trading platform.

Users can also stake their CRO coin on the Crypto.com Exchange to get perks like reduced trading fees, access to trading competitions, and participation in token discount distribution events.

Crypto.com DeFi Wallet and DeFi Swap

The Crypto.com DeFi Wallet is a non-custodial wallet that allows users to manage their funds on their own, whereas the Crypto.com App is a custodial wallet.

The DeFi Wallet requires users to pay transaction fees but not to perform Know Your Customer (KYC), whereas the Crypto.com App requires both. Crypto.com DeFi Exchange is a platform that combines industry-proven DeFi protocols with a CRO-powered incentivization program to allow users to swap and farm DeFi coins.

DeFi Swap is a decentralized protocol built on the Ethereum network that stresses openness, trust, and usability.

>>Bitcoin Wallet Guide, Reviews and Comparison<<

Crypto.com Visa Card Payment and Rewards System

The Crypto.com Visa Card payment and rewards system is divided into seven tiers, each of which offers more advantages as the total quantity of CRO coin staked increases.

The Crypto.com Visa Card allows customers to pay no fees at over 50 million merchant locations across the world. Users can use quick top-up and payment completion, make purchases at no extra charge at interbank exchange rates and get cash-back incentives and special-access advantages (such as airport lounge access and reimbursement of Airbnb prices) every time they use their card.

The different Visa card tiers and their benefits are shown below in descending order of benefit value:

Obsidian (a stake of 2,500,000 CRO is required): offers 8% CRO coin cashback on purchases, $1,000 USD in free ATM withdrawals per month, and limitless foreign currency transactions. The following are some of the other advantages of this Visa tier:

  • Crypto.com Private membership
  • Up to 100% reimbursement on Spotify, Netflix, and Amazon Prime memberships
  • 10% repayment on Airbnb and Expedia charges
  • Airport lounge accessibility and the ability to bring one guest
  • Crypto.com Private Jet partnership

Icy White and Frosted Rose (requires a minimum deposit of 250,000 CRO): offers 5% CRO coin cashback on purchases, $1,000 USD in free ATM withdrawals each month, and $20,000 USD in foreign currency transactions per month. The following are some of the other advantages of this Visa tier:

  • Crypto.com Private membership
  • Up to 100% reimbursement on Spotify, Netflix, and Amazon Prime membership products
  • 10% repayment on Expedia charges
  • Airport lounge access, including an accompanying guest

Jade Green and Royal Indigo (user must bet 25,000 CRO): offers 3% CRO coin cashback on purchases, $800 USD in free ATM withdrawals each month, and $10,000 USD in monthly foreign currency transactions. The following are some of the other advantages of this Visa tier:

  • Up to 100% reimbursement on Spotify and Netflix membership products

Ruby Steel Visa (requires 2,500 CRO): offers 2% CRO coin cashback on purchases, $400 USD in free ATM withdrawals each month, and $4,000 USD in foreign currency transactions per month. The following are some of the other advantages of this Visa tier:

  • Up to 100% reimbursement on Spotify membership products

Midnight Blue Visa 1 percent CRO coin payback on purchases, $200 USD in free ATM withdrawals each month, and $2,000 USD in foreign currency transactions per month (no CRO tokens necessary).


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