Crypto.com chain is a leading savings account provider that has been providing clients with cryptocurrency usage and storage services around the world since 2017. And according to the founders, Crypto com wallet offers users many more options than any other crypto brand.
Today, Crypto com chain boasts one of the most powerful platforms, trusted by millions of users around the world. Crypto com also offers a wide range of services related to electronic money, allowing people to use cryptocurrency instead of fiat currency in many areas of life.
Not long ago, the project got its own exchange, which allows you to trade cryptocurrencies on a stable trading platform, which makes Crypto com chain a full-fledged service for working with crypto-finance.
What is Crypto com chain?
Crypto com provides a wide range of services and is a one-stop service for buying, storing and using cryptocurrencies such as Bitcoin , Ethereum and other altcoins.
The company’s goal is the mass introduction of cryptocurrencies into everyday life, and therefore all users of the service have the opportunity to receive bank cards focused on interaction with cryptoassets.
Crypto com project team
There are currently 16 people on the project's core team, and special attention should be paid to the project's CEO, Chris Marszalek, and several other employees who worked together at Ensogo:
History of Crypto com chain
The company was founded in mid-2017 under the name “Monaco”, after which it was able to raise $26,700,000 during the initial coin offering (ICO) in June 2017. At that time, only MCO tokens existed in the system, which were sold to the first investors in on average $2.89.
It is worth knowing that before Monaco and Crypto com, the same founders worked in another organization called Ensogo. Ensogo was closed in 2016 after the founding of the Monaco project, and according to some users, the Ensogo project was a failure due to unstable cash management and failure to fulfill its obligations to investors. During the entire period of the project, several unexpected layoffs occurred, which ultimately led to a rapid change in public opinion about the company.
All this does not mean that the Crypto com project is fraudulent, but caution when using their products will not be superfluous.
Cryptocurrency MCO and CRO
Since the company is focused on ordinary people, customers are given many opportunities to take full advantage of the cryptocurrencies they own. There are two types of tokens you can use in Crypto com wallet: MCO and CRO.
The MCO cryptocurrency was created at the very beginning, and it is used as collateral for high-end credit cards and unlocking tiered benefits. For example, when you use the Crypto com wallet mobile application and buy MCO cryptocurrency, you can receive discounts and benefits for cash back.
If we talk about the CRO cryptocurrency, it is a new token that is a standardized medium used for exchange. CRO cryptocurrency operates on a standard blockchain and all transactions are transparent.
MCO and CRO cryptocurrencies are traded on many well-known cryptocurrency exchanges such as Bithumb, Binance , Bittrex and OKEx. The vast majority of MCO and CRO cryptocurrency trading volumes come from Bitcoin and Ethereum, with Tether in third place.
Cryptocurrency mining crypto com
Since the project is focused on working with banking institutions and financial companies, the coins were issued in advance and mining of tokens is not provided. You can get MCO and CRO cryptocurrencies either through purchase or by performing certain actions, such as a referral system or cashback.
What can you use the Crypto com service for?
The project's services continue to expand as demand emerges for new features and product lines to meet the changing cryptocurrency world, and even despite the bear market, new features and services are added for users. Currently available:
- Metal MCO VISA payment cards with five levels of bonus programs.
- Trading on the crypto com exchange project’s own exchange, where you can buy/sell various cryptocurrencies .
- Mobile application that integrates with MCO VISA payment cards.
- Loans that allow you to borrow stablecoins.
- Earnings, thanks to which you can receive rewards in the amount of 2-16% by storing cryptocurrencies in your wallet.
- Sending and receiving funds from other system users.
Debit and credit cards from Crypto com chain
One of the most significant differences between the Crypto com platform and other similar services is the issuance of VISA debit cards:
At various stages of the existence of the crypto com cryptocurrency, competitors such as TenX, Centra and FuzeX tried to offer similar options, but the Crypto com chain project remains one of the few that, after the ICO, is able to successfully issue debit cards with support for cryptocurrencies.
Thanks to debit cards and the earning potential, many users keep most of the MCO and CRO tokens in their accounts, thus receiving credit card bonuses and benefits. This allows you to receive discounts when using popular services such as:
- Expedia.
- Netflix.
- Airbnb.
- Spotify.
Credit cards from Crypto com are exactly the same cards with the same functionality and capabilities as any other bank cards, but when it comes to cryptocurrencies, MCO VISA cards are much more convenient to use.
The Crypto com chain platform offers all credit card holders cashback of up to 5%, paid in cryptocurrency, and there are 5 levels of MCO VISA crypto cards available to choose from. You can gain access to higher levels by keeping a certain amount of funds in your account:
Trading on crypto com exchange
In terms of trading, investors and traders can trade 35 market pairs or 50 different cryptocurrencies on crypto com exchange:
Mobile application Crypto com chain
With the Crypto com wallet app you can buy and sell 53 cryptocurrencies and 7 fiat currencies. In addition, it provides simplified access to MCO VISA payment cards, making expense management very simple.
Loans for cryptocurrency Crypto com
As for credit lines, users can borrow stablecoins with a loan-to-value ratio of 50%, which makes it possible to borrow dollar-equated cryptocurrencies rather than fiat money.
Earnings in cryptocurrencies Crypto com and Crypto Earn
Savings accounts play a huge role in the larger Crypto com wallet ecosystem and therefore the platform offers a borrowing service or, in simpler terms, a loan that encourages users to hold more assets in their accounts.
Users of the project agree to block their assets while lending through the Crypto Earn service for a certain period, which is known in advance. Crypto Earn supports CRO and MCO cryptocurrencies, as well as other coins and tokens such as:
In addition to these tokens, Crypto Earn also supports stablecoins:
- DAI.
- USDC.
- USDT.
- PAX.
- TUSD.
At the moment, users receive the highest rates when storing CRO cryptocurrency, followed by stablecoins, and only then volatile assets. In this way you can earn from 2-16% depending on the amount in your account. The storage period for making a profit lasts from one to three months with the possibility of early withdrawal of partial or all the amount.
Sending and receiving cryptocurrency Crypto com
Since sending and receiving funds is quite an important function when using cryptocurrencies, the platform facilitates payment processing, allowing users to deal with cryptocurrencies. Transferring funds in the system is quite simple and does not take much time.
Security in the Crypto com chain project
Crypto com pays great attention to security and is based on the philosophy of active and in-depth protection. This means that the project actively implements security mechanisms into every aspect of its business processes.
Like many other cryptocurrency services, Crypto com chain uses cold and hot storage of funds, so all user and client funds are stored in cold wallets (wallets that do not depend on applications or the Internet and store a copy of the blockchain for future financial transactions), and hot wallets (wallets that rely on an internet connection, such as crypto exchange accounts or online wallets) are used for simple needs such as requesting a withdrawal.
All funds held in hot wallets rely on the security features of Ledger, as the company has a partnership with this global leader in security solutions and infrastructure for blockchain applications and cryptocurrencies.
The company also uses bank accounts to store funds, which are protected and regulated by law. This way, users retain ownership of their fiat money and the company or anyone else cannot seize their funds at will.
Crypto com cryptocurrency partnership with Ledger Vault
Ledger Vault is Ledger's enterprise storage solution that uses hardware security models (HSM) and multi-signature technologies to further protect assets. With the help of Arch Underwriting, the Crypto com chain project has guaranteed direct insurance up to $100,000,000.
As of the first half of 2020, Crypto com has over two million users who benefit from this added security.
Security infrastructure in the Crypto com project
In terms of infrastructure security, the company uses Amazon Web Services (AWS), which allows for features such as:
- Controlled in-transit encryption using TLS on all services.
- Use a firewall for networks and web applications.
- Automatic encryption of all traffic.
- Business continuity planning to shut down and prevent attacks.
Internal control in the Crypto com chain project
Crypto com also uses various internal controls to enhance security, which include:
- A special team that checks all deposits for compliance with KYC, AML and ATF.
- Review withdrawal requests to identify suspicious transactions.
- Manual approval of all major fiat and cryptocurrency transactions using industry leading analytics and artificial intelligence tools.
- Strict access control to funds in both cold and hot wallets.
Additional security at Crypto com
Crypto com chain also uses secure coding, two-factor authentication and withdrawal protection.
The project relies on a secure software development lifecycle, where code is verified by analysis tools and external certifications from Certik and Quantstamp, and then reviewed and monitored by in-house staff.
When it comes to two-factor authentication, the company provides many options such as:
- Passwords.
- Biometric verification.
- Checking email.
- Phone check.
- Authenticator.
Pros and cons of the Crypto com chain company
The advantages of the project include:
- Constantly adding new features and products.
- Storing all user funds in cold wallets.
- Possibility of obtaining an MCO VISA payment card.
- Having your own cryptocurrency exchange.
- Fast transfer of funds between users.
- Passive income of 2-16%.
- Possibility of obtaining a loan in cryptocurrency.
- Increased security.
The disadvantages of the project include:
- Directors who formerly ran Ensogo, which was eventually forced to cease to exist due to poor management of investor capital and failure to meet its obligations to clients.
- Weak distribution throughout the world and the inability to use all available services in some regions despite the popularity of this company.
Crypto com reviews
Since the project is not very “tailored” for a Russian-speaking audience, it is difficult to find reviews about Crypto com in Russian, however, there are quite a lot of Crypto com reviews from foreign users on the Internet:
There are also simpler reviews about Crypto com:
Of course, you can also find negative reviews about Crypto com, most of which were left in 2017, when the project just began its work. At the time, users complained about the unstable operation of the mobile application and poor online support.
How to get a $50 bonus in MCO tokens from Crypto com?
For those who want to start earning money using the Crypto com chain project, you can take advantage of the crypto com 50 bonus and receive $50 in MCO tokens completely free of charge.
To do this, you need to register using a referral link (simple registration does not allow you to receive a bonus):
Receive a $50 bonus after registration
After the registration page opens, you must enter the promotional code 5tytxbn8wg and a valid email and click on the “Submit” button:
After clicking the button, a page will open with links to the mobile application, which can be downloaded from the App Store or Google Play:
After downloading and installing the application, you will need to confirm your registration within 72 hours by clicking on the link from the letter:
You can also download the application yourself, but then before registering you will need to enter the referral code 5tytxbn8wg manually:
Then also enter a valid email and also confirm it using the link from the letter within 72 hours.
After completing registration, you will need to undergo a KYC verification (KYC is an identity verification that is provided in every financial institution that deals with customer finances). To do this, you need to confirm your mobile phone number, and then upload your identification documents.
As soon as the verification is completed, an email will be sent to the email specified during registration, and a push notification will be sent to your smartphone indicating that you can receive a $50 referral bonus.
You can find the bonus in the “Rewards” section by clicking on the gift icon on the main screen.
Note: in order to fully use the bonus, you will need to top up your cryptocurrency wallet, after which you will be able to immediately withdraw all the money from your account.
Conclusion
As you can see, the Crypto com project is developing rapidly and has very great prospects, which in general can have a positive impact on the entire crypto industry. Reviews about crypto com are also very positive, since the company allows you to earn income in various ways, and the money can be used thanks to MCO VISA payment cards.
However, before you start using this service, it is worth remembering that some features and functionality may not be available for use in certain countries.
Also, despite the fact that CRO and MCO cryptocurrencies are similar, each of them performs its own tasks and this should be taken into account when investing in order to get the most out of the platform, and with a crypto com 50 registration bonus, everyone can receive $50 and use the service for free, test it and then draw your own conclusions.
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