If you follow the list of cryptocurrencies, then you probably noticed two similar names – Crypto.com and Crypto.com Chain. They have different prices and different capitalization, but the same developers.
Why did they create two projects at once? Is it worth investing in them? Is it possible to make money on the cryptocurrency Crypto.com Chain (after all, it was just in 5 months that grew by 500% and broke into the TOP-30 of market capitalization)? We’ll answer all the questions in this article.
Differences Between MCO and CRO
In 2016, a group of Hong Kong specialists founded Monaco, which two years later issued a payment card for digital currencies – Monaco Visa Card. To convert assets (in particular, BTC and ETH) and pay commissions, the MCO cryptocurrency was created. Later, the developers changed the domain to “crypto.com” and assigned the same name to the altcoin.
However, they realized that the current format will not allow achieving the main goal – to make cryptocurrency a massive and convenient means of payment. It took several years to create a card alone, and the development of the project was hindered by the reluctance of financial institutions to work with digital currencies.
Crypto.com has two different tokens. First, the main token is MCO. At the end of 2018, a second altcoin appeared, CRO. The developers are the same here, but the goals for creating these tokens differ. There are a number of technical differences between these two cryptocurrencies.
In 2018, the startup management announced the launch of the Crypto.com Chain platform, which:
- will be as simple as possible to use,
- help other companies integrate their tokens into the real economy sector,
- receive licenses from state regulators.
What are the features of the new Crypto.com Card?
- Simple payment system. To send and receive a transfer, you will need to scan the QR code in the installed wallet. It can be associated with a Visa bank card.
- Large selection of assets. 7 fiat and 32 digital currencies. Over time, the list will expand.
- Unprecedented customer protection. To increase the security of trading operations, a special Buyer Protection Program will be used. To verify transactions, they will implement the Proof of Goods & Services Delivered algorithm.
- High throughput. The goal is 50 thousand transactions per second.
Online stores will be able to use the platform to receive payment for the goods or even create trading floors within the system by launching your own nodes in the original blockchain. Buyers will have the opportunity to pay for purchases using a card and a mobile application. Using the card, you can have a discount on Netflix, Airbnb, and Expedia.
The cryptocurrency of the same name operates inside the network. More precisely, the system token CRO. It is needed to pay transaction fees, convert assets and create new nodes. It is he who represents altcoin on exchanges and can become a tool of earnings for investors.
MCO coins are used in several ways in its ecosystem:
- You can get cards with better conditions;
- Clients who want to use a credit service receive a 50% better rate if they use MCO as collateral;
- MCO holders will be able to vote for cryptocurrencies that will be added to the wallet;
- In the future, airdrops for MCO holders can be organized;
- Cashback paid in MCO coins.
Since the volume of MCO emission is limited to 31.6 million coins, the growing popularity of payment crypto cards should lead to a situation in which more and more MCOs will be recorded by their owners to receive high-level cards. If the product gains popularity, customers will be motivated to sell their bitcoins for MCO in order to have access to more favourable credit conditions.
Now the MCO coin is trading for $3.92. The price is gradually falling. However, the coin is not as cheap as on the 16th of July, 2017. Then the lowest price of MCO token was tested, and it worth $0.641730.
Crypto.com (CRO) Coin
Inside the network, the CRO system token functions. It is needed to pay transaction fees, convert assets and create new nodes. It is he who represents altcoin on exchanges and can become a tool of earnings for investors.
MCO owners should be aware of the principles for conducting an airdrop of CRO tokens. Distribution rules look like this:
- Each owner of the Crypto.com wallet (installed Wallet App) can receive tokens. Exception: citizens and residents of China, Hong Kong, Singapore, Switzerland and the United States.
- The airdrop began on December 7, 2018.
- Duration: 5 years from the moment of the first token distribution.
- Frequency: monthly. In this case, the MCO number on the wallet balance is checked in advance. The check takes place on the first day, at 8.00 UTC. The balance includes both stored tokens and those assigned (rate, stake) to a specific project, account, etc. Based on the received figure, the amount transferred to the account is calculated.
- The amount distributed between the owners of MCO is 166 666 666 CRO, which equals 1.66% of the total number of coins. The percentage received by each wallet owner is calculated as follows: its share of MCO coins is taken in relation to the total stock of this cryptocurrency, as a percentage. Then the corresponding percentage of the distributed CRO tokens is transferred to the balance.
- The approximate amount received is 5276 CRO for every 1000 MCO.
There are three nuances of receiving tokens through an airdrop:
- every year the number of free tokens will decrease (now it is 10% of the total issue, in 5 years it will be 2%);
- the amount of charges depends on the number of passive assets in the MCO (the more movements were on the account, the fewer coins you will get);
- received coins are automatically blocked in the wallet for a year.
The CRO coin is trading for $0.026105. The all-time high was fixed on July 12, 2019. The price was $0.155013. The all-time low was in December 2018. One CRO was equal to $0.011487.
Crypto.com Latest News
The payment company Crypto.com, the issuer of the CRO token, has announced the launch of a cryptocurrency exchange. Founder and CEO Kris Marszalek called it the natural next step in building our own ecosystem.
According to him, the cryptocurrency trading platform is already provided with a user base thanks to more than a million customers of Crypto.com services.
Amid the company’s announcement, the price of CRO jumped 17%.
Are MCO and CRO Tokens Good Investment?
Let’s look at the advantages and disadvantages of coins. Here are the main advantages:
- Promising direction. The introduction of cryptocurrencies into settlements between buyers and sellers is already becoming a trend in the market.
- Experienced team. It included top experts working in Western Union, PayPal, AMEX, FINCOVA and other well-known corporations.
- Eminent partners. In addition to Visa Inc, the platform was supported by Airbnb, Expedia, Netflix and Spotify. They joined the cashback program and return 2% of the funds to users who paid in CRO.
The disadvantages are the following:
- The lack of transparency in spending. The developers do not report how they spend the money received from the sale of assets. And they do not plan to conduct audits to verify the provision of stocks.
- High competition. The integration of digital and traditional economies is involved in many projects. Some have already submitted ready-made designs (Ripple, NEM, NEO, Pundi X, Monacoin).
Another point that causes concern among traders is the suspicious jumps in the course. For example, in March, when a bearish trend prevailed in the market, quotes grew by hundreds of percent in just a few days.
The community is discussing the possibility of market speculation in which both developers and whales can be implicated. Indeed, the developers have more than half of the assets in their hands, while whales can afford to buy up a large number of coins and control the network, creating nodes.
Where to trade MCO and CRO coins?
We made up two tables to make the You can trade MCO token on several cryptocurrency exchanges. Due to the low usability, there is not a significant amount of trade pairs.
#1. Trade MCO Token
#2. Trade CRO Token
Buy Crypto.com (MCO) at Changelly
Changelly platform offers you a way to buy MCO with your banking card swiftly, safely, and with minimal authentication procedure. The fiat payment process is powered by our partner Indacoin and takes just a few simple steps to take.
The purchase option is open both via our website and the Exchange Widget that can be found at our partners’ resources.
The idea of the Crypto.com project is great. They just embed cryptocurrencies in everyday life mixing it with fiat currencies. But is the performance as great as an idea? One can barely say. However, delighted customers have already received some of the treasured envelopes with a card and started to use it.
On the other hand, the project is very difficult to implement everywhere due to different laws and the unapproved legal status of cryptocurrencies. People around the world are investing in this cryptocurrency in order to get the treasured card that will simplify the use of cryptocurrencies in the usual life. But will they wait for this card? Who knows. We believe in this project and that someday legislation will accept cryptocurrencies around the world.
Disclaimer: This article should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements.
Any investor should research multiple viewpoints and be familiar with all local regulations before committing to an investment.