Crypto.com Coin (CRO) Explained: What Is Crypto.com Coin?Cryptocurrency
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Crypto.com Coin (CRO) went on an absolute tear in 2021, particularly in November.
The biggest pump happened after November 16, when it was announced that the Staples Center in Los Angeles — home of the Lakers, Kings, Clippers, Sparks, and Avengers — will be renamed the Crypto.com Arena on Christmas Day.
But what is Crypto.com Coin and how does it work? Does it have value long-term or is it just hype?
What Is Crypto.com Coin (CRO)?
Crypto.com Coin (CRO) is the native token of the Crypto.com ecosystem.
Crypto.com is a cryptocurrency platform that lets users:
- Buy and sell cryptocurrency: You can actually use a credit card to buy crypto on Crypto.com, which is somewhat unusual. And right now, I believe that Crypto.com is waiving the credit card fee for a limited time when you use your credit card to buy cryptocurrency on the platform. That said, I personally had a few cards declined when trying to buy crypto on the platform using a credit card, but my Barclays card worked. I think it just depends on the bank.
- Buy and sell NFTs: Crypto.com has its own NFT platform. I have not really looked into it. If anyone has, I would love it if you dropped a comment for me below to let me know what you thought about it.
- Use the Crypto.com debit card: Crypto.com has a debit card that you earn rewards for using, and really this debit card is kind of the crux of the benefits you get from using Crypto.com and holding the Crypto.com Coin.
- Earn yield on your cryptocurrency: Like other platforms, Crypto.com allows you to earn interest on the cryptocurrency you hold on the platform.
- Borrow against your cryptocurrency: Crypto.com lets you borrow against your cryptocurrency, but you get a lower rate if you’ve staked at least $40,000 worth of CRO.
And the more Crypto.com Coin you have, the more benefits you get out of the Crypto.com ecosystem, which itself revolves around the Crypto.com debit card.
Crypto.com Debit Card
The more Crypto.com Coin you have staked — defined as having held a certain amount of the coin in your Crypto.com App Wallet for at least six months — the higher level of Crypto.com debit card you qualify for and the more benefits you receive.
For example, if you stake $400 worth of Crypto.com Coin, you qualify for the Ruby Steel debit card, which gives you 2% CRO rewards on your spending in addition to other benefits.
But if you stake $40,000 worth of Crypto.com coin, you qualify for the Frosted Rose Gold & Icy White debit card, which gives you 5% CRO rewards on your spending in addition to other benefits.
The table below compares the five different Crypto.com debit cards.
|Card Tier||CRO Rewards||Free Subscriptions||Other Discounts||Lounge Access||Free ATM Withdrawals||Sign Up|
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Crypto.com has an earn function where you can earn essentially interest or yield on the cryptocurrency you earn on Crypto.com.
The more Crypto.com Coin you hold, the higher your yield is for each coin.
For example, if you’re staking $400 or less of CRO, you’ll earn 4.5% interest on your bitcoin with a 3-month stake, but if you’re staking more CRO — at least $4,000 or at least $40,000 — you’ll earn a higher yield.
Your rewards rate also depends on what term you choose. From lowest interest rates to highest interest rates, here are the lock-up periods:
- 3- Month
If you’d like to calculate the rewards you would earn based on your current 6-month CRO stake as well as your term, go to crypto.com/us/earn.
Am I Bullish on Crypto.com Coin?
Personally, I am bullish on Crypto.com Coin.
And let me just tell you why with an anecdote.
I have a brother who just graduated from high school earlier this year.
And he knows I’m into investing and cryptocurrency, and a few weeks ago, he told me that he was going to start investing in crypto.
I was like, “Great!”
So what did he do? He Googled “crypto” — and if you Google “crypto”, the first thing that pops up is crypto.com.
He created an account and told me he bought 150 crypto coins, which I later found out were CRO.
He bought these on November 7 when CRO was at least $0.35. He has now doubled his money, and he’s ecstatic.
And guess what platform he’s likely going to use in the future to buy more crypto? Crypto.com.
Having a basic “something.com” domain name is extremely powerful.
In fact, Crypto.com paid $12 million for its domain back when they were called Monaco, and I think it’s really paying off and that as crypto gets more and more mainstream, crypto.com will be one of the winners with the masses.
Logan is a practicing CPA and founder of Choice Tax Relief and Money Done Right. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.