Crypto.com - The Pioneering Payments & Cryptocurrency Platform

[studio1one]

Try reading the reddit post below it might be able help you understand CRO and MCO much better.

https://www.reddit.com/r/Crypto_com/comments/b0tnet/difference_between_mco_and_cro/

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[studio1one]

COO, ericnode was on an episode of SeedlyTV yesterday discussing the future of money.

Eric spoke about the rapid adoption of digital currency and how crypto.com brings this to reality with the MCO Visa Card.

Missed it? Watch it here: https://bit.ly/2Yy83bQ

[guybrushthreepwood]

I haven't been paying much attention to the crypto space recently but I started getting adverts for crypto.com once I started using Brave browser a few weeks ago. It looks like a decent and slick service that could potentially grow quite large and maybe one to rival Coinbase eventually, but the advertising they use and some of the features make it look a bit sketchy or Ponzi-like or certainly some of the features seem too good to be true. They're offering between 6-16% interest on holding your coins there. Of course this sounds great, but how can they afford to pay that sort of interest? What's the catch? How are they making their money on you just holding your coins there? I could understand if they were paying you just in their own pre-mined tokens but it seems they pay your interest in whatever coin you hold there.

I'm a long-term holder of multiple coins so getting a little bit of interest on my holdings would be nice but the thought of leaving coins on an exchange for a long period of time makes me uneasy, but I guess that's the compromise and risk. I just don't understand the high interest, and the way they advertise it seems like they're desperately tying to get you to hold all your coins there which potentially seems like a recipe for a disaster. Everything about the site seems legit, but something just doesn't seem right to me. There's even great rewards for the debit card with 2-5% cashback on purchases but again, with no fees how do they make their money? They also seem to offer 100% cashback on a Netflix subscription. Again, how can they afford that? I know they'll probably be taking a fee for every purchase made on the cards but enough to give 100% of the price of Netflix back?

I started the sign-up process but it seems you have to complete KYC first and even provide a selfie which I don't really like the idea of and have never been asked to do that on any other exchange before so I stopped. It would have been nice if you could have a browse of the site first and play around with it a bvit without having to complete KYC first (or maybe I'm wrong and you can do this). I don't really want to go through with all that if I don't really like the service and won't be using it. Is it worth continuing with? I've been looking for a new and easy to use exchange to move from Coinbase as their fees are too high and the number of coins they have is limited but I don't know whether it's going to be worth it.

Oh, btw, is this their official thread here? Another thing that seems worrying is the fact that this is self-moderated thread.

[studio1one]

They had a forum moderated thread here but they locked it long back now this is the official thread of crypto.com but team members are not much active in the forum so it would be best if you contact them on telegram IMO

https://t.me/CryptoComOfficial

[Karartma1]

UPDATE: card issuer went bankrupt (Wirecard)
https://www.ft.com/content/284fb1ad-ddc0-45df-a075-0709b36868db
Statement from the CEO on the Wirecard, MCO Visa Card situation here
https://twitter.com/Kris_HK/status/1276091482072473600

Wirecard AG filed for insolvency in Germany today.
To all our card customers: your fiat funds are safe and guaranteed by http://Crypto.com — in case any of the services provided by Wirecard are disrupted, you will receive a fast 100% credit back to your crypto wallet.

[studio1one]

UPDATE: card issuer went bankrupt (Wirecard)
https://www.ft.com/content/284fb1ad-ddc0-45df-a075-0709b36868db
Statement from the CEO on the Wirecard, MCO Visa Card situation here
https://twitter.com/Kris_HK/status/1276091482072473600

Wirecard AG filed for insolvency in Germany today.
To all our card customers: your fiat funds are safe and guaranteed by http://Crypto.com — in case any of the services provided by Wirecard are disrupted, you will receive a fast 100% credit back to your crypto wallet.

Did Wirecard supply the cards to crypto.com? If yes will we still be able to use the cards that they provided if the Wirecard completely shutdown?

[guybrushthreepwood]

UPDATE: card issuer went bankrupt (Wirecard)
https://www.ft.com/content/284fb1ad-ddc0-45df-a075-0709b36868db
Statement from the CEO on the Wirecard, MCO Visa Card situation here
https://twitter.com/Kris_HK/status/1276091482072473600

Wirecard AG filed for insolvency in Germany today.
To all our card customers: your fiat funds are safe and guaranteed by http://Crypto.com — in case any of the services provided by Wirecard are disrupted, you will receive a fast 100% credit back to your crypto wallet.

Did Wirecard supply the cards to crypto.com? If yes will we still be able to use the cards that they provided if the Wirecard completely shutdown?

It seems not:

This morning, the FCA effectively shut down Wirecard UK, the issuer of our cards in Europe.

Our EU/UK cards will stop working today. All customers will receive 100% credit back to their crypto wallets within 48 hours.

We’re moving the card program to a new vendor.

https://twitter.com/Kris_HK/status/1276467556014886912

Full statement here: https://blog.crypto.com/our-statement-regarding-wirecard-uk/

I'm really in two minds whether to use them at all. I'd like to but something just seems wrong. I think there's certainly potential in the exchange and even their own coins which would become quite valuable if their site grows and becomes as big as Coinbase or Binance (who also have their own coin which is worth a nice chunk of change now), but holding coins on their site for so long makes me anxious. I'd really love to know how they can pay interest on all the coins people hold there. Their CEO seems also to have been involved with a company called Ensogo that shut down and many are calling it a fraud but details seem murky and unclear: https://en.wikipedia.org/wiki/Ensogo

[studio1one]

So if they transfer the provider will the current card render useless and they would have to reissue the cards?

I agree when I first staked in their platform I was really worried too that they will shut down shop run away with funds.

[guybrushthreepwood]

So if they transfer the provider will the current card render useless and they would have to reissue the cards?

I agree when I first staked in their platform I was really worried too that they will shut down shop run away with funds.

I would imagine that the cards will need to be reissued by the new company, but it only effects users in Europe I think. Maybe there's someway to transfer accounts since the cards are issued by VISA but it probably depends on how operative and cooperative the defunct company is if at all.

[Karartma1]

So if they transfer the provider will the current card render useless and they would have to reissue the cards?

I agree when I first staked in their platform I was really worried too that they will shut down shop run away with funds.

I would imagine that the cards will need to be reissued by the new company, but it only effects users in Europe I think. Maybe there's someway to transfer accounts since the cards are issued by VISA but it probably depends on how operative and cooperative the defunct company is if at all.

Curve was another fintech company affect by the Wirecard fiasco. I got an email later this morning saying the card is working again.
No need to re-issue.
I hope Crypto.com can do the same

[Karartma1]

FCA lifted the ban on Wirecard UK hence crypto.com cards are working again.
https://blog.crypto.com/update-mco-visa-card-europe-resumes-operation/

[guybrushthreepwood]

So if they transfer the provider will the current card render useless and they would have to reissue the cards?

I agree when I first staked in their platform I was really worried too that they will shut down shop run away with funds.

I would imagine that the cards will need to be reissued by the new company, but it only effects users in Europe I think. Maybe there's someway to transfer accounts since the cards are issued by VISA but it probably depends on how operative and cooperative the defunct company is if at all.

Curve was another fintech company affect by the Wirecard fiasco. I got an email later this morning saying the card is working again.
No need to re-issue.
I hope Crypto.com can do the same

Yah, it's apparently working again now. Gotta admit I thought it might be one of things that takes forever to sort out.

Does anyone know if you can easily set up direct debits on the card? I'm assuming you can as they offer you cashback on subscription services like Netflix and spotify, but does anyone know if you would get the cashback rewards on paying a credit card balance with it? I have an amazon credit card and I like to use that currently to collect their reward points but it would be great if I could pay the balance with the crypto.com card every month and collect the crypto cash back for that direct debit as well.

[studio1one]

So if they transfer the provider will the current card render useless and they would have to reissue the cards?

I agree when I first staked in their platform I was really worried too that they will shut down shop run away with funds.

I would imagine that the cards will need to be reissued by the new company, but it only effects users in Europe I think. Maybe there's someway to transfer accounts since the cards are issued by VISA but it probably depends on how operative and cooperative the defunct company is if at all.

Curve was another fintech company affect by the Wirecard fiasco. I got an email later this morning saying the card is working again.
No need to re-issue.
I hope Crypto.com can do the same

That's great to hear and because of that the price of MCO is also slowly recovering. It's a good thing that it got resolved so quickly otherwise issues like this usually take a long time to recover.

[studio1one]

API trading competition launched by crypto.com check it out if you guys are into API trading.

Crypto.com Exchange Launches the Trading API Race with $1M+ prize pool
https://www.reddit.com/r/Crypto_com/comments/hj68v3/cryptocom_exchange_launches_the_trading_api_race/

[mafia15]

$CRO is one of my favorite to hold.. Now it was listed on MXC Exchange with $1000 giveaway!!🤑 Hurry! deposit your $CRO now 🎉🎉🎉

https://twitter.com/MXC_Exchange/status/1279275375781007361?s=19
https://www.mxc.com/trade/easy#CRO_USDT
https://www.mxc.com/trade/easy#CRO_ETH

[voodox]

I paid with the crypto.com card today and crypto.com charged for me 20% more for the transaction.
I bought for 1000,-€ and crypto.com charged 1200,-€


The payment I've done was with the card through my Paypal account.


I immediately contacted the support. They told me, that the merchant takes 20% more than they reverse that 20% after maximum of 5 days.
What? did anybody of you saw that bullshit somewhere?
I'm using credit cards more than 20 years and I see that bullshit first time.

And guess what, I paid to the same seller before, and they don't charge me 20% extra.

Have all the proofs on my hand.

What's going on here?


Till today I used this card for a few months, there was everything alright, but now with this case I'm sceptic what they doing there.

[big_daddy]

~

What have you bought? Cause paypal can easily charge you more on some fees
Do you have the paypal reciept for this transaction? Take a look on the details for what exaclty was you charged for

[guybrushthreepwood]

Does anyone know about the MCO staking to get better interest rates? It says if you have 500 or more MCO staked that you can get better interest but does that have to be when you stake for the card and not in the regular 'crypto earn' -- if that makes any sense? When you stake for the card initially it seems that goes into a separate MCO pot which you have to lock up for six months and doesn't earn interest -- unless I'm mistaken. If you then staked 500 MCO in the crypto earn would this then quality you for the higher interest? I'm thinking it doesn't but locking 500 MCO for six months when you could have it in the regular crypto earn feature earning you interest every month doesn't seem worth it.

~

What have you bought? Cause paypal can easily charge you more on some fees
Do you have the paypal reciept for this transaction? Take a look on the details for what exaclty was you charged for

It looks like he's saying crypto.com charged him that not Paypal. If you pay through Paypal they usually show you the fees and what it costs before you click submit.

[patel_sirivan89]

Hi, what is the current roadmap. Is the one on website up to date? Thank you

[big_daddy]

Does anyone know about the MCO staking to get better interest rates??? It says if you have 500 or more MCO staked that you can get better interest but does that have to be when you stake for the card and not in the regular 'crypto earn' -- if that makes any sense??? When you stake for the card initially it seems that goes into a separate MCO pot which you have to lock up for six months and doesn't earn interest -- unless I'm mistaken. If you then staked 500 MCO in the crypto earn would this then quality you for the higher interest? I'm thinking it doesn't but locking 500 MCO for six months when you could have it in the regular crypto earn feature earning you interest every month doesn't seem worth it.

~

What have you bought? Cause paypal can easily charge you more on some fees
Do you have the paypal reciept for this transaction? Take a look on the details for what exaclty was you charged for

It looks like he's saying crypto.com charged him that not Paypal. If you pay through Paypal they usually show you the fees and what it costs before you click submit.

yeah, that's why I asked him to check with paypal, cause it's strange that he could be charged more than he had to be charged
there has to be a logic explanation


regarding the staking, can you be more precise please, what interests are you targeting at?