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Cryptocurrency payment cards are nothing new in the blockchain ecosystem, but Crypto.com has taken a more pragmatic approach towards its branding. Instead of framing its value proposition as a cryptocurrency payment card, it is framing it more along the lines of a complete payment experience. Compared to many legacy payment cards with large currency conversion fees, Crypto.com will give all its customers perfect interbank exchange rates regardless of which currency is used. This is made possible by the low overhead required to manage the payment infrastructure as most of the work is outsourced to bitcoin and ethereum. Crypto.com offers 5 different products: MCO Visa Cards are range of Visa approved prepaid cards with a range of benefits including a selection of metal cards with no annual/monthly/delivery fees, up to 5% cash back (paid in MCO), unlimited airport lounge access, 100% rebates on Spotify and Netflix subscriptions, 10% back on Airbnb and Expedia purchases. Further, it offers interbank rates (the Google rate) on Forex and no fee ATM withdrawals based on the tier of card. To reserve a metal card, users purchase and hold MCO tokens for 6 months in the Crypto.com Wallet & Card App. Crypto.com Wallet offers users the ability to securely buy, exchange, sell, and send a growing range of crypto currencies at true costs - no fees, no markups. Crypto Invest allows a user to purchase one of three portfolios of crypto which is traded using quant trading strategies (market signals) and designed to perform in any market. No entrance, exit or management fees. Only a success fee: 9% of profits (with MCO staked) or 18% (without MCO staked). Set up is just a few taps and starts with a little as $20 USD. Crypto Credit (not yet launched) is a crypto collateralized loan service which allows users to "Spend Crypto without Spending." A user deposits crypto in the Crypto Credit and receives a line of credit in stablecoin - PAX or TUSD which can be used to top up the MCO Visa Card. There is no credit check conducted and repayment can be made over 12 -months. Users with MCO staked enjoy preferential APRs. Crypto Earn (not yet launched) allows users to deposit their crypto and earn interest. Initially with 1 and 3 month terms, with a flexible holding term coming soon. Users that have MCO staked earn at preferred rates.
While a significant amount of Crypto.com’s core technology is handled by VISA and other partners (including global payment rails and card manufacturing) Crypto.com is planning to bring a couple unique technologies to market. The most significant of these are the app, MCO asset contract, and interbank exchange settlement. The Crypto.com app is designed to be a user-friendly and entirely digital portfolio management software. Customers will be able to perform all core functionality within the app, including wallet management for ERC20 tokens and bitcoin, KYC, credit limit applications, and P2P transfers. This app is a core part of Crypto.com's strategy in that it allows them to reduce overhead costs typically associated with physical branches and other in-person costs. Currently the only option within the app is to reserve a card as the cards have yet to be launched, but the app has been under development since before the ICO. The MCO asset contract functions as a sort of rewards points for MCO token holders, as well as a price stability mechanism. As transactions accumulate through the Monaco cards the MCO asset contract accrues a 1% licensing fee on those funded with ETH, BTC, and fiat currencies (eventually this list will include ERC20 tokens). These fees will be denominated in whichever currency is being used and subsequently sent directly to the asset contract. MCO holders will then be able to access this portfolio of tokens and fiat through a mechanism called redeem and burn. Redeem and burn is simply a way to cash out of your MCO tokens in exchange for a percentage of the MCO asset contract holdings proportional to your percentage of total MCO tokens. Finally, the interbank exchange settlement is a process in which currencies of all types on their platform have equivalent liquidity without the burden of currency exchange fees. Crypto.com claims to be connected to 8 of the top 10 banks by foreign exchange volume. In theory this will provide them with enough liquidity and low enough spreads to provide perfect interbank exchange rates at a low cost to their operating expenses. This process will be managed by a proprietary backend system that deploys algorithmic currency hedging strategies. On top of the core technology, the Crypto.com team has build consumer facing product to focus on the 1) accessibility of crypto & 2) the spend-ability. 1/ Accessibility - Best Place to Buy & Grow Your Crypto - Crypto.com Wallet App: buy, sell & track cryptocurrencies easily with a few taps on your mobile phone. Our app is the best place to buy crypto powered by: a) best execution price provided by our proprietary Vortex Trading Engine, with no fees or markups; and b) convenient purchase methods, including credit & debit cards, bank transfers, and other fiat-in methods (e.g., TransferWise, PayPal); - Crypto Invest: quant crypto trading set up based on your preferences, designed to perform in any market. You simply need to track the portfolio as it grows, and cash-out at any time - we only make money when you do; - Crypto Credit: we are rethinking how the modern card works - deposit crypto, get instant credit at any amount you want and repay at any time you prefer. 2/ Spend-ability: Best Ways to Spend Your Crypto - MCO Visa Card: get Platinum metal cards spendable at ~50 million merchants within the VISA network. Cards offer benefits of up to: 5% crypto cashback, merchant rebates (100% for Spotify & Netflix; 10% for Expedia & Airbnb), global airport lounge access, perfect interbank exchange rates and more; - Crypto.com Pay: enjoy instant mobile payment, powered by our native blockchain. Pay aims to become the best way for everyone to pay and be paid in crypto, anywhere, any crypto, for free. We aim to make the payment flow seamless for merchants (integrate via a few lines of code) and consumers (instant checkout with your cryptocurrency of choice).
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