Crypto.com App (GX)
- Buy CRO and 50+ other cryptos
- Pay by bank transfer, credit or debit card
- Spend anytime with the Crypto.com Visa card
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Crypto.com (CRO) – formerly known as Monaco (MCO) – is a retail cryptocurrency ecosystem that primarily offers buying and selling, an exchange, payments, staking (interest earning) as well as a signature range of Visa Cards that can be used to spend both cryptocurrencies and fiat. CRO is the native token of the crypto.com app and gives holders a variety of benefits such as cashback on card purchases, high-interest staking rewards. A certain amount of staked CRO tokens are also required to open a crypto.com VISA Card account.
Let’s take a closer look at how CRO functions and how you can buy CRO in Canada.
Following a rebrand from Monaco to Crypto.com, the token was changed from MCO to CRO.
Tokens were exchanged at a ratio of 1 MCO = 27.6439 CRO.
Holders of MCO were required to swap their MCO tokens for CRO, with the deadline for the swap concluding 2 November 2020. Any tokens held in the crypto.com app were automatically swapped on Nov 2, while users who participated in the swap before September 2 2020 received a 20% bonus for being early adopters.
You can buy and sell CRO on a number of popular cryptocurrency exchanges, including the following:
If you want to buy CRO tokens, here’s what you need to do:
Search for a crypto exchange that lists CRO in one or more currency pairings. Once you’ve found a suitable platform, register for an account. You’ll need to provide an email address and password to sign up, while some exchanges may also require your full name, contact details and proof of ID before allowing you to trade.
Don’t forget to also enable two-factor authentication on your account before making any deposits.
At the time of writing (January 2018), no crypto exchange allows you to exchange Canadian dollars (CAD) for CRO directly. As a result, you’ll have to first acquire a currency that’s available in a pairing with CRO, such as bitcoin (BTC) or Ethereum (ETH), before you can exchange it for CRO.
To deposit funds, log in to your account and click on the “Deposit” button to generate a wallet address. You can then transfer funds into your trading account from whichever exchange or wallet is holding your coins.
The final step is to exchange your BTC, ETH or other cryptocurrency for CRO. The buying process varies between exchanges, but you’ll usually have to search for your chosen pairing (such as BTC/CRO) and then click on “Buy CRO”. After entering the amount of CRO you want to buy, review the full details of the transaction and finalize your purchase.
If you want to sell your CRO tokens, you can do so by essentially following the same process as outlined in step 3, except in reverse. However, it’s worth remembering that crypto exchanges don’t list every possible currency pairing, so it may not be possible to directly exchange CRO for the currency you want.
For security purposes, you should never store cryptocurrency holdings on an exchange. You’ll need to find a secure wallet you can use to store your CRO. As CRO is an ERC20 token on the Ethereum blockchain, you’ll need to choose an Ethereum-compatible wallet such as one of the following:
Based in Hong Kong and founded in June 2016 as Monaco, Crypto.com aims to help bring cryptocurrency into the mainstream. It does this by providing prepaid Visa cards that can be topped up with BTC and ETH, as well as fiat currency that can be used anywhere Visa is accepted.
The card can be topped up via bank account transfer, bank account linking, credit/debit card or cryptocurrency transfer. Crypto.com says it offers the following benefits to users:
There are four different cards available:
Crypto.com has plans to roll its cards out globally; Asia is the first step, followed by Europe and then North America. An CRO token sale was held in May and June 2017, raising US$26.7 million in funds.
Crypto coins and tokens are complex, speculative and risky, so it’s essential that you thoroughly research any cryptocurrency before buying. If you’re thinking of purchasing CRO, make sure you consider the following factors first:
By taking all of these factors into account, you’ll be able to make an informed choice about whether to buy CRO.
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