Originally started with Monaco (MCO), quickly grew and rebranded to Crypto.com (CRO). It currently has 2 different tokens and both have had their success in the crypto market. While MCO at the time of this writing is #65 by market cap, CRO has seen some large gains and is currently ranked #22. The backstory of MCO and CRO can help better understand these projects.
The Beginning of MCO
Monaco was founded in 2016 by a group of Hong Kong specialists. It offered a service of a payment card for the use of cryptocurrencies and issued the Monaco Visa card two years later after their ICO that raised $26 million in Ether in 2017. The reason for the long wait for the cards was due to delays in the partnership at the time of launching the card when a supposed competitor Centra that ended up having a fraudulent ICO with a false Visa partnership that also involved celebrities Floyd Mayweather and DJ Khaled being fined for promoting it.
As an ERC-20 token on Ethereum, MCO offers staking rewards with the use of their MCO Visa card with different tiers and benefits that offer discounts on popular online platforms such as Netflix, Spotify, Amazon Prime, Expedia, and more. Since MCO is a token on Ethereum, it has been supported by many of the top crypto exchanges.
The Beginning of Crypto.com
Crypto.com has an interesting backstory. When MCO stared, they did not have the domain Crypto.com. The domain was originally owned by a cryptology researcher and professor at the University of Pennsylvania who registered the domain back in 1993. As crypto began to boom, the cryptologist was bombarded by buyers for the domain. He publicly and repeatedly said the domain was not for sale. However, Monaco managed to work out the deal and purchased it for $12 million.
After the acquisition of the highly sought after domain, Manaco "rebranded" to Crypto.com and launched a mobile wallet to support the MCO Visa cards. Over the years, Crypto.com began supporting many altcoins.
Some of the growth came from the launch with the new domain Crypto.com but since then, they have had their engines firing on all cylinders by launching another ERC-20 token, CRO, and began monthly airdrops to MCO token holders since December of 2018. The final airdrop window is currently underway and will continue until the end of June 2020.
The development of their very own chain began and their testnet went live in September 2019.
The Crypto.com chain is pushing to be the next generation decentralized mobile payment protocol to allow for "the most efficient and secure way to pay and be paid in crypto, anywhere, any crypto at little to no cost."
The network architecture will be designed in 4 different node layers:
- Settlement Agent
The consensus protocol will be the Byzantine Fault Tolerant (BFT) and be run by Council Nodes. Their initial prototype will use Tendermint Core consensus engine with a setup that is similar to the Cosmos Network.
Read the Whitepaper for full details.
MCO had a bit of a rough start where at one point some partnerships abandoned the project but Monaco managed to work through it and their list of partnerships grew.
- Binance Exchange
- Ethereum Alliance
- GOPAX Exchange
- Yoshugi Media Group
- OS Limited
- And many more
Through some of the partnerships, Crypto.com had invited 7 crypto platforms as Early-Access Crypto.com Chain Validator Partners and host Council Nodes on the chain testnet and later the mainnet.
Visit Crypto.com's official blog for a full list of partnerships.
Since the launch of Crypto.com, it has seen a boom of coin listings on their platform supporting a vast majority of the most popular coins on the market on their wallet and card apps. The wallet supports buying and selling of 7 fiats and 53 cryptocurrencies according to their website.
Crypto.com also recently launched its exchange now in beta and will be progressively roll out of beta as the userbase grows.
The Crypto.com exchange will provide:
- Deep and Global Liquidity: Crypto.com’s proprietary Vortex Liquidity Engine ensures that customers have access to deep liquidity pools and best execution prices
- Very Competitive Trading Fees: Typical API trading account fees at 0.008% maker and 0.02% taker, high volume accounts trade for free (after Volume & CRO Staking discounts)
- Institutional Grade Custody & Security: Crypto.com ISO Certification 27001:2013, PCI DSS (Level 1) and CCSS (Level 3) Compliance and partnership with Ledger Vault.
The exchange currently supports 10 digital assets: BTC, ETH, XRP, LTC, USDT, CRO, MCO, EOS, XLM, ATOM, and LINK across 3 core pairs: BTC, USDT, and CRO.
CRO will give additional benefits and utility to the exchange:
- Stake, Save & Earn: CRO Staking will provide generous discounts on trading fees, up to 100%. The more you stake, the more you save! Besides the trading discounts, CRO staked on Crypto.com Exchange will yield 20% p.a. More details here.
- Priority Token Allocation in Discounted Sale Events: New digital assets will be listing on Crypto.com Exchange through “The Syndicate” - a Crypto.com fundraising platform. CRO holders will receive priority token allocation for these events. More details here.
- CRO Trading Pairs: To increase liquidity of CRO ahead of Mainnet launch and enable low-spread settlement of cross-currency transactions, CRO will be paired with all coins listed on Crypto.com Exchange.
MCO and CRO have seen major growth being one of the newer crypto projects to offer apps and services across many countries in just a short amount of time. Having the prime real estate of Crypto.com, it may not be too much of a surprise as we are in the technology age of the internet where having that identifiable website address can be a place where almost everyone in the world can access from their smartphones or other devices. Signs of more growth seems to be coming as development continues to launch the mainnet of the Crypto.com chain and has set up the foundation to have one of the most complete crypto platforms that offer physical cards, wallet app, exchange, finance services and partnerships with retail merchants and payment processors such as Visa.
This is not investment advice and always remember to do your own research.