Here's the thing.
I am a new investor in Crypto.com from Malaysia, I registered it somewhere around April 2020, where MCO prices are fluctuating around the $4 - $5 mark while CRO prices are approximately $0.07. This is the first time I came across a DeFi platform with tons of potential. They are offering earn interests up to 18% in CRO, introducing CRO cards which offers way better deals than the usual credit cards offered from all Malaysian banks. I've never seen cashbacks where there's no capped limit and you can earn up to 5% (realistically, most people would opt for cards with 2 to 3% cashback), and they offer reimbursements on your Spotify or Netflix or both subscriptions, which is insane. The cashbacks that you get can be accumulated to be deposited into Crypto Earn to earn interests on your tokens, while most of the credit cards in Malaysia are either giving you cashbacks that are capped, or redeemable points to which you'll need to accumulate a ton more before you can get decent deals and the points will usually expired before you can even think about using them. So much positives, but at that time I'm not convinced to buy and stake MCO tokens to get myself a card.
From my understanding, I was also one of the believers that MCO token prices would soon be gradually increasing due to the growing demand of using the cards for the benefits by staking more MCO. My hesitation on owning the MCO token or the card comes with these reasons:
1) I have never seen anyone using the MCO card in Malaysia before.
Google or Youtube search "Crypto.com Malaysia" and you won't find anyone reviewing about using the MCO cards in Malaysia and whether if there's any issues using the card. The nearest country that Crypto.com supports is Singapore, where the platform is more established there than in Malaysia. I will not want to stake a card unless if I knew that I can actually use them without much problems in Malaysia.
2) CRO is a more marketable coin than MCO.
When I got into Crypto.com, the first coin that really catched my eye is the CRO token, where they are offering up to 16% APR if you locked CRO for 3 months without staking 500 MCO, while MCO token only offers up to 8%. Due to my hesitation of owning a card, limited funds and the better earning interests from CRO, I put my money into CRO instead of MCO. Furthermore, over the past months when I followed their Twitter account, they are hashtagging CRO more often than MCO, which I already suspected that they are promoting CRO more than MCO, and if you look from the time of writing this, CRO prices has already gone up to around $0.16, while they have obsoleted the MCO token and only uses the CRO token moving forward. Lucky me.
3) Believed that MCO and CRO should be combined into one token despite of the whitepapers that I read.
I always believed that it would be easier to combined the two tokens into one single token to make the processes of staking the card and enjoy the Crypto.com App benefits more convenient and easy to implement.
Moving forward, after the MCO-CRO swap fiasco (click the link if you are new and would like to know more about what happen), I would still keep my holdings in Crypto.com. I haven't staked my CRO on a card yet, but I planned to save up some CRO tokens for the Ruby card to try it in Malaysia and give my review on the card so that more people in Malaysia can safely used the card without any problems. I would update in another post if I managed to order, ship and use my card. Overall, my experience of using the Crypto.com has been great with the Crypto Earn (I'm actually gaining around 50% on my CRO tokens for the past few months), but be careful not to trust a lot of money with them, especially when you have to locked your funds to get those benefits that is being mentioned. If you lock your funds, you won't get to withdraw them until the term is finished.
Click here to know about Crypto.com or the FAQ for additional info. I can recommend watching Denome videos on YouTube for a more in-depth knowledge about the Crypto.com ecosystem and other crypto-related vidoes.
If you would like to register, you can use my referral link so that both of us can get $50 USD when you staked 1000 CRO and reserve a card. It's free money, so might as well take the offer haha. ( Referral code: 2zphtgju37 )
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