Crypto.com Progress Report

Crypto.com Progress Report

By Cryptoonestop | CryptoOneStop | 16 Mar 2021


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Disclaimer: Nothing in this report constitutes investment advice—I am just reporting on my accounts and its progress on each platform. You should not use this report to make financial decisions. I recommend you seek professional advice from someone who is authorized to provide investment advice.

Updates

  • Buy Bitcoin (BTC) for as little as 1 USD

    • The minimum purchase amount for Bitcoin in the Crypto.com (CDC) App has been lowered to just 1 USD.

    • This is great news as it expands accessibility to investors that are unable to invest into BTC due to high minimums.

  • Crypto.com Crosses 10 Million Users Milestone

 

  • This milestone comes only 4 months after it reached the 5 million user mark, highlighting tremendous momentum for the company and the entire cryptocurrency industry.
  • In the last 12 months CDC grew from 250 to now over 900 employees globally. Customer support is trying as best as possible to respond to issues, but the growth is outpacing the amount of employees hired as customer support agents.
  • 70 billion CRO to Be Burned
  • Decentralization is critical for the future of crypto. A company cannot promote decentralization when it holds the majority of the supply.
  • The CRO burn schedule:
  •  
    • After all the CRO burning is completed, 100% of CRO will be circulating supply resulting in 100% decentralization.

  • CRO Mainnet Launching on 25 March 2021 as Crypto.org Chain

    • The Mainnet launch date is set for 25 March 2021. It will launch as the Crypto.org Chain with Crypto.org Coin (CRO) as the native currency.

    • Crypto.org Chain is a public, open-source and permissionless blockchain—a decentralized network designed to be a public good that helps drive mass adoption of blockchain technology.

    • They have been working on this project for the last two years and are super excited for the release.

    • CDC is committed to aggressively pursue full decentralization of the network. They believe that the world needs a fully decentralized, open-source, public chain with high speed and low fees.

    • The hope is to attract hundreds and thousands of projects to build on the chain and they will invest in projects and help them move on chain.

    • Per Marszalek, the results from the mainnet dry run demonstrated capability and the numbers looked great. It took a lot of time and effort to everything right. Hopefully, slow and steady wins the race.

  • CRO Mainnet Staking Rewards Set at 20% p.a.

    • Crypto.org is announcing the target Mainnet CRO staking rewards on the Crypto.org Chain will be set at ~20% p.a. for active participants of the network at Mainnet launch on 25 March 2021.

    • The target APY for the network launch phase is set to be ~20% with an estimated 500 million CRO in yearly rewards to be distributed. As previously announced, 5 billion CRO has been allocated for distribution as rewards over the next 10 years.

    • The DeFi Wallet will enable one-click delegation of staking and rewards collection at Mainnet launch for all participants, with no minimum staking requirements.

    • The 20% p.a. will not apply to the CRO staked for the Crypto.com Visa Card.

       

      Crypto.com Visa Card Staking Requirements to be Expressed in Local Currencies

      • CRO Staking Rates will soon be updated for the Crypto.com Visa Card to maintain consistent card staking requirements for users during times of market volatility.

      • From 19 March 2021 09:00:00 UTC, CRO Staking Requirements for the Crypto.com Visa Card will be expressed in local fiat currencies instead of fixed amounts of CRO. 

  • Cardholders who maintain their current CRO Card Stake will continue to enjoy the benefits associated with their card.

    • The CRO burn will not affect card rewards.

Interest Earned

With Bitcoin reaching a new all time high, all of my portfolios are up a hefty chunk and my Crypto.com Earn portfolio is no different. In the last 4 weeks, my portfolio grew over 20k USD—most of my interest-earning accounts are beginning to earn a ridiculous amount due to compounding and earning interest during the bear market.

My Crypto Earn portfolio is up 32% in the last 4 weeks and I am extremely satisfied. You can track my earnings progress on the four major interest-earning platforms that I use by checking out this Google Spreadsheet.

A large chunk of my Crypto Earn portfolio is in BTC (Bitcoin) and ETH (Ethereum) so it makes sense why I am up so much. BTC is currently sitting at 60.9k USD while ETH is at 1898 USD. At the same time, CRO is up in price in preparation for the mainnet launch at 0.19 USD.

CRO Earnings

CDC changed the cash back rewards on the Icy White Card from 4% to 5% which went into effect at the beginning on October 2020. The extra 1% is adding up as I am using my card for nearly all purchases possible.

In the past week, I earned about 1686 CRO from staking, earning, and cash back rewards. I was earning more CRO while the price was low, but at the current price of 0.19 USD, I am earning roughly 320 USD each week. As the price of CRO goes up, all the CRO I am earning will increase. This amount is just based on CRO earnings which is amazing because I use it to pay my grocery bill and food budget.

Conclusion & Prospect

2021 is looking great for everything crypto and Q2 is definitely going to be a game changer for many CeFi platforms as they continue to release new products. If you have not watched the recent AMA (Ask Me Anything) with Crypto.com’s CEO, Kris Marszalek, I highly suggest that you do. The whole tone and mood of the session was completely different than the previous ones during the bear market.

I know Crypto.com has had a rough year in 2020 with the MCO Swap and many revisions with the card staking tier, but I also understand that the crypto space is new and CeFi companies like CDC had to do what it had to do to survive the bear market. I am glad I believed in the conviction of the company and invested in the team. I am now rewarded as my portfolio blooms and brings me many steps closer to financial freedom.

I agree with Marszalek that Crypto.com is well positioned to capture many new crypto investors in this bull market after surviving a prolonged bear market. With the move to 100% decentralization, I am confident that Crypto.com/Crypto.org will succeed in speeding up the adoption of crypto. There are still a lot of restrictions and regulations for US customers, but I hope that will change in the near future.

What I Am Doing

This section is dedicated to paid subscribers as I will go into details of what moves I am making with my interest-earning portfolios.

You are currently reading the Free Version. If you would like more information, please consider switching to a paid subscription.

Each week I will report on a different interest-earning platform that I use—mainly, Celsius NetworkBitrueCrypto.com, and BlockFi.

If you are new to crypto or have considered joining new platforms, check out this referral sheet which organizes everything into a simple chart—you can earn over 250 USD in bonuses!

 

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CryptoOneStop
CryptoOneStop

Accredited Investor | Digital Asset Consultant | Keto Diet Adherent | Part Time Market Analyst | PharmD | Former Writer for Altcoin Magazine

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