Crypto.com was one of the early players in the "Crypto Credit/Debit Cards" scene. They've thrived in this scene and also expanded significantly, offering multiple, very lucrative methods for their users to earn income passively via their both credit card rewards, and earning significant interest on your cryptocurrency holdings, potentially as much as 18% per year! In my time with Crypto.com it has become one of my preferred methods of accruing passive income, and I believe it will become one of yours as well. And everything is taken care of via their application available on Android or IOS, making it easy as pie.
Crypto.com's bread and butter is providing rewards systems for its users, while encouraging users to acquire and hold their associated ERC-20 Tokens, MCO and CRO. They use their various earning methods to encourage people to hold and stake their coins. Offering higher earnings, and extra incentives to those who participate in their curated ecosystem. So let's get into how you can put their best earning method to use...
Crypto Earn
Crypto Earn involves you depositing one of the many supported currencies and committing them to the "Crypto Earn" platform. Earning interest based on how strongly you commit your currency to the platform. You can choose to be able to withdraw your chosen crypto at any time, or lock it in for up to 3 months to guarantee yourself higher interest rates. Below you can see supported coins, and various interest rates dependant on your lock-in period.
As you can see from the chart there are numerous cryptos available to earn interest on. And your interest rate increases based on the length of time you dedicate your crypto, as well as how much of their coin MCO you have staking on the platform. I myself am a big fan of Crypto Earn. I lock in my Ethereum and Litecoin for 3 months, earning a rate of 4% and 3% respectively, as I only have 50 MCO staked. Although the interest rate is the same without any MCO staked at all.
As you can see there are much higher rates available for their own token CRO, a staggering 18% is possible! As well as much higher rates available for stablecoins. If I did hold any stablecoins I would strongly consider storing them on this platform. What's great is that you earn your interest in whatever currency you've chosen to dedicate. So if you're earning 4% interest on your Ethereum, that is being delivered to you in Gwei and not USD, or Crypto.com's favored tokens.
Crypto Rewards Credit Cards
First things first. Currently Crypto.com cards are available in the United States, Europe and Singapore. If you live outside of these regions, they are actively working on supporting you in the future. These are Visa cards and they are accepted anywhere Visa is taken.
This is their highest profile earning method and Crypto.com's bread and butter. It starts off similar to any other credit card, you give them your personal information such as address, name, etc. And then you dedicate a certain amount of MCO to upgrade your credit card to various tiers. These tiers unlock flashier card appearances, and better card rewards systems. You can see the various tears available below, with the various MCO staking requirements near the top of the image.
Edit: More benefits have been added since this image was created, including a new card tier of 5000 MCO, featuring Amazon Prime reimbursement, 4% MCO rewards, as well as access to Inheritance Services, OTC trading services, and access to private events. And more benefits for the higher tier cards. And even 2% more interest in Crypto Earn.
The first tier is nothing special. You have no MCO staked and the rewards are similar to any other credit card on the market, a mere 1% cashback. What I want to highlight is the second tier. With a stake of 50 MCO you can upgrade your card to receive 2% cash back on all purchases, as well as have them pay your Spotify subscription for you. They do this by crediting your account $12.99 USD on a monthly basis. And the rewards just get better the more MCO you decide to stake.
Now let's put some numbers together and see how this works out for the average person. As of today one MCO is worth about $5.17. Meaning that 50 MCO stake will cost you somewhere around $260 US. I find this to be pretty reasonable. For that $260 you are going to get $12.99 monthly, as well as 2% cashback on all spending. It won't take you long to have earned your way out of the hole of that purchase. Of course all of this is assuming that MCO retains it value. So let's take a close look at MCO's past, present, and potential future.
In the last 52 weeks MCO has been as low as $2.09 US and as high as $7.81. So currently it is sitting relatively in the middle of that range. And the token appears to have found some equilibrium between it's all time high of around $27 and a low of $.62 US, both occuring in 2017. I for one am confident that the value of MCO is stable enough you can easily outpace any losses, and are likely looking at it increasing in value while you hold it. With a strong reason being that those who purchase it are encouraged not to sell, based on the incentive to hold onto or increase their rewards potential from Crypto.com's various offerings. There is also a way you can offset some of this risk via their referral system you will read about below.
This 50 MCO tier is likely where the buck stops for most people. It is for myself, I was very willing to make a small investment to experiment with Crypto.com but unfortunately didn't have the capital to increase my staking and access the higher tiers available. But if I did have the funds I would strongly consider it, the higher tiers available are quite lucrative. And damn do those metal cards look good...
Crypto.com Referrals
As I touch on in almost all my articles. Referrals are a powerful tool for you to build passive income. And Crypto.com offers a very lucrative referral system to encourage you to engage with it. You will gain $50 US for every person you refer who signs up for their services and also stakes the 50 MCO required to unlock the first tier of benefits. And as a person being referred you can earn a bonus $50 US yourself, it is a very good boost to protecting youself against any potential fluctuation in the value of MCO while you stake it. As a user this is just another way you can put Crypto.com to work for you. As a side note if you decide to engage with their ecosystem please choose to use my referral code (g2maa2vyge)
Safety
Now a major element in the decision process on whether or not to engage with Crypto.com is it's safety. After all everyone in the crypto space has heard "Not your keys. Not your coins." So can we trust Crypto.com?
I find them to be about as trustworthy as any other major exchange, like Coinbase for example. Yes, you are handing your crypto over to a third party, and there is inherent risk that is unavoidable. However, in the grand scheme these large scale exchanges are about as safe as can be. And yes, Crypto.com is also an exchange. Allowing you to swap their various supported currencies back and forth in their application.
This company is well respected and has been a major player in the crypto scene since 2017. I feel quite comfortable entrusting some of my holdings to them. However even then I only store roughly 50% of my holdings on their platform as a hedge against the unknown. This is still crypto, and I don't suggest fully trusting any third party. You also, will have to give up identifying information like a form of picture ID, and your home address. There are those who are extremely privacy concerned and would be turned away by that.
Crypto.com also offers other features I haven't gone into as they don't lend themselves to passive income, which is the focus of my posts. You can stake MCO to reduce fees on their exchange, and you can even use your crypto as collateral to secure loans! All in all, they are a broad ecosystem consisting of multiple earning methods. If you combine their Crypto Interest, Visa Rewards, and Referral System you can stand to make a lot of money with them as I have. And I strongly encourage you to consider adding Crypto.com to your streams of passive income.
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