Crypto.com has established itself as a high-profile player in the cryptocurrency industry, gaining popularity through celebrity sponsorships from the likes of Matt Damon and the acquisition of the naming rights to the former Staples Center in Los Angeles, among other things.
Introduced initially as a cryptocurrency payment service, Crypto.com has evolved into something more similar to a cryptocurrency bank. It offers a variety of cryptocurrency Visa cards, an exchange, brokerage services, a wallet, and a native token that can be staked for incentives. Thereby making it a one-stop shop for cryptocurrency.
Users from across the majority of the United States can trade and store more than 60 cryptocurrencies on the Crypto.com market. In addition, the exchange accepts more than 20 fiat currencies, including the US dollar, the British pound, and the euro.
This article will tell you how users can earn interest and Crypto.com rewards by investing in CRO coins.
What is Cronos, and how does it work?
The Crypto.com block chain’s native token is Cronos. Crypto.com Coin was renamed Cronos in February 2022. However, the CRO abbreviation is still used to identify it. In Heng’s view, CRO is “just a means of securing and expanding the Crypto.com network.”
This token can be used to buy things, exchange for other cryptocurrencies, or invest in your wallet. If you’re using the Crypto.com Visa prepaid debit card to make purchases, you can also receive CRO as a reward or get CRO cash back for forwarding CRO to friends.
Investors can also use Crypto.com to stake their CRO supporting the network’s transaction verification efforts. In addition, consumers get interested and other account perks, including a refund on trading fees and interest on their money.
In exchange for making purchases with their Crypto.com Rewards Visa card, cardholders can receive CRO Rewards. Furthermore, it is possible to exchange Crypto.com’s CRO tokens for other digital coins or fiat currency on Crypto.com’s platform.
The Rewards Visa debit card issued by Crypto.com is a collection of cards. The more you wager, the more bonuses and perks you’ll be able to access at each level of the card. It is said that the Obsidian card, for example, can return up to 8% of CRO on most purchases.
Only the most dedicated crypto lovers will be able to afford the top card due to the required investment. As a result, the promised rate of “up to 8 percent” is slightly misleading, since the two highest levels, Obsidian and Frosted Rose Gold/Icy White, are out of range for most people.
CRO rewards are received on qualified purchases and are calculated according to the tier of the card you hold. Therefore, you will get a particular percentage back, depending on the card you hold.
The highest-tiered and most expensive cryptocurrency card, this card comes with a massive staking requirement of $400,000. Cardholder spending at Obsidian earns the company CRO rewards at a rate of 8%. Monthly payments for subscription services such as Spotify, Amazon Prime, and Netflix are among the other benefits available. In addition, the number of fee-free ATM withdrawals each month is limited to $1,000.
- Frosted Rose Gold and Icy White
These are the second-highest-ranking cards in Crypto. Users can select either the Frosted Rose Gold or the Icy White color. The staking criterion for this second tier is $40,000, which is still an astronomical amount. The benefits are also diminishing, while they continue to receive a monthly refund on subscription services such as Spotify, Amazon Prime, and Netflix, among others. Card purchasing in Frosted Rose Gold and Icy White earns you a 5 percent CRO incentive. Free ATM withdrawals are permitted for up to $1000.00 each month.
- Royal Indigo and Jade Green
Royal Indigo and Jade Green are the third-tier cards of the Crypto.com Reward Program. The required amount of money to stake on these cards is $4,000. As a bonus, employees will receive a monthly refund for subscription services such as Spotify and Netflix. The maximum amount of fee-free ATM withdrawals per month is $800.
- Ruby Steel
Ruby Steel is the fourth-level card that requires a $400 bet. Spotify memberships are compensated every month as one of the benefits. In addition, Ruby Steel receives a 2 percent CRO return on all card purchases. Therefore, the maximum amount of money withdrawn without incurring fees is $500 each month.
- Midnight Blue
The Midnight Blue card is Crypto.com’s no-stake option, which means there is no necessity to stake your cryptocurrency. There are very few benefits associated with this card. CRO rewards are earned on Midnight Blue card purchases at 1 percent. The fee-free ATM allowance for each month is $200.00. Aside from that, the Midnight Blue card is composed of plastic instead of higher-tiered cards, which are constructed of metal.
Is the CRO coin a good investment?
Yes, that could be the case. CRO has undoubtedly fared well over the last 12 months, growing 1,400 percent from January to November 2021, and it is still moving above its 2018–2019–2020 yearly averages. Moreover, CRO has various advantages over traditional cryptocurrencies, particularly when considering Crypto.com’s significant marketing resources. If you currently use the Crypto.com exchange, CRO may be worth purchasing and holding because it will provide additional benefits to your wallets, such as lower transaction fees and the opportunity to earn CRO through the company’s debit card.
Given the volatility of CRO’s price, it may be prudent to use a dollar-cost averaging approach, in which you make many purchases spaced over months rather than all at once. Additionally, keep in mind that you should avoid allocating a sizable chunk of your investment portfolio to any single cryptocurrency.
Benefits of Buying CRO
- Significant development potential
CRO may have significant potential due to its parent company’s massive marketing efforts. However, CRO is a cryptocurrency that is still in its infancy. Still, it has grown rapidly since its inception in 2018 and is currently ranked 17th in terms of market capitalization,” explains Shaun Heng, vice president of growth and operations at CoinMarketCap, a crypto price tracking website. If Crypto.com’s brand reputation is robust, so could the token’s future growth.
- High staking APY
As of February 2022, the CRO annual percentage yield (APY) is ten percent. This is the amount of CRO you would earn in exchange for putting up your CRO to assist with the operation of the Crypto.com blockchain. In comparison, the annual percentage yield (APY) on ETH staking at competitor Coin base is approximately 4.5 percent.
- Lower trading fees on Crypto.com
If you have CRO in your Crypto.com account, you may be able to take advantage of reduced trading fees. This is especially beneficial for traders who deal in large amounts.
- CRO Cashback
Among the many benefits of the Crypto.com Visa debit card include:
- The possibility of earning up to 8% cash back on purchases made in CRO.
- Free subscriptions to streaming services such as Netflix, Spotify, and Amazon Prime.
- Complimentary entrance to airport lounges.
When you stake CRO with your Crypto.com wallet, you receive a more significant number of rewards.