Crypto.Com - A Leading Innovator in the Space

If you haven't heard of it, Crypto.com is a big financial innovator in the crypto space.  Based in Hong Kong (incorporated in the Cayman Islands), Crypto.com is first and foremost a cryptocurrency wallet.  They have also launched two cryptocurrencies of their own:  MCO and CRO. 

Crypto.com has also launched a Visa debit card program (recently available in the US).  By "staking" or setting aside a set amount of MCO coins in your crypto wallet for six months, you can order a visa debit card that can earn up to 5% back from purchases in the form of additional MCO coins.  The "red card" pays 2% back with an MCO stake of 50 coins (about $160 at current price), while the "green card" pays 3% back with a stake of 500 MCO coins (about $1,600 at current price).  There are also other cards (up to a "black card" that pays 5%), but I only mention the ones that are a bit more attainable.  I have a red card myself - it's a very cool looking and feeling metal card that also supports contactless payment.  They have a "free" card that doesn't require an MCO stake that pays 1%.  If you choose to sell your MCO stake, the red card payment drops to 1% as well, so in order to continue to earn 2% with your red card you have to keep the MCO stake in place.  The card can be funded from a cryptocurrency wallet by selling any supported cryptocurrency into your local currency or they also have a fiat wallet linked to a bank account that you can transfer funds into and from there, you can either invest in cryptocurrency or use the funds to "reload" the debit card.  They also have some cool perks for Spotify subscribers with a 100% MCO rebate for the monthly subscription fee (red card and higher), among other perks.  Higher level cards have rebates for Netflix, Expedia and AirBnB.

But that's not where the innovation ends.  They also have a "crypto earn" program where you can set aside some of your crypto for a "flexible," one month or three month period of time to earn interest on supported digital assets (paid in the same currency as the investment).  This also requires an MCO stake to participate in.  For example, with a 50 MCO stake, you can set aside Bitcoin and earn 6% interest (simple interest calculated daily and paid weekly) in the three month term, 4% for the one month term and 2% for the flexible term.  If you like to "HODL" your bitcoin, this is a nice option to earn some extra money on your coins which I haven't seen anywhere else.

Crypto.com also has other reward programs similar to the card cashback program, including CRO rewards for using the app for payments (i.e., purchasing gift cards or sending payments to friends in CRO), referral fees for new users ($50 in MCO) and also referral fees for new merchants that accept the company's currencies.

In summary, Crypto.com is a real innovator in the cryptocurrency space and is launching a number of interesting initiatives that might be worth looking into whether you have cryptocurrency or not and regardless of what wallet you are currently using.  If you're curious about investing in crypto, check out this post I wrote a while ago introducing the rationale for it.   You might also be interested in this post which talks about setting up a simple strategy for investing in crypto.

I hope you find this post useful as you chart your personal financial course and Build a Financial Fortress this year.  
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