- >Crypto.com Sells Half Price Bitcoin to Celebrate Release of Exchange
Crypto.com Sells Half Price Bitcoin to Celebrate Release of Exchange
Crypto.com is taking their exchange out of BETA on September 8th. The exchange has been in a public beta period for almost a year, beginning in November 2019. During this time, Crypto.com has tested multiple ideas for growing their ecosystem. The syndicate events have been a main component of their retention strategy. The strategy appears to have worked to one degree or another based on the price of the underlying Crypto.com asset; CRO. The Crypto.com exchange is not available in many places in the world, including the US. Now, Crypto.com has announced that they will be rolling out the exchange to anywhere and everywhere the Crypto.com mobile application is available.
Keegan Francis | Oct 13, 2020
Buy Bitcoin at 50% Off
Crypto.com started having bi-monthly events called syndicate events. Users may purchase a selected cryptocurrency at a discounted price. In order to participate in these events, users are required to meet two conditions.
- Stake an amount of CRO on the Crypto.com Exchange
- Have more than $5000 USD worth of transaction volume on the exchange in a month
Only after meeting these two requirements can users participate in the syndicate events. The amount of cryptocurrency you may acquire is proportional to the amount of CRO you have staked on the exchange. Syndicate events are typically “oversubscribed” meaning that users have contributed more CRO, than there is supply available to purchase. So users will typically end up getting about a 2% return on their investment.
The next syndicate to take place on the exchange is happening on September 8th. In celebration of taking the Crypto.com exchange out of BETA, users may acquire bitcoin at a 50% discount.
Sights Set on Worldwide Adoption
Crypto.com has mentioned several times that they have their sights set on the worldwide adoption of cryptocurrency. Currently, the Crypto.com exchange is not currently available in the United States. After proving the exchange model in other countries, Crypto.com is confident enough to release the platform in high volume countries. This is representative of the slow, steady, and calculated growth, rather than the riskier explosive growth option. Before entering the United States, it is important for Crypto.com to have built up the infrastructure to support one of the most active cryptocurrency user base in the world.
MCO Token Swap Primes Business for Wider Adoption
The MCO token swap occurred earlier in the month of August. It was a risky, and controversial move on the part of Crypto.com. Although, it appears that it hasn’t caused any significant detriment to Crypto.com. In fact, Kris Marszalek, Crypto.com CEO has stated that in order to prime Crypto.com for global adoption, the ecosystem had to be much simpler. In reality, the MCO token was a barrier to the adoption in certain countries. The regulatory bodies in certain countries were uncomfortable with the fact that MCO sold in an initial coin offering. Just as some have predicted, now that the MCO token is out of the picture, Crypto.com is primed to steamroll their platform into every corner of the globe. First thing is first, take the Crypto.com Exchange out of BETA.