Review on Crypto.com by Fanuel PORPORTY
The most complete crypto application on the market?
The MCO token is an integral part of an ecosystem implemented by the company Cryptocom, formerly known as Monaco. The objective is to facilitate the use, in daily life, of the crypto-assets that you have. To achieve this, the company allows its customers to open accounts to which are attached purses containing their crypto-assets, as well as conventional bank accounts. Customers then obtain a VISA bank card, which can be used everywhere without any special charges imposed on the user. When this card is used, Cryptocom takes care of the conversion between cryptocurrency and fiat money according to market rates at the time of the transaction, and pays the merchant in his local currency. Note that some currencies are not supported.
In this way, Cryptocom customers can use their crypto assets to shop anywhere in the world without having to do any foreign exchange. However, the usefulness of the MCO token remains secondary. Indeed, its main utility is for the moment to allow you to benefit from a more advantageous bank card.
If you have a large number of MCOs: higher withdrawal limits, cashback on your purchases, VIP lounges at airports, affiliation bonus if you offer friends to register too ... But investments in are significant: thus, to benefit from the best Cryptocom card, it will be necessary to immobilize for six months the sum of 50,000 MCO tokens, that is to say, at present, a little less than 100,000 €.
The MCO tokens will also subsequently make it possible to benefit from credits, the amount of which depends on the quantity of tokens held, which will serve as collateral for obtaining the loan. The ready service provided by Cryptocom is not yet operational, however.
Pros
- Spend bitcoins and ethers with the physical Monaco card in all places that accept payment by bank card, whether on the internet or in commerce downstairs.
- Exchange currencies at the interbank rate each time the user uses their card or makes a deposit via the application.
- Like various decentralized finance protocols, Cryptocom offers its users to contract loans in cryptocurrency. There is nothing revolutionary about the operation of these loans since they are based on a guarantee system. You can therefore only borrow funds by blocking upstream funds. The value of your frozen funds determines your ability to borrow on the app. The ratio differs depending on the nature of these blocked funds. Naturally it is the MCO and CRO tokens which are the most interesting with a 50% ratio between the guarantee and the loans
- You can also have access to an investment system developed by the team at Cryptocom. These are different automatic trading strategies depending on your needs and your risk appetite. Accessible from only $ 20, you can directly select one of these strategies in the application and observe the exchanges taking place automatically depending on the market. You can withdraw your funds from these strategies at any time without penalty, but they have been developed to work over a period of 3 to 6 months. There are no fixed costs on the investments made, but on the profits made by this functionality. Again these are more interesting by having MCO tokens of stakes.
- You can get a card for free
Cons
- There is no computer version for the application. It's only available on his smartphone.
- The company was founded in 2016. This makes it a young company at the moment.
