MCO (MCO)
$4.22 (-1.22 %) View coin |
Crypto.com Coin (CRO)
$0.153926 (-0.30 %) View coin
News
04 August 2020

Crypto.com launches token swap amid concerns from token users

Crypto.com, a cryptocurrency payment platform and exchange, is conducting a token migration from the current MCO token to a new CRO token. The window to swap tokens began on August 3 and will close on November 2. The crypto.com platform and services will no longer support MCO tokens following the closure of the swap period. MCO holders can only complete this token swap through the crypto.com app. Users currently holding MCO on an exchange will have to create a crypto.com account if they do not have an existing account. Creating an account includes mandatory KYC verification.

The migration exchange rate is 1 MCO rate to 27.6439 CRO, with a 20% bonus for users that swap before September 2 (Effective exchange rate of 1 MCO: 33.1726 CRO). The 20% bonus offered to MCO holder was almost immediately priced into MCO markets through traders arbitraging the swap bonus, as only minutes after the announcement of the migration MCO price rose over 20%. The rapid appreciation in value will hurt MCO holders’ bottom line as they swap their token for CRO due to the fixed swap rate.

As the swap details were released, many within the community expressed concerns over the dilution of existing token holders’ share of the crypto.com total supply. As well as the 4x dollar value increase in minimum tokens held to be awarded bonuses based on their tier structure (New tier structure included below). Crypto.com has stated that MCO holders currently staking will be grandfathered into the tiers they were staking at before the token migration. When token holders decide to stop staking, they will be compensated for the updated tier amount in CRO. Why it matters - Crypto.com with a marketcap that puts in the top ten of all cryptocurrency has stayed off the radar for most people, this swap has the potential to increase general awareness and attention around the platform.
- Crypto.com is the latest in a long line of projects to opt for a token swap amid the rebound in markets the past few months, the outcome of these token swaps may determine how other projects plan to leverage the emerging bull market.

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