With the possible exception of FTX, Crypto.com has the hottest ads in the cryptocurrency sector. Plus, now that Crypto.com has taken over LA’s Staples Center, it’s hard to ignore this Singapore-based brand. Impressively, about 10 million people already use Crypto.com’s app to buy, sell, and store hundreds of tokens.
Like a few other crypto exchanges, Crypto.com offers perks to customers who use its Crypto.com Coin (aka CRO). People who buy CRO could take advantage of Crypto.com’s most generous benefits. As a bonus, Crypto.com offers a few ways users could earn more CRO while they’re “hodling.”
Anyone who has a Crypto.com account may be interested in generating passive income with CRO. True, you don’t need this token to use the Crypto.com platform, but CRO could make your in-app experience more profitable.
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What Is Crypto.com Coin & Where Could You Get It?
As mentioned above, CRO is Crypto.com’s native token. Like other crypto exchange tokens, people can use CRO to take advantage of various benefits on the Crypto.com app and desktop exchange.
For instance, users who stake a certain amount of CRO could apply for one of the company’s popular metal Visa debit cards. Traders could also stake some CRO to earn discounts on maker and taker fees via the Crypto.com Exchange.
Beyond its use as an incentive token, CRO is used as gas on Crypto.com’s new Cronos blockchain. Anyone who wants to use dApps built on Cronos must pay a small amount of CRO for every transaction.
For those familiar with the Binance Smart Chain, the Cronos chain is quite similar—except Crypto.com owns Cronos, of course!
Unsurprisingly, the most accessible place to buy CRO is on the Crypto.com app. However, now that CRO is a top-tier crypto, it’s getting easier to find CRO on other major exchanges. Interestingly, you can purchase CRO with a Coinbase account.
As for tokenomics, CRO has a current circulating supply of 25,263,013,692 and a total supply of 30,263,013,692.
Make That CRO Flow With These Passive Income Strategies
Now that you know a little about CRO, you may be wondering how to make the most of this token.
Of course, you could buy and “hodl” CRO if you believe in the project long-term. However, there are many simple ways you could generate even more CRO without lifting a finger.
Below, we’ll share three of the simplest ways to make your stack of CRO grow.
1. Consider A Crypto.com “Earn” Term
Like Gemini, Crypto.com has an “Earn” feature built into its app. Account-holders could find this section by clicking the Crypto.com logo on the app’s homepage and then tapping “Earn.”
Crypto.com allows users to deposit dozens of cryptocurrencies into these interest-bearing accounts. Customers could choose between three term limits:
- One month
- Three months
While your total interest goes up for one or three-month contracts, please remember you won’t be able to touch that crypto for the agreed-upon term.
Currently, Crypto.com offers three APY interest rates for people who agree to deposit CRO on its Earn platform:
- 2 percent (Flexible)
- 4 percent (One month)
- 6 percent (Three months)
Customers who use Earn will receive their proportional CRO interest every seven days.
It’s also worth noting that staking CRO in this Earn platform grants users other advantages. Depending on how much CRO you stake, you could enjoy higher interest rates with other cryptocurrencies, including stablecoins.
Also, you must stake a set amount of CRO in Earn if you want to apply for one of Crypto.com’s Visa debit cards—which leads us to our next point.
2. Apply For A CRO Rewards Visa Debit Card
Crypto.com is well-known for its colorful assortment of Visa debit cards, each of which offers “crypto-back” rewards paid in CRO. The CRO you generate with each purchase automatically goes into your associated Crypto.com account. Plus, since this debit card interacts with your Crypto.com app, you have the option of “topping off” your card at any time with crypto or fiat.
In addition to CRO rewards with each purchase, select Crypto.com Visa cards offer cash-back on services like Netflix, Spotify, and Amazon Prime. Higher-tier cards also offer partial reimbursement on Airbnb and Expedia.
Please note: Crypto.com only offers its “Midnight Blue” 1 percent CRO-back card for free. You’ll need to deposit some CRO for six months in an “Earn” account to apply for the other four Visa cards.
Currently, the requirements and rewards for the upper-tier Crypto.com cards are as follows:
- Ruby Steel: $400 stake; 2 percent CRO-back
- Royal Indigo/Jade Green: $4,000 stake; 3 percent CRO-back
- Icy White/Frosted Rose Gold: $40,000 stake; 5 percent CRO-back
- Obsidian: $400,000 stake; 8 percent CRO-back
3. Dabble With Crypto.com DeFi Earn
To take advantage of this final tip, you’ll need to download Crypto.com’s DeFi wallet. Unlike the standard Crypto.com app, this DeFi app is a non-custodial “hot wallet.” Therefore, you own the private keys for any crypto you put on your Crypto.com DeFi wallet.
Anyone with a Crypto.com DeFi wallet could stake select tokens like CRO in the “Earn” feature. Yes, this is similar to depositing funds on “Crypto.com Earn,” but it’s on DeFi. By depositing your CRO into a DeFi Earn pool, you’re helping to secure the Crypto.com Chain.
A few of the benefits of staking on the DeFi wallet versus the Crypto.com app include higher interest rates (usually 12 percent APY) and the ability to un-stake at any time.
On the negative side, there’s always a risk your validator could get slashed for misbehavior. If this happens, you could lose your CRO. Therefore, it’s essential you carefully review the list of CRO validators and choose one with a solid reputation.
Also, when you choose to un-stake CRO on the Crypto.com DeFi Wallet, you can’t use these funds immediately. It will take 28 days for your un-staked CRO to appear in your Crypto.com DeFi wallet.
Please Review Your Risk Tolerance Before Diving Into CRO!
As far as centralized exchanges go, Crypto.com is well-respected by authoritative sites like CoinGecko. However, there’s always a risk involved when handing over your funds to third parties or DeFi protocols to earn interest. Also, altcoins like CRO are still incredibly volatile.
Before you try any of the suggestions listed above, you should take a few moments to research the Crypto.com ecosystem and assess your risk tolerance. Taking a few moments to define your investment strategy will help you figure out how CRO fits into your portfolio.