Crypto.com is the best known provider of credit cards that support cryptocurrencies. The company has long not only been the issuer of credit cards, but also offers additional functions such as its own exchange or enables users to stake many different cryptocurrencies. The rate of the company's own cryptocurrency has now risen by 24% within 40 hours after the company announced a token swap.
Crypto.com announces token swap: MCO becomes CRO
So far, Crypto.com had two different tokens for their platform: Monaco (MCO) and Crypto.com Coin (CRO). But that will change in the future. As the company announced in a blog post, it will become one Token Swagive p. The functions of MCO and CRO are to be combined in one token. In the future, the focus will be entirely on CRO and its further development and implementation in the Crypto.com ecosystem.
Investors have until 2 November 2020 at the latest to exchange their tokens. If you do not do this within the deadline, you are not entitled to an exchange afterwards. The token swap can be carried out directly in the Crypto.com app. If you hold your tokens on an exchange or your own wallet, you must transfer them to Cryto.com in order to be able to swap there.
In just 24 hours, the rate of the in-house cryptocurrency Monaco (MCO) rose by more than 34%. The following graphic shows the course of the course over the past seven days. You can see the huge increase this Monday after the token swap was announced. An MCO token is currently trading at $ 5,53 USD, at the beginning of the day the price was still around $ 4,00 USD. For a short time, the price almost reached $ 6,00 before it could recover:
Investors can get all information about the token swap and instructions in the official blog post from Crypto.com.
Short-term stop for credit cards in Europe and UK
A few weeks ago, the headlines were full of news: the Wirecard scandal. Crypto credit card issuers such as crypto.com were also affected. As a result of the scandal, one had announcedTo stop the credit card program in Europe and the UK for now:
Following a communication from the FCA regarding Wirecard UK, we have just been asked to stop all activities in our card programs in the UK and Europe. Our customers in these two regions will no longer be able to load their cards or make transactions in the course of today.
Of course, customers don't lose their money. The CEO of Crypto.com announced on Twitter that the assets are safe and the company can guarantee that security. If the services are interrupted, all customers are entitled to a 100% repayment.
In the meantime, however, the program has been resumed and the credit cards are being delivered. Wirecard continues to appear on the cards.
Markus from Kryptokumpel.de
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