I’m sure you have come across Crypto.com’s massive “Fortune Favours the Brave” marketing campaign.
Here’s the exciting video short with Hollywood superstar Matt Damon as the face of a $100 million marketing campaign that has aired in 20 countries.
That’s not all.
Crypto.com has also spent $700M to secure a branding contract. The Los Angeles’ Staples Center, which basketball fans know as home to the L.A. Lakers basketball team, will now be rebranded as the “Crypto.com Arena” for the next 20 years.
They have also secured sponsorships in other sports like the American National Football League (NFL) and north America’s National Hockey League.
Closer to home, huge billboards like this appeared in Orchard Road:
Their marketing efforts will allow them to reach non-crypto enthusiast and is just a sneak peek to how willing crypto companies are to spend to attract us – retail investors.
The impact of Crypto.com’s million dollar marketing campaign
This high-profile marketing campaign has drawn overwhelming attention to the platform and caused Crypto.com native token to skyrocket in value. Those that held the CRO token saw 500% returns in the past month!
It is now one of the top-performing coins and is the 13th biggest market cap in the world.
What is Crypto.com?
Crypto.com is a cryptocurrency exchange designed to allow crypto novices with little understanding to kick start their journey. Within the platform, there are plenty of advanced tools for advanced users to explore.
The exchange is one of the biggest in the world with more than 10m+ users. You can buy and sell more than 200+ Cryptocurrencies at true cost and also partake in products and activities that can gain rewards up to 14.5%.
Crypto.com places priority on security, some key highlights:
- Your crypto is held in offline cold storage.
- Your fiat currencies (SGD, USD etc) are held in regulated custodian bank accounts.
- They have multi-factor authentications (MFA) – think of it as your 2FA but more advanced.
Fun fact: Crypto.com is headquartered in Singapore!
It is also one of the cryptocurrency exchanges that is exempted from the Payments Services Act by MAS.
What is CRO?
CRO is the native token of Crypto.com’s blockchain. It is a utility token which means you can use it for a variety of functions such as participating in projects to get higher cashback on crypto.com’s card payments and lower fees. (more information below)
Staking is the process of putting your crypto to work on a platform to earn rewards. Users are rewarded for staking because they are actively participating in the entire validation of the ecosystem.
And staking CRO has many benefits – you can earn better spending rewards on the Crypto.com Visa debit cards and unlock many other features.
Crypto.com’s Metal Visa card
The key highlight of Crypto.com is its Visa Card which provides up to 8% cashback and 100% rebate on your Spotify and Netflix subscriptions!
The card is easy to use – it works just like any other ordinary debit card issued by your bank. You can use it for your online shopping, offline purchases via paywave, etc.
The most interesting thing is that your cashback is paid out in Crypto.com native currency CRO. For example, if the card gives 2% cashback, for every $100 spent you’ll get 2% back in the CRO. As CRO rises, so does your cashback rewards!
P.S the visa card is made of sleek metal, giving that luxurious weight and feel.
How to get the card?
To get full access to the Crypto.com ecosystem and receive your card, you simply have to:
- Sign up and go through a quick KYC for a Crypto.com App account.
- Purchase the amount of CRO for the card tier that you would like to get,
- Stake at least SGD 500 of CRO to be eligible.
Not to worry, the user interface is really simple with a step-by-step guide in the app itself.
If you do not wish to stake any amount, you can choose the most basic tier which is the midnight blue. This however is only 1% in rewards, for higher rewards requires different amount of staking for different tiers.
Are there downsides?
Before you hop onto the bandwagon, here’re 3 things to note:
- Cashback in CRO
Keep in mind that the cashback is in CRO and not cash, which means your rewards could be lower or higher depending on the volatility of the CRO token. If you believe in the long-term prospects, then this could be seen as a benefit. (more on the long term prospects below)
A major draw that the crypto.com cards offer is the free Spotify and Netflix subscriptions. To enjoy this perk, you’ll need to qualify for the Ruby card or above, and link the payment of your Spotify/Netflix account to your Crypto.com card. Similar to cashback, the rebate would be given in CRO tokens. You can find more information here.
- 180days lock up
When staking, your CRO coins are locked up for 180 days. If the tokens appreciate or depreciate during this period, you cannot sell or exit your position
In the long run, to continue to enjoy the benefits, you must continue to stake the amount that your chosen card tier requires.
- Inconvenience of a Debit Card
The Crypto.com card is not a credit card but instead a debit card which means it functions like a prepaid card that you would need to top up before using. This could be troublesome, however this allows you to stack existing credit card rewards.
That said, Crypto.com is one of the preferred way to enter the crypto markets due to its impressive UI/UX and the products that are on offer. It would be difficult to find a similar platform, but as always do your own due diligence.
Fortune favours the brave, here is free USD 25 from me to help you get started when you get a Ruby card or above: https://crypto.com/app/6s4d8qgwb2. Open an account in 10minutes and start enjoying the benefits.
CRO coin’s value: Why I’m bullish
In the long run, I believe that CRO has a long way to go and it can be the top exchange in the world rivalling Binance, the largest cryptocurrency exchange at the point of writing. If CRO delivers and continues to grow to the size Binance is currently, we can estimate that the target price would be 5.64x of today’s price.
I will share my thought process and thesis in the next article. See you then!
Kindly comment below if you have any questions.
Also remember to do your own diligence. You could also join our upcoming webinar with AK and Chris to learn the fundamentals of cryptocurrencies.
Disclaimer:
I own CRO and have been a user of their ecosystem, this post is not sponsored in anyway.
This is not financial advice. Any action you take is solely your own responsibility. Cryptocurrencies are extremely volatile, only invest with what you can afford to lose.