Crypto.com Chain (CRO) debuts at Starbucks — Token Breakdown
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What is Crypto.com Chain?
Well that is simple.
Crypto.com Chain (CRO) is the token that will natively run Crypto.com Pay. A revolutionary new payment system that is simple, beginner friendly and gaining traction as a leader in the Crypto payments industry.
The product uses QR codes to send payments simply and effectively at no cost to customers or merchants, whilst offering a up to a whopping 20% cashback when paying with CRO. Now that is incentive to pay with crypto.
The product runs within the already stellar Crypto.com app and it is very easy to access. Simply open up your Crypto.com app and select “Pay” from the home menu.
What intrigues me so much about the product is the simplicity. Here is a step by step breakdown:
- Click “Pay” on the home menu
- Scan your Crypto.com QR code
- Select your payment currency
- Confirm your transaction
- Receive confirmation of payment
It’s really as simple as that.
Starbucks Crypto.com Pay Demo + AMA Merchant Info
In the header video I showcased how Crypto.com Pay handles online payments in a quick, secure manner (I’m actually wearing the polo I purchased right now).
May 3, 2019 brought us a first look at how Crypto.com Pay is going to operate for physical merchants. The first of which you will realize is none other than Starbucks.
As you can see in the above video, the process is just as simple, if not even simpler than it’s online counterpart. This is of paramount importance. For adoption to be pushed in today’s world, payments will need to be easy, secure and provide significant incentive to parties on both sides of the transaction (No fees and cashback).
You will also notice that 2 other major retailers were visible during the transaction — Target and AMC Theatres. Hopefully this is a sign of other big brands to come.
I can’t stress this enough, the simplicity of the transaction is insurmountable. This is exactly what mainstream crypto adoption is going to look like.
CRO Merchant News from AMA
As if seeing a live payment from the Crypto.com app to Starbucks wasn’t enough, CEO Kris Marszalek conducted an AMA with the Bithumb team in which some serious information was released.
Firstly, CRO will be added to Bithumb Global, which is great, but that doesn’t even begin to scrape the surface.
Before this AMA we were aware of 2 officially onboarded CRO merchants — The hardware wallet giant Ledger, as well as ySneakers an online footwear dealer.
All of that has changed.
According to Kris we have gone from those 2 merchants to as many as 50.
“Our strategy for Crypto.com Pay and CRO was to go to online merchants, we’ve got around 50 signups and we’re going to be releasing news about this shortly, but until today, we never spoke about how it’s going to work at merchant locations.
You can see an alpha test today, payments at Starbucks, you can use any cryptocurrency that Crypto.com supports, currently 25 or more of them, if you pay in CRO you get generous cashback, you can buy your coffee, soon you can buy your groceries, you can your buy movie tickets, and get cashback and I think it’s great for utility.”
I am very excited to hear the news about the 48 additional merchants. I believe Kris’s statement combined with the Starbucks Crypto.com Pay demo confirms that Target and AMC Theatres will be Crypto.com Pay merchants. This is further backed by another section of the AMA:
“I’ve mentioned, more than 50 online (merchants), but the way we are rolling the offline merchants out, is it does not require deep merchant integration so we can roll those out much, much faster as we’re integrating into existing merchant payment rails.
No fees for customers, no fees for merchants, this is going to result in very rapid rollout, including some very big brands globally.”
These are 2 huge brands that will do wonders for Crypto mainstream adoption. Imagine receiving 20% cashback on your groceries? That is too much incentive to pass up on.
Earn 12% p.a with CRO Council Nodes
On top of the fantastic news, I would also like to showcase how to earn passive income with CRO through the Council Nodes Rewards Program— a revolutionary new way to earn passive income (CRO Token), while also contributing to the Crypto.com Chain ecosystem.
The premise behind the council nodes reward program is simple. Users are able to stake CRO tokens within the Crypto.com app in order to buy a full or partial CRO Council Node. Thanks to a new partnership with AllNodes you can buy a node outright, or pool your CRO with others to co-own a node. Council nodes will be used to validate future transactions on the Crypto.com Chain.
Your reward for doing so is not only the satisfaction of helping the budding Crypto.com ecosystem, but you will also receive 12% p.a. credited to your account in convenient daily allocations. Not only does this help the growth of Crypto.com, but also the passive growth of your cryptocurrency holdings.
Decide you no longer want to stake for a node? No problem! Withdraw your funds at any point without any fee or penalty.
Earning CRO via MCO Airdrop
MCO Holders receive an additional incentive through the CRO Airdrop.
Here’s how the airdrop works:
- Users purchase MCO Tokens and hold them within the Crypto.com App.
- At the beginning of each month Crypto.com takes a snapshot of all MCO balances in the app.
- Within a week, receive 5.276 CRO Tokens for every MCO Token you held during the snapshot.
- Airdropped tokens will be unlocked and allocated a year from the date of the airdrop (ex. Receive 100 CRO in May 4, 2019, Unlock on May 4, 2020).
- Airdrop will run until the beginning of December, 2023.
Having an CRO Airdrop that is dependent on the number of MCO Tokens you hold, only further drives value behind the MCO Token. The CRO Airdrop will incentivize even more people to purchase MCO because just by holding the token, you are generating more value of your own.
The Bus is Leaving — Get on Board
Seriously.
The Crypto.com team has been delivering news daily. The app ecosystem is growing vastly, and Crypto.com Chain is accelerating the process by onboarding gigantic merchants like Starbucks, Target and AMC Theatres.
There is no other payments system on the market that is as simple to use, or as successful at onboarding merchants.
Most physical merchants already have the infrastructure needed to support Crypto.com Pay. Online merchants will be integrated with a simple line of code.
Crypto.com has streamlined the crypto payment process and created a detailed plan as to how they might achieve 100,000 merchants by the end of the year, and subsequently take over globally.
I for one believe the ladder is imminent. It’s just a matter of time.
Crypto.com is the Future
Damian
