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Crypto.com: Early Alpha Public Testnet, 1 million downloads, AMA with CEO, Early-Access Chain Validator Partners

Biweekly update 6th September — 20th September

Hi, everyone. Greet our latest update on Crypto.com, the pioneering payments, and the cryptocurrency platform. We feel a strong urge to show you everything we found in the last two weeks. Let’s begin!

First, in the spirit of transparent sharing and continuous improvement, Crypto.com has deployed the early alpha version of the Chain public testnet. The tech team welcomes public testing to help make the code more robust. Furthermore, the Crypto.com wallet app has reached over 1 million downloads from the App Store and Google Play Store since its worldwide launch in May 2018. Congratulations to the Crypto team!!!

Second, the Crypto.com team published a recap of Live AMA with its CEO Kris Marszalek. There were a lot of exciting topics. Through them, Kris answered a lot of questions. The most important, in our vision, is one about interest rates. A lot of people ask how Crypto can afford to pay the high rates. Many say that these rates are not just higher than any in the traditional finance industry; they are higher than anything in Crypto. Kris answered that they differently look at it; they look at their average cost of capital. And the average cost of capital that they are getting across the whole portfolio is, in fact, lower than most of the public listed companies get when they issue bonds to finance their lending business. So this is actually an excellent interest rate that Crypto.com is paying. But obviously, Crypto.com structured it in a way that makes sense both on the Earn side and also on the Credit side. So it can earn a very healthy margin on this business and continue to scale both sides of the equation. And in Kris’ view, outside of trading, the lending is going to be one of the most potent revenue drivers for the company next year. We agree with his position. Constant interest income is undoubtedly an excellent support for such a business.

Third, Crypto.com announced today that it has welcomed seven industry leaders as Early-Access Chain Validator Partners. Following the successful launch, these partners will host Council Nodes on the Chain Testnet, and later on the Chain Mainnet. Council Nodes perform critical validation and settlement functions on the Crypto.com Chain. These partners are Huobi Pool, OKEx Pool, Staked, All nodes, StakeCube, Chainflow, and MyCointainer.

Fourth, Crypto.com announces a new method for users to deposit into the Crypto.com fiat wallet, supporting 21 fiat currencies. Users now have the option to deposit up to USD 1,000,000 per day through bank transfer, avoiding currency exchange and credit card fees on their crypto purchase. List of supported currencies: AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, NOK, NZD, PLN, RON, SEK, SGD, USD, ZAR. Crypto.com will not charge any fees, but correspondent banks may charge network fees.

To conclude, this company shows a great result. In our point, Crypto.com continually published its updates and is keen on its roadmap. Furthermore, as we can see, the team aims at customer engagement and business development.

Development

Chain Dev Update #5

  • Early Alpha Public Testnet is Live!

In the spirit of transparent sharing and continuous improvement, Crypto.com has deployed the early alpha version of the Chain public testnet. The tech team welcomes public testing to help make the code more robust. To get started, you may follow the steps below:

  1. Find out what is included in this version of release in the changelog;
  2. Build and run one of wallet options and create a transfer address to receive testnet coins;
  3. Visit the testnet blockchain explorer on chain.crypto.com/explorer and request testnet coins in the faucet;
  4. Try running some of the sample published code (see details below);
  5. Follow the steps here to run a full node on your machine (note: only Linux is supported).
  • Sample GUI Wallet Code

As mentioned in dev update #3, the team developed a sample code of the graphical user interface (GUI). You can access this code here. Developers prepared a short documentation how to build and run the sample wallet.

Note that this sample wallet is for demonstration purposes only — do not transfer your ERC20 tokens to it. For safe, easy and direct access to your coins, Crypto.com has something else in the pipeline that you will hear about soon.

1 Million App Downloads

The Crypto.com wallet app has reached over 1 million downloads from the App Store and Google Play Store since its worldwide launch in May 2018, a key milestone for Crypto.com’s mission to help accelerate the world’s adoption of cryptocurrency into all aspects of daily life.

Social encounters

Recap of Live AMA with Crypto.com’s CEO Kris Marszalek

Full version is here. We highlighted the most interesting questions
  • EU Release Status

Again we have made solid progress and we will have an official announcement on this in the next few weeks.

  • Revenue Source: How can you afford to pay the rates you are paying? These rates are not just higher than any in the traditional finance industry, they are higher than anything in crypto.

Actually this is a very good question and people tend to focus on the highest rates that we offer. We look at it differently, we look at our average cost of capital. And the average cost of capital that we are getting across the whole portfolio is in fact lower than most of the public listed companies get when they issue bonds to finance their lending business. So this is actually a very healthy interest rates that we are paying. But obviously we structured it in a way that make sense both on the Earn side and also on the Credit side. So we can earn very healthy margin on this business, and we will continue to scale both sides of the equation. And in my view, outside of trading, the lending is going to be one of the most powerful revenue drivers for the company next year.

  • When will Crypto credit go live in the US?

I didn’t answer that directly but we will roll out additional states first and then we will enable Credit in some states. We’ve done the majority of the compliance work and majority of the product work for this already.

Finance

Source: EtherScan
Source: CoinMarketCap

MCO, ETH and XRP to Crypto Credit as Collateral

Crypto.com announces the addition of Crypto.com’s MCO, XRP and Ethereum (ETH) to instantly secure a loan in Crypto Credit with 30% LTV.

Loan-to-Value (LTV) Ratio: The LTV for MCO, XRP, and ETH is 30% (eg. If a user deposits 50 ETH as collateral and the market price of ETH is at $200 USD, then a user will get a loan amount of $3,000 USD worth of TUSD/PAX).

MCO Token Utility: Users with MCO Tokens staked enjoy a lower interest rate:

Notes: Interest begins from the day of initiation of the load and will continue while the loan is in effect. The LTV Ratio may be adjusted by Crypto.com.

For more details on Crypto Credit click, here.

Global Top-up via Wire Transfer for 21 Major Currencies

Crypto.com announces a new method for users to deposit into Crypto.com fiat wallet, supporting 21 fiat currencies. Users now have the option to deposit up to $1,000,000 USD per day through bank transfer, avoiding currency exchange and credit card fees on their crypto purchase.

List of supported currencies:

AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, NOK, NZD, PLN, RON, SEK, SGD, USD, ZAR

Crypto.com will not charge any fees, but correspondent banks may charge network fees. Click here to learn more about the step-by-step set up and deposit flow.

*Please note that only users within permitted jurisdictions will see this top-up option.

New Listings:

  1. Aelf (ELF)
  2. Lisk (LSK)
  3. GAS

Partnerships and team members

Early-Access Validator Partners

Crypto.com announced today that it has welcomed 7 industry leaders as Early-Access Crypto.com Chain Validator Partners. Following the successful launch of Thaler, the Crypto.com Chain Public Testnet, these partners will host Council Nodes on the Chain Testnet, and later on the Chain Mainnet. Council Nodes perform critical validation and settlement functions on the Crypto.com Chain.

These partners are: Huobi Pool, OKEx Pool, Staked, Allnodes, StakeCube, Chainflow and MyCointainer.

Crypto.com Chain is a high-performing blockchain powering the QR Code payment solution Crypto.com Pay, which allows users to pay or get paid in crypto anywhere using their mobile phone, thus driving cryptocurrency adoption globally. Crypto.com Chain truly fulfills the vision of the blockchain technology by providing people with the ability to regain control of their money, data and identity.

About Huobi Pool

Huobi Pool is currently the largest staking pool globally, offering node services for over 18 quality projects, with more expected in the future. Huobi Pool has voiced their support in areas including community and ecosystem development, in order to promote the popularity of crypto assets worldwide.

About OKEx Pool

OKEx Pool is an innovative mining pool built upon the world’s leading digital asset exchange OKEx, offering a one-stop mining and trading experience for users. Currently, OKEx Pool supports the mining of a plethora of PoW, PoS, and PoS-variant assets.

About Staked

Staked is the leading provider of technical infrastructure for proof-of-stake networks. Staked helps secure 16 proof-of-stake networks on behalf of leading crypto investors, ensuring they securely and reliably earn their block rewards.

About Allnodes

Allnodes is a non-custodial Masternodes hosting service, which allows you to host your Masternode in a few clicks without providing any sensitive information. Just in 4 months after launch Allnodes has become a leading service on the market (based on open data sources) ranked #1 by a total value of hosted Masternodes, recently exceeded a $20M mark.

About StakeCube

StakeCube.net is a user-focused crypto ecosystem. Easily earn automated rewards on 40+ Cryptoassets including native coin (SCC) adding utility, plus incentives to platform members. Since launch in June 2018, StakeCube has grown beyond 27000 active users. The ecosystem combines a wide range of services, from shared pools & masternode hosting to integrated exchange, airdrops, lottery, game place, academy, and more. The StakeCube team actively develops new features in strong collaboration with their users and members.

About Chainflow

Chainflow operates highly available and secure validators to provide inclusive, fair and equitable staking services for everyone. Chainflow’s run an active Cosmos Validator since genesis and runs validators on other PoS networks like Livepeer.

About MyCointainer

MyCointainer’s aim is to provide extremely easy to use products that allow everyone to take advantage of rewards distributions in the decentralized economy.

Social media metrics

Social media activity:

Social media dynamics:

The graph above shows the dynamics of changes in the number of Crypto.com Reddit subscribers and Twitter followers. The information is taken from Coingecko.com.

This is not financial advice.

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