Readers of my site will know that I am a ruby MCO VISA card holder. This card is from crypto.com, a company focused on making the onramp to crypto easy and intuitive. They have been working on a 2 token system, MCO and CRO, which can create some confusion, especially since they are both issued by the same company. From my understanding of the ecosystem, MCO was to be a front-facing currency used for staking, and rewards are also issued in MCO, while CRO is more of a backend utility used for powering transactions on chain.
In the latest app update however, they have decided to merge the 2 tokens, and we’re to swap our existing MCOs for CROs, and when the swapping period is over in November, CRO will be effectively the only token, used throughout the crypto.com ecosystem with merged functionalities.
I think this makes a lot of sense, especially through the lens of simplifying an already complicated concept and in introducing the masses to cryptocurrencies and encouraging utilisation.
MCO – CRO token swap details
With the swap, every MCO that you hold will be converted to 27.6439 CRO. This swap can be done very easily on the crypto.com app. I myself performed this swap yesterday with ease.
However, if you make the swap early (between now and 2 Sep, 2359 UTC), you will be eligible for an additional 20% more CRO, to be credited into your exchange account to be staked for 6 months.
CRO staking for VISA Card
With the token swap, staking for the crypto VISA cards and rewards will now be using CRO instead of MCO. Initially, the Ruby Steel card that you would be entitled to, by staking 50MCO, changed to 10,000CRO. At the time of writing, this was about SGD$2,200!
After some initial rage and feedback, they quickly updated and reduced the staking requirements by a factor of 10, to a much more palatable SGD$220 for the Ruby Steel, which gives you free Spotify. On top of that, you get 2% cashback on all spends with your VISA card.
At current CRO prices, staking for a Royal Indigo to get both free Netflix and Spotify, as well as 3% cashback in the form of CRO, will set you back about SGD$2,200 (~$USD1,600).
Note that the staking period is for 6 months, after which you are free to use your tokens, and still keep your Netflix and Spotify rebates. I’m actually thinking of upgrading my Ruby to an Indigo.
What about you? If you’re keen to get your crypto card, click on the button below.