Crypto.com was created as a place to buy, sell and trade cryptocurrency, and is a decentralised exchange where users can exchange fiat or cryptocurrency for more than 100 of the most popular altcoins.
Crypto.com has more than 10 million users and provides services in 90+ countries globally. For security, 100% of user crypto is kept in cold storage, while the hot wallets that are used to ensure fast transaction speeds contain corporate funds.
All fiat currency is held in regulated custodian bank accounts, and there are strict security protocols around access to wallets based on the principle of least privilege.
You can deposit 20+ fiat currencies using a credit or debit card, as well as through bank transfer, and through the app you can buy cryptocurrency at the true cost (with a commission).
The Crypto.com offering includes a VISA card with the potential to earn up to 8% in CRO (The Crypto.com currency), a Pay application that lets you use your cryptocurrency balance to make payments online where accepted, an instant loan based on your cryptocurrency balance with no late fees and instant sending of crypto to other app users with no fees.
With the Crypto.com app, you can earn up to 8.5 % pa for staking crypto, and up to 14% if you stake stablecoins (which are designed to offer price stability because they are aligned with an asset).
The Crypto.com wallet that is available through the app can store up to 100 cryptocurrencies and is completely user-managed, so each app user has complete control of all keys.
This is what is known as a DeFi wallet, and this offers a full suite of DeFi services. You can import an existing wallet into the Crypto.com DeFi wallet and create a 12/18/24 word recovery phrase for extra security and peace of mind (in case you lose your key).
When you send crypto from the DeFi wallet, you can decide the speed you want it to be sent, and the relevant network charge for use. You can earn up to 5% in CRO rewards for holding a CRO balance in your wallet.
Adding the DeFi wallet to the app then gives the user access to a diverse range of financial services, including crypto purchases and DeFi token exchanges.