Posted 9 months ago | by Ben Armstrong
Crypto.com Launches MCO Swap Program
The Hong Kong-based platform is constantly launching new features and tools based on its customers’ needs and the latest trends, making it a great option to take your trade to a whole new level. Make sure to click here to see everything crypto.com has to offer as well as getting $50 for free by signing up for the MCO card.
What Is the MCO Swap Program?
The MCO Swap program aims to take advantage of the increasing use of blockchain to provide more benefits to its users, streamline the platform’s operations, and leverage the advanced capabilities of the Crypto.com Chain.
MCO is a transferable representation of attributed functions of the Smart Contract System based on blockchain technology, with crypto.com’s latest addition aiming to expand MCO’s functionality as well as representing it in a new way.
The swap program will involve the combination of MCO’s current functionalities with CRO’s utility and technology, resulting in a streamlined Crypto.com that leverages the advanced capabilities of its Chain before the upcoming Mainnet launch.
The MCO Swapping Process
Users will be able to take advantage of the program starting on August 3 of 2020 at 06:00 UTC until November 2 of 2020 at 23:59 UTC via the Crypto.com App.
Action is required before the end of the program or users will lose the functionality currently associated with their MCO as Crypto.com will not perform the MCO swap on users’ behalf and the swap will not happen automatically.
The Swap process is only available on the Crypto.com App and consists of a straight forward process you will be able to start by logging into the app and following the instructions.
There is an Early Swap Bonus up to 20% in CRO for the MCO swap is performed before September 2 of 2020 at 23:59 UTC.
Please visit the Crypto.com website for more information on this new program.
Important Things to Keep in Mind
The following formula based on the volume-weighted average price as expressed in United States dollars will be used to determine the number of CRO allocated to users that reflects each swapped MCO for 30 days between 4 Jul 2020 to 2 Aug 2020, both dates inclusive:
- 1 MCO = (30-day VWAP of MCO / 30-day VWAP of CRO) x 1 CRO.
- The MCO to CRO Swap Rate has been fixed at 1 MCO = 27.6439 CRO.
Influencer Payments for July will be settled in CRO and MCO, while from August onwards the service fee will be payable in CRO tokens.
The MCO staking for the MCO Visa Card will be replaced by CRO. Please refer to more information on the Crypto.com website for the latest staking requirements.
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