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This Altcoin Rises 36 Percent After Crypto.com Announcement!

Crypto.com announced the MCO swap (swap) program on August 3.

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This Altcoin Rises 36 Percent After Crypto.com Announcement!

The announcement stated that they switched to a unified, single token system for their home network, and that existing MCO holders were allowed to convert their tokens to CRO.

This transition will only be valid on the Crypto.com app, with a 20% bonus opportunity for exchanges to be completed by September 2, 2020. Each 1 MCO will correspond to 33,172 CRO.

The program will be active until November 2, 2020. Crypto.com will not support non-traded MCO tokens, but tokens will function on their Ethereum blockchain on their own .

A “streamlined” Crypto.com ecosystem

There will be no changes in the basic functions of Crypto.com application. According to the platform’s blog post, the swap program will combine MCO’s existing functions and CRO’s technology to enable “one-stop shopping”. Thus, it will develop the Crypto.com ecosystem.According to the blog post, after the settlement process is completed, the owners should pay attention to the following three points:

  • The Crypto.com ecosystem will use a modernized token (CRO) with unified functionality instead of two separate tokens (CRO and MRO).
  • All transactions currently attributed to MCO are still in progress and will be maintained, but will be developed and represented by the CRO.
  • Unchanged from CRO, MCO will still exist and remain the ERC-20 token in the Ethereum blockchain, but Crypto.com will no longer support these tokens.

For change, Crypto.com will calculate the number of CROs to be given with a volume-weighted average (VMAP) price for each MCO to be replaced:

Using the formula above, it can be seen that 27.6439 CRO will be awarded for each MCO. This amount can be increased up to 33 CRO with a 20% swap bonus.

Staking advantages

All MCOs locked in the “Staking” wallets will be changed according to the MCO Swap rate. However, all staking benefits obtained before the clearing will remain the same. The platform’s statement includes the following statements:

“IF YOU STAKE 500 MCO BEFORE TRADING, THIS VALUE WILL BE CONVERTED TO 13,820 CRO. YOU WILL CONTINUE TO ENJOY THE SAME BENEFITS (SUCH AS 3% CASH BACK, SPOTIFY AND NETFLIX DISCOUNTS). ”

However, if a user decides not to stake their CRO, 13,820 CRO will be returned to their wallet.

Crypto.com is one of the platforms with the highest interest rates in the crypto space. More than 50,000 CRO stakeholders earn 16% weekly earnings on the Crypto.com app.

MCO is on the rise

Meanwhile, traders rushed to MCO and CRO after the announcement. MCO rose 20% in minutes, suggesting that someone’s bonus payments created an “arbitrage” opportunity.

The minimum requirements for Crypto.com cards have also increased, which is another factor in users’ token purchase:

Ranked 88th at Coinmarketcap, the MCO is trading at $ 5.48 with an increase of 36.05% at the time of writing.

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