The founders of Crypto.com envision a future where cryptocurrency is a standard investment class rather than a curiosity. Whether you believe this will come to pass or not, Crypto.com can help you weave cryptocurrencies into your financial life. To that end, beyond the standard buying and selling of crypto, the platform offers the following useful features:
Cashback Visa Card
Crypto.com offers a prepaid Visa card that functions like a rewards debit card and can more easily allow you to spend your crypto holdings. Though it’s available to everyone, those who purchase and hold onto the platform’s native cryptocurrency, CRO, stand to earn the most.
The Crypto.com Visa Card* is available with five reward tiers based on how much CRO you hold. Each generally provides rebates for certain types of services, like Spotify, Netflix or even Airbnb; some amount of free ATM withdrawals; and anywhere from 1% to 8% “cash back.” While that last percentage is no doubt appealing, it’s truly only attainable for the diehard crypto enthusiast, requiring you to lock up $400,000 in the CRO token.
Note that “cash back” in this case means CRO, which could be inconvenient if you’re using the card solely for rewards. You’ll likely need to convert CRO into fiat currency to access your cash back. It also means the value of your rewards may change unexpectedly as CRO can experience somewhat volatile price swings.
High Interest Rates
Like other major crypto exchanges, you can earn interest by choosing to loan your cryptocurrency to others. Borrowers may then use these loans to verify transactions for proof-of-stake currencies or for other purposes.
Through Crypto.com’s Earn program, you can receive up to 14% per year on your deposits of more than 30 cryptocurrencies, depending on the cryptocurrency you select to loan out and the amount of CRO you hold in your account.
Rates may change, but you do have the option of locking in your rate (and therefore your crypto as well) for either a one-month or three-month term. You can also opt not to commit to a term and withdraw your crypto at any time.
Keep in mind that while these interest rates do trump all high-yield savings account rates out there, they’re riskier as they aren’t insured by the Federal Deposit Insurance Corporation (FDIC). Also, you receive simple interest, meaning your earnings won’t compound over time.