I wrote about this in a previous post on my own blog, but since I am new to this platform and I get views from people who aren't following my official blog site, it might be helpful to post this here too.
This November is the token swap of MCO for CRO - what does that mean?
If you remember, MCO was the original token of Crypto.com back when the company was still known as Monaco Card.
They rebranded in 2018 and in 2019 they launched the CRO token for their new venture – the CRYPTO.COM Exchange.
The new token appeared to be far more popular than their first token MCO, which users had to stake for a period of time in order to qualify for the debit card. Now that CRO has become their main priority, it’s become clear that MCO is no longer appealing, nor useful and it will be abandoned.
One of the reasons behind this token swap is that CRO will be moving to its own blockchain.
Currently, both MCO and CRO tokens are based on the Ethereum blockchain and later this year Crypto.com is launching their own blockchain, hence why this migration is needed.
In the official announcement, the team explains that:
There will be no change to this core functionality, but we are expanding MCO functionality and representing it in a new way. Specifically, the swap program will involve combining the current functionalities of MCO, with CRO’s utility and technology, in a “one stop shop” token to enable a streamlined Crypto.com ecosystem. The swap program will also serve to leverage the advanced capabilities of the Crypto.com Chain, in preparation of its upcoming Mainnet launch.
Once the swap process is complete:
- The Crypto.com ecosystem will use one streamlined token (CRO) with the combined functionality, rather than two separate tokens (CRO and MCO).
- All functions currently attributed to MCO will still exist and will be preserved, but will be enhanced and represented by CRO.
- MCO that is not swapped will still exist and circulate on the Ethereum blockchain as ERC-20 tokens, but Crypto.com will no longer support these tokens and no Crypto.com service or product will require or permit usage of these tokens.
In other words: if you bought MCO at an exchange, you better move them into your crypto.com app (iphone and android alike). Once in the app, you will see the button for the token swap and the rest will be simple. Even if your MCO is sitting in your balance at the Crypto.com Exchange, you will have to send it to the App first, then initiate the token swap from there.
Alternatively, you may want to just sell the MCO tokens on the exchange and not bother with the swap.
CRO had a great performance so far, so I am a hodler of it (for now). A few months ago I staked 10 000 CRO in the crypto.com Exchange which helped me get my hands on quite a few tokens at half price. The exchange is known to have these offers every-so-often, when they add a new listing to the exchange. Some of these include MKR, DAI, NEO, ALGO and ENJ as well as their exclusive half-price Bitcoin offer a few weeks ago.
You have about a couple of months before the end date for this token swap, but don’t sleep on it. MCO initially pumped upon the news but it corrected since then. I got rid of my MCO via the mobile app - I just had to send MCO from the exchange to the app and there was a button that makes to conversion from MCO to CRO automatically. It was very straightforward and easy.
Please note: the cut-off date is November 2nd, as the announcement states:
Action is required before 2 Nov 2020 at 23:59 UTC, or you will lose the functionality currently associated with your MCO. We will not perform the MCO swap on your behalf and the swap will not happen automatically.
Good luck with this swap and click "follow" for more great crypto content from me.
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