Skip to main content




Crypto.com Staking Explained for New Users

Founded in 2016, Crypto.com have come a long way from their MCO days; they offer one of the best crypto debit card there is, and their cryptocurrency, the CRO, is doing exceptionally well.

With 5 tiers of cards, including an absolutely free one, let’s take a look at what each of them offer and what ‘staking vs non-staking’ benefits actually mean, and how the CRO coin ties in with the cards.

Tiers of cards

The 5 tiers of cards are as follows:

• Midnight Blue – The no-strings-attached free one

• Ruby Steel

• Jade Green / Indigo (both colours are the exact same tier)

• Icy White / Rose Gold (both colours are the exact same tier)

• Obsidian

The first card mentioned above, Midnight Blue, is free for anyone with a crypto.com account. To get one, you need to sign up through their crypto.com app (not crypto.com exchange or crypto.com defi wallet, which are different products).

On this free tier you get a 1% cashback in CRO on almost all purchases. For example, let’s say you spend $100. The cashback amount would be 1% of $100 which is $1, and you are credited $1 worth of the CRO at the current market exchange rate to your CRO wallet. This is usually available immediately. You can sell this CRO to the open market and buy back your local real-life/fiat currency if you wish to do so.

There are, however, some transactions for which you will not receive the cashback benefit for things such as paying your electricity bill, water bill, rent, withdrawing cash from your ATM, etc. An extensive list can be found on crypto.com’s website.

The higher tiers

To get the higher tiers of cards (i.e. all of them excluding Midnight Blue), crypto.com will ask you to stake a certain amount of CRO for 180 days.

As an example, let’s say you’re in the United States and you want a Jade Green or an Indigo card. You will need to stake, at the time of writing this article, $4000 US dollars in CRO. In other words, you need to stake the amount of CRO which has a live market value of $4000. Let’s say 1 CRO = $0.80. In this instance, you would need to put up 5000 CRO to stake. The stake is locked in for 180 days; you cannot sell the CRO or withdraw it to an external wallet.

The amount you must stake will vary depending on your country and you buy the CRO in your local currency if they offer it. In countries where they don’t, you will likely have to buy CRO in Singaporean Dollars (as crypto.com is based in Singapore). In my case, I had to stake $5000 Australian Dollars for Jade Green.

Here’s a table outlining the staking costs and cashback benefits for different regions:

Card Tier

USD

EUR

GBP

SGD

CAD

AUD

BRL

Cashback

Midnight Blue

$0

€0

£0

$0

$0

0

R$0

1%

Ruby Steel

$400

€350

£300

$500

$500

$500

R$2500

2%

Jade / Indigo

$4000

€3500

£3000

$5000

$5000

$5000

R$25,000

3%

Icy / Rose Gold

$40,000

€35,000

£30,000

$50,000

$50,000

$50,000

R$250,000

5%

Obsidian

 

$400,000

€350,000

£300,000

$500,000

$500,000

$500,000

R$2,500,000

8%

 

Interest on staked CRO

Starting from Jade / Indigo, you also receive a 10% p.a. paid weekly on your staked CRO balance. Using the example from earlier, let’s say your stake was 5000 CRO. Over the course of a year, you would receive 500 CRO total which works out to be 9.61 CRO paid per week.

Loungekey Membership

Jade/Indigo gives the card holder an unlimited-visits Loungekey membership. Icy White / Rose Gold and Obsidian is the same, but the card holder is allowed to bring a plus one.

Free Netflix, Spotify, Amazon, and other benefits

On all tiers except Midnight Blue, you get 100% CRO cashback when you pay for Spotify using the VISA card. Same thing applies for Netflix but for Jade / Indigo and above. For Icy White / Rose Gold and Obsidian users, you also get free Amazon Prime in the same fashion.

There are other benefits to Icy White / Rose Gold and Obsidian, you can view them on the crypto.com website.

What happens after the 180 days stake?

After 180 days, you are free unstake your staked CRO, and it will be added back to your standard CRO balance. You can sell this CRO or withdraw it to an external wallet if you wish.

Do note that while you do get to keep your VISA card at your current tier, free of charge, you lose most of the benefits, including the staking benefits for Jade tier and above. The cashback percentage decreases, and (for Jade / Indigo and above) the only benefit you keep is Loungekey access.

On the crypto.com website, this is what’s meant by the “Staking vs Non-Staking Benefits” toggle.

How exactly does it work? Is it a credit or a debit card?

The Crypto.com VISA card is a prepaid debit card. You load in whatever amount you wish using your local fiat currency, or directly using cryptos if you wish (at the live market rate).

Should I bother getting it?

In a word: Absolutely!

In the recent days and weeks (as of writing this article) the CRO token has skyrocketed, and many early investors have made a small (or large!) fortune off it. As a top 13 coin (again, as of writing this article), it is a relatively safe bet for those looking to invest. Crypto.com has done a phenomenal job in terms of marketing, with the most recent event being the STAPLES Centre arena being rebranded as Crypto.com Arena for the next 20 years as part of a deal. This deal is north of $700M which is a good indication that crypto.com and CRO is a good long-term investment.

If, however, you are not a believer of CRO, that’s okay! We all have our cryptos that we believe in, and as one Reddit user said quoting Johan Cruyff, "It's better to fail with your own vision, rather than following another man's vision". In this case, you can simply opt for the Midnight Blue card which is free. In this case, you still get the 1% cashback. One percent is one percent, can’t complain for the price of free!


Comments







Popular posts from this blog

Bitcoin prices surge as hopes of 100K BTC by the end of 2021 soars

Loopring recently received its post-mortem announcement from Gamestop about their NFT marketplace, bringing the dead currency from 6 feet under to 60% above. Following this rather unexpected announcement, now Bitcoin seems to be wanting a piece of the pie as well. It has surged more than 25% since late last month; giving hope to many small-time cryptocurrency owners that there still may be a chance that it reaches 100K by the end of 2021. Many investors have taken to the r/cryptocurrency community of Reddit , the social media platform, to express their feelings: “Finally, 100K bitcoin  🥲 ” “EOY 2021 100K bitcoin back on the table?” “The suicide hotline operators can finally go on a break” It was clear that emotions were running high, and there were many tears of happiness But many users warned that the advice given on the close-knit community were not ones to follow. “Do not follow this subreddit. The market does the exact opposite that of the current sentiments of this

Ledger Live Collects Your IP Address – And They Lied That They Don’t

Ledger devices have been used for a better part of a decade; and they are indeed excellent hardware wallets. They are supported by numerous third-party crypto wallets, and arguably provide the best consumer-end cryptocurrency security out there. But the problem lies within the company’s first-party application – Ledger Live. Ledger Live - What is it? Ledger Live is the main application used to interact with your Ledger hardware wallet. It can install various apps that are required for interacting with specific blockchains, update your Ledger device firmware and keep track of a list of crypto assets. In other words, for the average user, the application is necessary to actually use the ledger device, even if the user only intends to use it with third party applications. Ledger Live’s Data Collection Policy Here’s what Ledger’s Chairman and Co-Founder says, replying to a post on Reddit: [Source: https://www.reddit.com/r/ledgerwallet/comments/8xdgfi/comment/e22jqdi/?utm_

Monero investor barely escapes with his life after boating accident

  What Happened? In the wee hours of 15 th April 2022, a Florida cryptocurrency investor was out boating, enjoying the solitude. “It was perfect. The birds were singing their morning songs, the light from the break of dawn was dancing on the tiny waves. I was so happy.” But then, his worst fears came true. A piranha attacked his boat. The Accident “It came from nowhere! Not a single sound, no warning, then just bam!” He then described how the piranha systematically pinched a hole in his boat – and his dignity. The notoriously ferocious fish ate away at the bottom of the hull, where small boats are the weakest. Then it swam up and used its sharp teeth to strike a hole where the boat structure is the thinnest. “I was in shock. I had no clue what I was gonna do. Am I gonna die?” The investor then described how the water started to flow in. The boat was slowly sinking. He tried bucketing away the water, but it was of little avail. With no other choice, the poor man had