The Crypto.com project unveiled its “swap” program today, August 3, to allow existing MCO holders to convert their coins into the new CRO, with an update in technical protocols and make them work within a unified system of the mainnet.

Crypto.com said in a post that the swap is only available on the Crypto.com app, with a 20% bonus for swaps completed before September 2, 2020.

As for the value of the exchange, it was set at 1 MCO, equal to 33.1726 CRO, with the addition of the gift reward.

The swap and swap program will run until November 2, 2020.

Crypto.com will not support MCO functionality in its app after the exchange process is completed, but the cryptocurrency by itself will remain enabled on the Ethereum blockchain.

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Announcing the MCO swap program:

– The MCO & CRO utility was integrated before the launch of Mainnet
Swap is only available in a file Application
– 20% bonus on swaps expired by September 2, 2020
– Swap rate: 1 MCO = 33.1726 CRO (including 20% ​​bonus)

details – pic.twitter.com/i29FiU1XKx

– Crypto.com (cryptocom) August 3, 2020

Crypto.com System Flow:

There will be no change in the basic functions of the Crypto.com app, more specifically, the swap program will include combining the existing functions of the MCO, with the technical update of the CRO coin, which means the two currencies converge in a “single stop” to make the system more streamlined.

According to the Crypto.com blog which outlined three important points to consider once the exchange process is complete are as follows:

• The Crypto.com ecosystem will use a single simplified CRO digital currency with bundled functionality, rather than two separate currencies (CRO and MCO).
• All jobs currently attributable to the MCO will still exist and will be retained, but will be strengthened and represented by the CRO.
• The MCO that will not be redeemed will still exist and trade on the Ethereum blockchain as ERC-20 tokens, but Crypto.com will no longer support these tokens and the Crypto.com service or product will not require or allow these tokens to be used.

For the swap, Crypto.com will use the Volume Weighted Average Rate (VWAP) as shown in determining the number of CROs assigned to that which reflects each MCO redeemed, as in the screenshot:

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Using the above formula, each MCO can be exchanged for 27.6439 CRO, the latter can be increased to over 33 CRO upon eligibility for the 20% swap bonus.

Quota Benefits:

According to a Crypto.com post, swap software and MCO swaps are not available on the trading platforms.

Therefore, all users must exchange their MCO balance via a dedicated Swap application, and transfer their MCO balance to this application.

All MCOs locked in the “Allotment” wallets will be transferred at the MCO rate set for the swap.

By clarification, the blog added, the benefits of the current quota prior to the swap will remain unchanged.

The blog explained:

If you allocate 500 MCO before executing swap and swap, your 500 MCO lot will be converted to 13820 CRO.

You will continue to enjoy the same benefits, for example, 3% cashback, Spotify and Netflix discounts, etc…

If the user decides to cancel their CRO, 13,820 CRO will be returned to their wallet

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Crypto.com prides itself on being one of the highest paying projects among other projects in the crypto space.

Those who stake more than 50,000 CRO on the Crypto.com app will receive annual profits, at a rate of 16% per annum.

MCO Coin Price Rise:

The price of MCO coin, which ranks 88th in terms of total market capitalization, has increased by 36% in the past 24 hours, bringing the coin’s total market capitalization up by more than $31.5 million.

The CRO coin, which will become the main currency of the Crypto.com project, rose by 2% in the last 24 hours.

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