What was the MCO swap program?
The MCO Swap program allowed eligible MCO token-holders to swap their MCO tokens to CRO tokens at a fixed rate determined by a swap formula.
The swap program involved combining MCO’s functionalities with CRO’s utility and technology, enabling a streamlined Crypto.com ecosystem that’s powered by a single “one-stop shop” token. It also served to prepare for the upcoming main-net launch of Crypto.com Chain.
Upon completion of the swap process:
- The Crypto.com ecosystem will use one streamlined token (CRO) with the combined functionalities, rather than two separate tokens (CRO and MCO).
- All functions currently attributed to MCO will still exist, but be enhanced and represented by CRO.
- MCO tokens that were not swapped will still exist and circulate on the Ethereum blockchain as ERC-20 tokens, but Crypto.com no longer supports these tokens and no Crypto.com service or product requires or permits usage of these tokens.
When and where can I perform the MCO swap?
Between 3 Aug 2020 at 06:00 UTC and 2 Nov 2020 at 23:59 UTC, MCO holders were allowed to swap MCO to CRO through the Crypto.com App.
The MCO Swap program is only available in the Crypto.com App.
What is the swap formula?
Crypto.com used the following formula based on the volume weighted average price as expressed in United States dollars (“VWAP”) to determine your CRO allocation based on the swapped MCO:
1 MCO = (30-day VWAP of MCO / 30-day VWAP of CRO) x 1 CRO
(30 days between 4 Jul 2020 to 2 Aug 2020, both dates inclusive)
Based on the above swap formula,the MCO to CRO Swap Rate was fixed for 90 days at:
1 MCO = 27.6439 CRO
Which MCO balances on the Crypto.com App could be swapped?
The MCO Swap program covered eligible MCO held in any of the following products:
- MCO Wallet balance
- MCO Stake
- Crypto Earn: MCO flexible, 1-month fixed term and 3-month fixed terms
- Crypto Credit: Any MCO collateral deposited for loans. For more details on how loans with MCO as collateral were handled, please see below.
How will MCO be supported after the MCO Swap program has ended?
As the MCO Program has ended, all staking benefits associated with staking MCO are no longer supported. Support for MCO withdrawals will continue until further notice.
Was the MCO Swap program available on the Crypto.com Exchange?
No, the MCO Swap program was not available on the Exchange.
If I swapped my MCO stake, will the remaining days on my stake be reset?
No. Following the swap, the number of days that were remaining on your MCO stake will be retained with your new CRO stake.
If I have an existing MCO stake, do I need to stake more CRO to maintain my staking benefits?
No, your MCO stake will be converted at the MCO Swap Rate.
Will I continue to enjoy Crypto.com staking benefits if I do not perform the MCO Swap?
Following 2 November 2020 at 23:59 UTC, if you did not swap your MCO stake, it would have been automatically unstaked and you will no longer enjoy any staking benefits on the Crypto.com App.
How will Crypto.com Visa Card cashback be paid?
After 3 Aug 2020 at 06:00 UTC, all cashback rewards (including Spotify, Netflix, Airbnb, Expedia and reimbursements) will be paid in CRO and will be immediately available in your CRO wallet.
I have a loan on Crypto Credit that uses MCO as collateral. How will this be handled?
If you have a Crypto Credit loan that uses MCO as collateral, you will be able to swap the MCO collateral to CRO between 3 Aug 2020 at 06:00 UTC and 2 November 2020 at 23:59 UTC. All other aspects of your loan will remain unchanged, namely:
- The total amount of stablecoin owed (loan principal plus interest)
- The remaining days before full loan repayment is due
After 3 Aug 2020 at 06:00 UTC, new loans on Crypto Credit using MCO as collateral can no longer be created.
To protect our users against prevailing market conditions, Crypto.com did not issue margin calls or liquidations between 3 Aug 2020 at 06:00AM UTC and 2 November 2020 at 23:59 UTC, for the following:
- loans with MCO as collateral issued before 3 Aug 2020 06:00AM UTC
- loans with MCO as collateral issued before 3 Aug 2020, that were converted to CRO collateral via the MCO Swap program
Will Crypto.com continue to support MCO withdrawals and deposits?
Yes, Crypto.com will continue to support MCO withdrawals and deposits. Should this change, we will notify you via our usual communication channels.
What will Crypto.com do with any MCO that it holds once the MCO Swap program ends?
Once the MCO Swap program ends, 15,793,852.04 MCO that is held by MCO Technology GmbH will be burned by sending to the following burn address: