What is the MCO swap program?
The MCO Swap program allows MCO token-holders to swap their MCO tokens to CRO Tokens at a fixed rate determined by a swap formula.
There will be no change to the core functionality of the Crypto.com App. 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 also serves to prepare for the upcoming main-net launch of Crypto.com Chain.
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.
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 can swap MCO to CRO through the Crypto.com App.
The MCO Swap program is only available on the Crypto.com App.
You must complete this process by 2 Nov 2020 at 23:59 UTC. Please plan ahead and ensure you leave enough time in case of any internet or system issues.
What is the swap formula?
Crypto.com will use the following formula based on the volume weighted average price as expressed in United States dollars (“VWAP”) to determine the number of CRO allocated to you that reflects each 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 has been fixed for 90 days at:
1 MCO = 27.6439 CRO
What bonuses do I get?
If you perform the MCO Swap before 2 Sep 2020 23:59 UTC, you will receive an Early Swap Bonus in CRO for every MCO Swap performed.
The Early Swap Bonus is equivalent to 20% of the amount swapped at the MCO to CRO Swap rate.
The Early Swap Bonus will be distributed on the Crypto.com Exchange and Staked for 180 days. It is important to note that, if you have an existing Exchange CRO Stake, receiving the Early Swap Bonus will reset the remaining time on your staking period to 180 days.
If you want to avoid this, please wait until after 2 Sep 2020 at 23:59 UTC to perform the MCO Swap.
What if I don’t have an Exchange Account to receive the Early Swap Bonus?
If the participant has not yet registered for a Crypto.com Exchange account, the Early Swap Bonus will be held on the participant’s behalf and will be credited upon successful registration.
If the Exchange is not available in the participant’s jurisdiction, the Early Swap Bonus will be put on a 3 month Crypto Earn deposit in the Crypto.com App.
Which MCO balances on the Crypto.com App can I swap?
The MCO Swap program covers 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 will be handled, please see below.
How will MCO be supported on the Crypto.com App during and after the MCO Swap program ends?
While the MCO Swap program is ongoing (from 3 Aug 2020 at 6:00 UTC to 2 Nov 2020 at 23:59 UTC), MCO utility and functionality will be as follows:
- If you have an MCO stake, you will continue to enjoy all existing benefits even if you do not swap your MCO stake to CRO
- Sending to other Crypto.com App users will continue to be supported
- Withdrawal and deposits to/from the Crypto.com Exchange will be supported
- Withdrawals and deposits to/from external addresses will continue to be supported
- If you do not swap your MCO stake to CRO, MCO stake rewards will continue to be paid in MCO
- Crypto.com App sign-up bonuses will no longer be paid in MCO and will all be paid in CRO, regardless of the user’s registration date or date of entry of the respective referral code on the Crypto.com App.
After the MCO Swap program ends, all staking benefits associated with staking MCO will no longer be supported. Support for MCO withdrawals and deposits will continue until further notice.
What do I need to do to swap my MCO tokens to CRO?
The Crypto.com App will handle all steps of the MCO swap program automatically.
To complete the swap process:
1. Log in to the Crypto.com App.
2. Tap on the banner on the Home, Accounts or the MCO Wallet screens.
3. Read the instructions on the MCO swap flow carefully and then tap on the ‘View MCO/CRO Swap’ button
4. Select the MCO balances across each of your Crypto.com App products that you would like to swap to CRO. To select all of the MCO balances at once, tap on the “Select all” radio button. Once you have selected all the balances that you wish to swap, tap “Review Details”
5. After you have completed the MCO Swap flow, your swapped CRO will be available in your Crypto.com App CRO Wallet. If the MCO Swap that you have just performed is eligible for an Early Swap Bonus, the bonus will appear in your Crypto.com Exchange account’s CRO Staking or Crypto Earn as a 3 month fixed CRO deposit (whichever is applicable).
Is the MCO Swap program available on the Crypto.com Exchange?
No, the MCO Swap program is not available on the Exchange. To swap your Exchange MCO balance via the Swap program, please transfer your MCO balance to the App. If you have not yet registered a Crypto.com App account, you will first have to register and complete all Identification Verification or KYC (Know Your Customer) and onboarding requirements.
Will my MCO stake also be swapped under the MCO Swap program? What happens to my MCO staking benefits?
Yes, your MCO stake will be converted at the MCO Swap Rate. However, the existing staking benefits that you enjoyed before performing the swap will remain unchanged.
To illustrate, if you have staked 500 MCO before performing the swap, your 500 MCO stake will be converted into a 13,820 CRO stake. You will continue to enjoy the same benefits (e.g. 3% cashback, Spotify and Netflix rebates, among others). If you decide to un-stake your CRO, 13,820 CRO will be returned to your CRO Wallet.
If I swap 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?
You will continue to enjoy staking benefits, even if you do not swap your MCO stake to a CRO stake, before 2 November 2020 at 23:59 UTC.
Following 2 November 2020 at 23:59 UTC, your MCO stake will be automatically unstaked and you will no longer enjoy any staking benefits on the Crypto.com App. To continue uninterrupted access to staking benefits, please swap your MCO to CRO via the MCO Swap program.
Will I receive rewards for staking CRO on the Crypto.com App?
In addition to all the benefits you will get across a variety of products on the Crypto.com App, users that have staked at least 10,000 CRO on the Crypto.com App will receive earnings weekly, at an earnings rate of 6% p.a.
What will be the new MCO Visa Card staking tiers?
If you do not have an MCO stake before the MCO Swap, to enjoy the staking benefits on the Crypto.com App, the MCO Visa Card staking tiers will be changed according to the following staking tiers:
How will MCO Visa Card cashback be paid?
Following 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.
What happens to my MCO deposits on Crypto Earn after I swap them to CRO?
Both flexible and fixed term MCO deposits on Crypto Earn will be handled under the MCO Swap program, as follows:
- Accumulated MCO interest that has not yet been paid to you will first be paid to you in CRO to your CRO Wallet, by applying the fixed MCO/CRO swap rate
- Your MCO Earn deposit(s) will be terminated
- New CRO Earn deposit(s) will be created automatically on your behalf. However, note that the remaining days on your fixed MCO deposits will be preserved and unchanged on the new CRO Earn deposits.
Following 3 Aug 2020 at 06:00 UTC, no one will be able to create new MCO Earn flexible or fixed (1-month or 3-month) deposits.
I have a loan on Crypto Credit that uses MCO as collateral. How will this be handled?
Between 3 Aug 2020 at 06:00 UTC and 2 November 2020 at 23:59 UTC, if you have a Crypto Credit loan that uses MCO as collateral, you will be able to swap the MCO collateral to CRO while all other aspects of your loan will remain unchanged:
- the total amount of stablecoin owed (loan principal plus interest) will remain unchanged
- the remaining days before full loan repayment is due
Following 3 Aug 2020 at 06:00 UTC, no one will be able to create new loans on Crypto Credit using MCO as collateral.
To protect our users against prevailing market conditions, Crypto.com will not be issuing 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
How many times can I perform the MCO Swap?
There is no restriction on the number of times you can perform a MCO Swap, between 3 Aug 2020 at 06:00 UTC and 2 Nov 2020 23:59 UTC.
Following 2 Nov 2020 23:59 UTC, the MCO Swap program will no longer be available.
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 be sure to notify you via our usual communication channels.
What if my MCO is held on an exchange or external wallet?
If your MCO is held outside of the Crypto.com App, including on the Crypto.com Exchange, you must transfer it into the Crypto.com App in order to complete the MCO swap process.
For details of transfers, please refer to the Crypto.com App User Guide.
What if I don’t have a Crypto.com account?
Compliance is very important to us. Accordingly, you must register for a Crypto.com account and complete your Identification Verification or KYC (Know Your Customer) in order to participate in the swap process.
What happens after the deadline?
If you have completed the swap, then you will receive CRO that represents all of the pre-swap MCO functionality (and much more).
The swap program will finish on 2 Nov 2020 at 23:59 UTC. If you have not completed the swap process by then:
- you will no longer be able to buy or sell MCO through the Crypto.com App and you will not be able to enjoy the MCO utility within the Crypto.com App as its utility will have been migrated to CRO
- you will only be able to withdraw any MCO you hold in the Crypto.com App will to an external address on the Ethereum network. No other functionality will be available from Crypto.com;
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: