I have been using Crypto.com for somewhere between 6-9 months now.
Here is a run-down.
They had two coins: MCO and CRO. Both were top 100 coins, but in around July they merged MCO into CRO and gave a 20% bonus to migrate. Since then CRO powered into roughly the top 10 coins with a cap in the region of $3 billion.
Part of the reason for this is they offered very good perks and the coins were used in various staking schemes that provided perks. Many of these schemes were locked for up to six months. People piled in. It looked like Crypto.com would be the PayPal of Crypto.com. However in the last month they drastically reduced the perks. I was using their app to loan out CRO on a flexible term for 14% PA. That was pretty nice. Especially since I bought at $0.06 and it went up to $0.18. But they revised that down to 2% and made lots of changes. Anyone who was in fixed term deposits still got the high rates, but CRO has tanked. I got out as soon as I saw the news at $0.15. It's now at $0.07.
I was fully aware this was essentially a pyramid scheme, but if have the economical wherewithal to spot them, they can return great gains along with bubbles. CRO had a market cap of $3 billion due to a number of interest schemes that paid high interests and offered perks. There is no fundamentals tied to the coin.
With that said I've found their products to be very good. In the 6-9 months I have been using it I have pushed about $500,000 through the app and they only recently asked for KYC. I've not heard back on that yet. I have their mid-level card, which I have used in eight countries, paying zero exchange, ATM of POS fees. There are fees for that but they kick in at higher levels of spending. This card also gives you 3% CRO back for purchases. That can go up to 8% with their top-tier card that requires a $170,000 stake of CRO. The only issue I've had with it is I don't always get the 3DS code by SMS. So for online payments I have to use PayPal or another card. They also offer various rebates in CRO for purchases of Netflix, Spotify, Expedia etc. And the top three cards give you access to Louge Key. I was not able to test this due to the CCP-virus.
Once CRO crashes more I will be looking to upgrade to the next card level, which has a few perks like offering an extra 2% in CRO on funds you offer to be loaned out. The Crypto.com card is now my primary card. I only use other cards if Crypto.com doesn't work online, as mentioned. It's also a very attractive metal card.
Other than the card I also use their earn feature, in which you provide your coins to be used in their loan system. What people say about the rates up to 12% (actually 14%) is not accurate. I have been lending USD and crypto assets on exchanges for five and a half years and 12% is less than the mean rate I would get. I made a script to autolend on Bitfinex exchange, highly tuned and in a good year got in excess of 25% on USD. The way this works is you provide the margin, the person who wants to loan provides collatoral and once they can't pay the loan back it's liquidated. I have had zero losses in almost 6 years, getting paid double digit multiples of what lamestream banks can pay. Right now I have multiples of my monthly living expenses in crypto lending interest across multiple platforms. Crypto.com has insurance of $360 million, but I don't know what assets they have under management.
