I decided to put some thoughts together after my experience using Crypto dot com (CDC). I didn't really manage to find many reviews and breakdowns before joining the platform myself, so thought it might be helpful to those considering joining to be able to see all their offerings in one go since they also don't have a lot of this info easily accessible.
If you have experience using them and have your own thoughts, feel free to chime in.
Review Link: HERE
I'll summarize most of my thoughts - I think they have a great product, one of the best app UXs I've had the pleasure of using that trumps the competition (like Celsius). The In-App Support feature is also unrivaled, and blows me away that you can speak to a live-human in app within minutes. The Cashback on the debit card is a nice feature, and tho, I'd personally prefer receiving cash or btc directly as opposed to MCO, it is a great way to increase your exposure passively as you go about your day especially if you believe in CDC and their future. I do wits they had an auto-top up feature allowing users to auto-convert your crypto when you spend. It takes an adjustment using basically a prepaid debit card and loading up funds before purchase, making sure you don't go over available balance.
As far as an all in one ecosystem goes, they've largely succeeded in creating a seamless user experience and having industry-leading interest rates in their Earn program doesn't hurt. I'm a big fan of lending out crypto to earn interest, I've like to know more about what they do with our crypto since earning 12% on stablecoins is unheard of (with MCO staked) the closest being blockfi at 8.6% - I can't imagine it will last for much longer. Adding the new crypto exchange was definitely a surprise and I have concerns they maybe spreading themselves thin a bit. There are many other milestones and promise that have yet to be met, so I hope this doesn't cause them to fall behind even more.
The MCO staking requirements for various services, especially the Debit Card maybe a hard pill to swallow for more casual users who aren't as crypto inclined (minor speed bump to adoption - and yes I know the free midnight blue is an option). I think the idea of putting a couple hundred dollars on the line with a largely unknown company like CDC in return for $50 does sounds like a great deal for some like those who were already planning on getting MCO card anyways - but it simply doesn't compare to say applying for a checking account/debit card at a globally recognized bank with similar perks...overall a hard-sell for the masses (too early) at this stage unless you're a true crypto fan or just really want free netflix and spotify I don't see regular folks joining up anytime soon. That being said, in due time, if CDC continues its domination and expansion into new global markets with no issues, I'm sure their reputation will grow with it.
Kris has mentioned they will be fully profitable by 2020, which is good news as many were curious how they were able to afford many of the perks they provide their users - again, no figures to backup the claim so we'll have to take his word for it. I do hope they become more transparent with their platform performance and figures, but we'll see if they ever do.
Kris has also mentioned developing DEFI solutions for many of their products that would allow users to retain keys to their crypto which would be a fantastic step forward and could be a turning point if it does come to fruition for many other platforms to follow suit.
The addition of the native currency CRO in addition to the original MCO mucks up the waters a bit for me and has been a divisive topic for many early adopters. I don't personally see why it was necessary to create a new coin as opposed adding new features to MCO's token utility and developing both coins in tandem seems like a monumental task - hopefully the team is up for the challenge.
But all in all a solid product that is bringing the heat to legacy banking (albeit piggybacking on Visa's infrastructure and reach ironically) - I hope to continue seeing improvements with their products in the months to come.
If mass adoption is to become a reality, this is how it happens.
For those considering CDC or already using their product whether it's their card or app. What are your thoughts? Positive or negative?
Submitted December 27, 2019 at 04:02PM by joepile https://ift.tt/34Znlar https://ift.tt/2Z7cX2s
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