Crypto.com today announced a token swap for their MCO tokens, where token holders for their MCO Visa cards will have until 2 Nov 2020 to swap their MCO tokens for CRO tokens on the Crypto.com App.
This announcement was made to combine the two tokens in their ecosystem into a single token for their upcoming CRO mainnet.
There will have no changes to the functionalities of MCO as of this post.
Once the deadline is reached, you cannot buy or sell MCO through the app or transact with it on the app. However, deposits and withdrawals will still be supported.
The swap is pegged at 1 MCO = 27.6 CRO
Crypto.com has used the 30-day volume weighted average price in USD of both tokens to determine the swap formula.
Swapping before 2 September 2020 will grant you a 20% early swap bonus, distributed on the Crypto.com exchange and staked for six months, resetting any remaining time on your exchange stake (if you have one).
You can read more details about the swap in their announcement.
New MCO Visa Card Tiers
Update (4/8/20): The changes makes it slightly cheaper to own the MCO card now. Use this free spreadsheet to model with the variables.
If you do not have an MCO stake before the MCO Swap, the MCO Visa Card staking tiers will be changed according to the following staking tiers:
In the table below, I compare the price changes of owning the MCO Visa Card, MCO/SGD rate used was before the price pump.
|MCO||in SGD||CRO||in SGD||Change (%)|
|Icy White/Rose Gold||5,000||$25,000||100,000||$22,000||-12%|
Following the above changes, all cashback rewards (including Spotify, Netflix, Airbnb, Expedia and reimbursements) will be paid in CRO.
MCO tokens have had their price depressed for some time now, and prices of CRO tokens has more than tripled during the past 3 months – perhaps in anticipation of this swap.
Early MCO adopters who held their MCO tokens since inception have been heavily penalized by the program changes.
We will have to see what happens from here. The crypto space isn’t regulated so expect a wild west of rewards, risks and constant program changes.