Crypto.com announces integration of tokens CRO and MCO in preparation for mainnet launch, offering early exchange rewards.

According to the official announcement by MCO, in order to prepare for the upcoming mainnet launch and maximize on-chain functionality, today announced the MCO token swap plan, integrating the current MCO and CRO tokens into a single CRO token.

Crypto.com is a Hong Kong-based cryptocurrency asset management platform. The "MCO Visa Card" cryptocurrency debit card launched by the platform is one of the most popular products among users and currently holds the highest market share in the cryptocurrency payment card field.

On the other hand, the token MCO issued by Crypto.com is an important medium in the ecosystem. When users mortgage a specified amount of MCO tokens, they can enjoy a series of VIP services offered by the platform, such as higher card rewards or higher deposit rates. However, the functionality of this token will be replaced by another token starting today (August 3). According to the official press release:

"After the token swap plan ends, Crypto.com's ecosystem will use a single optimized token (CRO) instead of two separate tokens (CRO and MCO)."

Exchange Rules - Providing Early Exchange Rewards

Crypto.com will calculate the exchange quantity using the following formula, based on the Volume Weighted Average Price (VWAP):

1 MCO = (MCO 30-Day Weighted Average / CRO 30-Day Weighted Average) x 1 CRO

The thirty-day trading volume will be based on the period from July 4th to August 2nd.

If the exchange is conducted before 07:59 on September 3rd (Taiwan Time), Crypto.com will provide an Early Swap Bonus for CRO based on the following principles:

• Reward: 20% discount, equivalent to exchanging MCO for CRO at an 80% rate
• Distribution: Distributed on the Crypto.com exchange, with a 6-month lock-up period
• Duration: Early exchange bonus period is from August 3rd 14:00 to September 3rd 07:59 (Taiwan Time)

The distribution of early exchange rewards will be conducted on the Crypto.com exchange. For unregistered users, the rewards will be credited until successful registration.

Token Exchange Issues

Tokens in Pledge

If MCO tokens are currently pledged, using the Crypto.com App to convert pledged MCO to CRO will transfer the pledge days from MCO to CRO. The exchange rate in the app follows the above formula, and the platform claims that the pledge benefits remain unchanged before and after the exchange.

What to Do with MCO Tokens in Exchanges and External Wallets?

All tokens, including those within the Crypto.com exchange, must be transferred to the Crypto.com App for exchange. Besides the app, users must have a Crypto.com account and complete KYC verification to participate in the exchange plan.

Consequences of Not Completing the Exchange

The exchange plan will end at 07:59 on November 3rd (Taiwan Time). Failure to complete the exchange by then will result in the Crypto.com App no longer providing MCO token trading services, rendering any MCO-based functions unusable (as they will have been converted to CRO).

New MCO Visa Credit Card Pledge Levels

The MCO pledge levels for the MCO Visa card will be updated as shown in the table, replacing MCO with CRO tokens.

In summary, once the MCO exchange plan ends (November 2, 2020), only CRO tokens will be recognized by the platform. Any unexchanged MCO tokens will continue to circulate on the Ethereum network as ERC-20 tokens, but Crypto.com services will no longer support MCO. This means MCO will lose all functionality and value, with no official channel provided for conversion to CRO. Therefore, holders must complete the exchange within the specified period (August 3 to November 2, 2020) to avoid unnecessary losses.

As of the deadline, MCO tokens have surged starting around 13:00 (Taiwan Time), rising by 34.14% to reach $5.5.