If you haven’t noticed, one of the coins in my portfolio has recently gone on quite the tear. Crypto.com coin or CRO is up more than 300% over the last 3 weeks. I’ve said this before and I’ll say it again. I’ve been holding CRO for three reasons.
I think it’s largely undervalued simply because of the comparison between CRO and BNB.
I use CRO to unlock features within the Crypto.com ecosystem that help me Go Full Crypto.
The Crypto.com/org ecosystem gives me a multitude of ways of using/staking/lending my CRO in order to compound my balance. This creates a steady reliable passive income stream for me.
Because of CRO rising so much so quickly, my portfolio allocations have fallen out of balance. This week, (and for the next few weeks to come), I’ll be selling CRO for BTC to bring my portfolio back into its proper allocations.
I’ve written on taking profits in the past, but now I have the opportunity to show you what that looks like for me.
How I’m Taking Profit
IMAGES AND CONTENT REDACTED — [ May 1st 2022 ]
Notes & Updates on Crypto.com
There is a ton happening with Crypto.com recently. So to help you get the most out of the ecosystem, I’ll share what I’ve been doing lately.
VVS Finance to Beefy Finance
The first couple of weeks of Cronos (Crypto.org’s EVM) I’ve been yield farming on VVS.Finance. If you’ve read the earlier letter, I was getting insane APY’s. But those rates have since come down considerably, prompting me to look for further deals on Cronos. That’s where Beefy Finance comes in.
Beefy
Beefy Finance is a Yield Aggregator platform similar to Yearn on Ethereum, or Bunny on Binance Smart Chain. It basically finds me the best set of returns for my LP (Liquidity Pool) tokens, instead of being locked into the rate I was getting on VVS Finance.
IMAGES AND CONTENT REDACTED — [ May 1st 2022 ]
Crypto.com Credit is Ending for Canadians
One thing I’m not super pleased with is that the Crypto.com credit program is no longer going to be available for Canadians. I use the credit program to obtain an instant loan through Crypto.com at a pretty reasonable rate.
As of December 2nd, not only will I not have that option, but I’ll need to pay back my outstanding loan sooner than what I would prefer. My plan was to pay it off when bitcoin reaches $100k USD, and make a cool profit, but Crypto.com has to comply with authorities.
Crypto.com Remains Compliant
At the end of the day, I’m not super upset with Crypto.com because I know that they’re doing this in order to remain compliant in the many jurisdictions that they operate within. For starters, Crypto.com just secured SOC2 level compliance from Deloitte.
Crypto.com is the first, and only cryptocurrency exchange to have reached this level of compliance, officially making it the safest exchange in the world. Additionally, Crypto.com lists first on Cer.Live a site that tracks, and ranks cryptocurrency exchanges based on their service and security.
So if they need to take away my lending privileges on the App and Exchange, then so be it. I can always just move my funds to a DeFi platform and instantly get a loan there. No compliance necessary, and nothing the authorities or regulators can do to stop me.
Moving Forward
Now that Cronos has begun, I will have a lot more to share on how to make use of CRO within the ecosystem. Expect more Crypto.com content as the ecosystem builds itself out. I’m expecting a few things from the ecosystem in the future.
An NFT game based on Cronos
Rate changes on Crypto Earn
Perk changes on the Crypto.com card
More dApps similar to what is on Ethereum deployed on Cronos
Stay tuned for coverage on each of these aspects!
Regards,
Keegan
Resources
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