Crypto.com launches a new DeFi exchange that is based on Uniswap and now users can trade cryptocurrencies and stake their holdings as we are reading more in our cryptocurrency latest news.
The service is separate from Crypto.com custodial feature which is a centralized exchange and offers more control for the users, over their funds. Crypto.com launches a DeFi swap service which now allows investors to trade their ETH-based ERC-20 tokens. The app supports eight coins now including Ethereum, Compound, CRO token, DAI, Chainlink, USDC, Tether and Wrapped ETH. The coins are drawn from a pool funded by various liquidity providers and the prices are then adjusted to provide the “best rate available.”
In addition to swapping the coins, the users can stake their tokens via the app’s pool and boost features in order to earn interest of their holdings. The platform offers higher rates for everyone who hold its native CRO token with a 20x bonus for everyone that will stake in the highest tier. The app was forked from Uniswap 2 which is a popular Ethereum-based decentralized exchange. The changes to the app have been audited by Crypto.com and the SlowMist blockchain firm.
The news came a few weeks after the platform announced the plans to merge its old MCO token with the new CRO token. The move was widely criticized because Crypto.com suddenly imposed the change on its users. The new decentralized coin swap tool could bring back the users that believe the company’s centralized nature allows a lot of control exertion at times. The swap app will require Metamask or Wallet Connect and not an account with the custodial exchange itself:
“We believe that blockchain and decentralized finance (DeFi) protocols built on top have the potential to empower millions to exercise this right.”
The fintech platform Crypto.com added support for Vechain VET token on the Syndicate Lite Platform and also as recently reported, the platform also accepts crypto applications. The Crypto.com platform claims to have been established with the main aim of promoting the “world’s transition to cryptocurrency.” As a result of that, the Crypto.com Coin (MCO) has risen over the past years and the cryptonews showed that the entire platform has been building an ecosystem of varied blockchain0-powered products developed and marketed under the MCO brand.
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