Crypto.Com Creates Social Payment App

Crypto.com has launched “Pay Your Friends,” which will allow for no-fee, direct crypto payments and offers a $50 equivalent in rewards for getting friends to use the Crypto.com Chain (CRO), according to reports.

“What we want to achieve with ‘Pay Your Friends’ is to give our users a reason to bring all their friends into cryptocurrency. The user experience is instantaneous and free — the more users get a chance to experience it, the closer we get to global adoption,” the company said in a blog post.

Crypto.com wants to make its digital assets more popular, and its pushing innovation with the new direct in-app payment, which is an addition to its debit card business. The move will put the company in direct competition with other social payment platforms, like Venmo, Revolut, Circle and Square.

CRO was trading in the area of $0.045 with its volumes up a little, but still down after a latest round of sell-offs. The coin that’s associated with Crypto.com, MCO, was trading around $3.44, which was near its lows.

However, the new social platform has the potential to help demand for CRO, because rewards are directly tied to how much is staked inside the system.

To utilize Crypto.com, the company has a verification process that involves a picture ID and a selfie, so anonymous payments are not possible. It’s also easy to use for newcomers, the company said, as it allows for users to buy MCO and CRO through the use of a debit card. The company’s digital wallet supports seven currencies and 44 digital assets, it said.

In May, Crypto.com launched two key products to their finance product line: Crypto Credit and Crypto Earn.

Crypto Earn allows users to earn up to 8 percent p.a. interest, beginning with BTC, PAX, and TUSD, while Crypto Credit gives users an instant loan by depositing crypto (initially bitcoin) as collateral. In fact, there is no fixed repayment schedule, monthly fees, late fees or payment deadlines.

“Crypto Earn offers the most attractive interest rates in the market today. With the MCO Visa Card and Crypto Credit, we are uniquely positioned to do it while maintaining sustainable unit economics. MCO Visa Card, Crypto Earn, and Crypto Credit together form a powerful product suite that nobody else in the industry has today. We’ve never been more excited about the potential of our platform and look forward to continue scaling it globally later this year,” said Kris Marszalek, co-founder and CEO of Crypto.com, in a press release at the time.