In order to maximize the benefits arising from increasing use of blockchain technology, streamline our operations and leverage the advanced capabilities of the Crypto.com Chain, we are implementing the MCO Swap Program.
The process for swapping your MCO, and the terms and conditions that apply to this process, are set out below.
Please read this announcement carefully. Action is required before 2 Nov 2020 at 23:59 UTC, or you will lose the functionality currently associated with your MCO. We will not perform the MCO swap on your behalf and the swap will not happen automatically.[1]
What is the MCO Swap Program?
At its core, MCO is a blockchain-based transferable representation of attributed functions of the Smart Contract System.
There will be no change to this core functionality, but we are expanding MCO functionality and representing it in a new way. Specifically, the swap program will involve combining the current functionalities of MCO, with CRO’s utility and technology, in a “one stop shop” token to enable a streamlined Crypto.com ecosystem. The swap program will also serve to leverage the advanced capabilities of the Crypto.com Chain, in preparation of its upcoming Mainnet launch.
Once the swap process is complete:
- The Crypto.com ecosystem will use one streamlined token (CRO) with the combined functionality, rather than two separate tokens (CRO and MCO).
- All functions currently attributed to MCO will still exist and will be preserved, but will be enhanced and represented by CRO.
- MCO that is not swapped will still exist and circulate on the Ethereum blockchain as ERC-20 tokens, but Crypto.com will no longer support these tokens and no Crypto.com service or product will require or permit usage of these tokens.
What do I need to do?
Between 3 Aug 2020 at 06:00 UTC and 2 Nov 2020 at 23:59 UTC, MCO holders can swap MCO through the Crypto.com App.
The Crypto.com App will handle all technical requirements involved during the MCO swap process.
To complete the swap process, simply:
Step 1 Log in to the Crypto.com App.
Step 2 Follow all the on-screen instructions, which should take approximately 2 to 3 minutes to complete.
You must complete this process by 2 Nov 2020 at 23:59 UTC. Please plan ahead and ensure you leave enough time in case of any internet or system issues.
At the completion of the MCO swap process, your MCO will be swapped for CRO in the Crypto.com App. See below if you do not have a Crypto.com account or if your MCO is currently staked or held elsewhere.
What is the swap formula?
Crypto.com will use the following formula based on the volume weighted average price as expressed in United States dollars (“VWAP”) to determine the number of CRO allocated to you that reflects each swapped MCO:
1 MCO = (30-day VWAP of MCO / 30-day VWAP of CRO) x 1 CRO
(30 days between 4 Jul 2020 to 2 Aug 2020, both dates inclusive)
Are there any bonuses?
Crypto.com will offer an Early Swap Bonus in CRO if the MCO swap is performed before 2 Sep 2020 23:59 UTC, based on the following formula and criteria:
What if my MCO is staked?
You can swap all your staked MCO to CRO. The remaining number of days on your MCO stake will be preserved on the resulting CRO Stake.
Simply follow the Crypto.com App’s on-screen instructions in order to swap your staked MCO.
At the completion of the MCO swap process, your staked MCO will be swapped for staked CRO at the MCO to CRO Swap Rate (see formula above) (the CRO Swapped Amount) in the Crypto.com App. Your staking benefits will remain unchanged and you will continue to enjoy the same benefits as before the swap.
Following the swap, if you are eligible to unstake and choose to unstake your CRO, the CRO Swapped Amount will be returned to your CRO Wallet.
What if my MCO is held on an exchange or external wallet?
If your MCO is held outside of the Crypto.com App, including on the Crypto.com Exchange, you must transfer it into the Crypto.com App in order to complete the MCO swap process.
For details of transfers, please refer to the Crypto.com App User Guide.
What if I don’t have a Crypto.com account?
Compliance is very important to us. Accordingly, you must register for a Crypto.com account and complete your Identification Verification or KYC (Know Your Customer) in order to participate in the swap process.
What happens after the deadline?
If you have completed the swap, then you will receive CRO that represents all of the pre-swap MCO functionality (and much more).
The swap program will finish on 2 Nov 2020 at 23:59 UTC. If you have not completed the swap process by then:
· you will no longer be able to buy or sell MCO through the Crypto.com App and you will not be able to enjoy the MCO utility within the Crypto.com App as its utility will have been migrated to CRO;
· you will only be able to withdraw any MCO you hold in the Crypto.com App to an external address on the Ethereum network. No other functionality will be available from Crypto.com;
What about other Crypto.com products?
As a result of the MCO swap, the Crypto.com App Terms and Conditions, the terms of Crypto Earn, Crypto Credit, Crypto.com Exchange, USD Fiat Wallet, MCO Visa Prepaid Card for Singapore, Europe and the United States have been updated. Any specific actions required by you with regard to these products which result from the MCO swap will be communicated to you via the Crypto.com App.
What about MCO held by the issuer?
Before the end of the swap process, 15,793,852.04 MCO that is held by MCO Technology GmbH will be burned by sending to the following burn address: 0x0000000000000000000000000000000000000000
What will be the new MCO Visa Card staking tiers?
MCO staking for the MCO Visa Card will be replaced by the following CRO staking scheme.
We are here to help
If you have any questions regarding the MCO swap process, please refer to the FAQ.
[1] With the exception that MCO used as collateral for Crypto Credit in the app will be automatically converted into CRO collateral at the end of the swap period.
MCO Swap Program Terms and Conditions
The MCO swap program is subject to the Crypto.com Wallet App Terms and Conditions (“Terms”) and is a Crypto.com Wallet App Service under clause 2.1(i) of the Terms.
By participating in the MCO swap program, you confirm that you understand and agree to the terms and conditions set out below, such terms and conditions constituting an Annex to the Terms.
- Defined terms: Unless the contrary intention appears, the terms used in these MCO swap program terms and conditions have the meanings given to them in the Terms.
2. Rights: By participating in the MCO swap program, you acknowledge and accept that:
a. all rights, functionalities and/or benefits inherent in MCO, whether stated in the MCO Whitepaper or otherwise, will be represented solely by CRO; and
b. MCO will retain no residual rights, functionalities and/or benefits in respect of Crypto.com, once the MCO swap process is complete.
3. Eligibility and procedures: To participate in the MCO swap program, you must have an active Crypto.com Wallet App account with a positive MCO balance. You must also comply with any directions that Crypto.com gives with respect to the MCO swap program through the Crypto.com Wallet App or through the Site.
4. Time period: Your participation in the MCO swap program must occur within the dates and times, and in the timezone, designated by Crypto.com. Notwithstanding any such designation, Crypto.com may suspend, end or declare complete the MCO swap program at any time for any reason.
5. Swap formula: Crypto.com will use the following formula, based on the volume weighted average price as expressed in United States dollars (“VWAP”), to determine the number of CRO allocated to you that reflects each swapped MCO:
MCO = (30-day VWAP of MCO / 30-day VWAP of CRO) x 1 CRO
(30 days between 4 Jul 2020 to 2 Aug 2020, both dates inclusive)
Crypto.com may deliver additional CRO to certain swap program participants, over and above the amount of CRO derived from this formula.
All calculations and determinations made by Crypto.com, including with respect to bonus eligibility and parameters, are carried out in Crypto.com’s sole discretion, and are final and binding on you in the absence of manifest error.
6. No reversals: The MCO swap process cannot be reversed. At no point will you be able to:
a. swap CRO for MCO, or otherwise deal with MCO, through the Crypto.com Wallet App; or
b. reject your allocation of CRO,
during or after the MCO swap process.
7. Transfers: Crypto.com is not responsible for any MCO that you transfer or attempt to transfer to the Crypto.com Wallet App other than in accordance with the Terms and the Crypto.com App User Guide.
8. Transaction fees: You are responsible for paying any transaction fees, including any transaction fees arising in respect of the Ethereum network, due to your participation or attempted participation in the MCO swap program.
9. No prospectus or solicitation: Nothing stated in these terms and conditions, through the Crypto.com Wallet App or otherwise by Crypto.com in respect of the MCO swap program is a prospectus nor a solicitation for investment and does not pertain in any way to an offering of securities in any jurisdiction. No representation is made regarding the regulatory or legal status of any Digital Asset that is involved in the MCO swap program. The MCO swap program has not been, and will not be, registered under any legal or regulatory regime, nor has the MCO swap program been reviewed or approved by any regulatory authority. Crypto.com does not hold itself out as carrying out any regulated activity in any jurisdiction. Under no circumstances do these terms and conditions or any other material relating to the MCO swap program constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful, nor a recommendation or advice of any kind.
10. Due diligence: Before participating in the MCO swap program, you must conduct your own due diligence and ensure that your participation complies with Applicable Law, including with respect to Digital Assets, Taxes, securities and other regulations in your jurisdiction. You should consult with professional advisors regarding the MCO swap program before participating in it. By participating in the MCO swap program, you represent and warrant that it is lawful for you to do so.
11. Risk factors: The MCO swap program involves risks, some of which are set out in clause 3 of the Terms. In addition, the following risks may apply:
a. After the start of MCO swap program, we cannot guarantee that third-party trading platforms or exchanges will continue to support MCO; and
b. We cannot guarantee that technical issues on the Crypto.com App or Crypto.com Exchange will not arise during the MCO swap program time period that may result in financial loss.
You must consider carefully whether the risks set out in clause 3 of the Terms, this clause 11, and all other applicable risks, are acceptable to you before participating in the MCO swap program.
