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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.
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.
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)
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.