MCO Swap Program Announced by CRYPTOCOM

Please read this announcement carefully. Action is required before 2 Nov 2020 at 23:59 UTC, or you will lose the functionality currently ass...

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.

Announcing MCO Swap Program:

- MCO & CRO utility combined ahead of the Mainnet launch

- Swap available only in the http://Crypto.com App

- 20% bonus for swaps completed by 2 Sep 2020

- Swap rate: 1 MCO = 33.1726 CRO (including 20% bonus)

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 MCO 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 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 = 27.6439 CRO

1 MCO = 33.1726 CRO (Early Swap Bonus)

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 do You 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:

Log in to the Crypto.com App

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.

For Further Details:- CRYPTOCOM BLOG