Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Besides the existing benefits that Crypto.com Pay offers in terms of low gas fees, processing fees, and cashback to both users and merchants, the exposure to DeFi tokens broadens the parties’ coverage.
Malta-based cryptocurrency exchange Crypto.com has announced the integration of its Crypto Pay and DeFi Swap features on its platform. Per the announcement, as contained in the press release shared with Coinspeaker, The integration will serve as a powerful upgrade to showcase the strength of the Crypto.com ecosystem, as it introduces more tokens to Crypto.com Pay while enhancing Swap-Fee Sharing for DeFi Swap Liquidity Providers with each Pay transaction.
The rollout of unique value offerings is key to the fast embrace or adoption of cryptocurrency-based products in our world today. The global citizens are awash with numerous options in today’s financial system that projects aiming to draw in new users must creatively launch new products with never-before-seen unique offerings. Existing projects like Crypto.com are bound to continue upgrading their models in order to maintain a reasonable market share.
The Crypto.com exchange through its mobile payment features is arguably one of the emerging game-changers in today’s crypto payment ecosystem. Drawing backing from the platform’s diverse support for an array of digital currencies, the Crypto.com Pay feature which already supports payment transactions with an array of digital and fiat currencies, is bound to take bigger leaps with the DeFi Swap integration.
Per the shared release, Crypto.com Pay customers can now make payments with any of the DeFi tokens listed in DeFi Swap with the exception of stablecoins. The available coins for these transactions include ETH, LINK, CRV, YFI, TRU, FARM, COMP, UNI, WBTC, UMA, SWRV, REN, NEST, HBTC, renBTC, and AAVE, all in addition to CRO.
How to Access the Integrated Crypto.com DeFi Swap Tokens
Crypto.com Pay users can easily have access to the new DeFi Swap tokens by scanning the QR code within the app and then choosing the available currencies, and instantly completing the payment without paying gas fees.
Besides the new DeFi tokens, users within the app can also make payments using the more notable Bitcoin (BTC) and Litecoin (LTC). For users operating outside of the Crypto.com app, an easy connection of Crypto.com Pay with MetaMask or WalletConnect can be done. Thereafter, users can select the ERC20 token that’s available in their wallets and the system will then automatically swap it to the CRO equivalent in order to process the payment.
The incentives attached to using Crypto.com Pay are not eroded by virtue of this integration, rather it adds more power and leverage to the Crypto.com Pay users.
Other Pain Point Benefits to Users and Merchants
The entire cryptocurrency ecosystem is now positively inclined to decentralized finance with the adoption rate billed to grow more in the near future. Besides the existing benefits that Crypto.com Pay offers in terms of low gas fees, processing fees, and cashback to both users and merchants, the exposure to DeFi tokens broadens the parties’ coverage.
DeFi Swap Liquidity Providers can now also enjoy additional Swap-Fee Sharing benefits, as this integration brings in users for trading and payment purposes respectively.