Crypto.com Pay has integrated with Crypto.com DeFi Swap to add new tokens that will give retailers a more flexible option for collecting payment in crypto.
Crypto.com is a cryptocurrency and payment platform encompassing varied blockchain-powered products- all aimed at promoting the adoption of cryptos on a wider scale. The platform offers cards, a wallet, an exchange, portfolio building services, etc. Crypto.com Pay is a service of Crypto.com that enables retailers to integrate crypto payments on their stores.
Its integration with Crypto.com DeFi Swap will allow retailers to accept payments in 17 DeFi tokens and bring additional utility to Crypto.com’s DeFi offering. These coins include ETH, LINK, CRV, YFI, TRU, FARM, COMP, UNI, WBTC, UMA, SWRV, REN, NEST, HBTC, renBTC, AAVE, and CRO.
“Crypto.com is a basket product which we plan to spend a lot of effort on in the coming time. We think payments is an obvious use case for cryptos and we are always working towards making it easier for users to pay in crypto directly.” shared Kris Marszalek, the CEO of Crypto.com, “Our pursuit of widespread adoption will take a big step with the addition of 17 new DeFi tokens on Crypto.Pay.”
Through this integration, Crypto.com Pay’s users can simply select available digital assets to instantly complete the payment. Consumers that don’t use Crypto.com Pay, but have either MetaMask or WalletConnect wallet, can also make payments by connecting their wallets to Crypto.com Pay. Crypto.com’s system will automatically swap it to Crypto.com’s native token (CRO) equivalent and processes the payment.
Metamask or WalletConnect users will have to pay the gas fees, whereas Crypto.com Pay users can enjoy gas-free payments. Additionally, consumers who pay in CRO are entitled to a cashback reward of up to 10%.
Since this integration will bring users to the platform for trading and payment purposes, DeFi Swap Liquidity Providers can enjoy additional Swap-Fee Sharing benefits. In addition, retail merchants of Crypto.com Pay in Europe and the UK can avail the benefit of multiple token payment options from customers. They can receive instant payment in both currencies – fiat and cryptos – from all kinds of ERC-20 wallets including Crypto.com’s.