How to stake CRO with DeFi Wallet

What is Crypto.com CRO

Cronos (CRO), formerly “Crypto.org Coin”, is the official coin of Crypto.com. This name change reflected the decentralized nature of CRO, which is an Ethereum Virtual Machine (EVM) compatible chain, running in parallel to Crypto.org Chain. It is designed to support the Creator Economy with applications such as DeFi. Cronos can deliver faster and cheaper transactions than Ethereum mainnet, making decentralized applications and smart contracts more user and environment friendly.

Crypto.com is a EVM chain, built on top of the Cosmos SDK, what allows it to enjoy the benefits of both the Ethereum and Cosmos ecosystems, like:

– Built on Ethermint (based on Cosmos SDK), Cronos supports the rapid porting of DApps and smart contracts from Ethereum and other EVM-compatible chains.

– Cronos can process more transactions per minute than Ethereum, which makes it faster, cheaper, and greener.

– IBC (Inter Blockchain Communications) protocol allows Cronos to easily connect and interact with other blockchains in the Cosmos ecosystem.

– A more scalable consensus mechanism while still maintaining security with a range of validators that many different parties run.

The CRO Token

CRO is the exchange coin of crypto.com, and the native token of two blockchains: Cronos and Crypto.org Chain, built by Crypto.com. The Cronos token provides the overall power of the Crypto.com ecosystem, with utility for payment, transaction and financial services use cases, like:

• Transaction fee: as a transaction fee on Cronos and Crypto.org chain.
• Staking: Validators will stake CRO to have the right to confirm transactions on crypto.org; Stake CRO to receive incentives on Crypto.com applications such as reducing transaction fees, receiving Visa Card, or other incentives.

Buy CRO through exchanges

Crypto.com (CRO) can be purchased on crypto exchanges by using fiat currencies. You can buy Crypto.com via Credit/Debit card or Bank Transfer directly on the exchange, using dollars, euros, etc.

To buy CRO on exchanges, you’ll first need to create your account. Once approved by the exchange, you’ll be able to start buying your tokens.

How To Stake CRO with Ubik Capital using The Crypto.com DeFi Wallet

• Go to: https://crypto.com/eea/defi-wallet and download the app for iOS or Android. Open the app and select “Create a new wallet” and then “Create Passcode”.

• Make sure to take note of your Passcode and keep it in a safe place. After inputting the generated mnemonics on the next field you will be able to enter in your CRO Defi Wallet. You are required to choose a wallet name and after that you can open the dashboard.

• To send CRO to your newly created wallet, you can buy the token directly in the Crypto.com app, or select “receive” to send CRO from another wallet or exchange to your CRO Defi Wallet. Make sure to check your wallet address to avoid any problem.
• Now, to begin staking your CRO, go to the DeFi Wallet app dashboard’s bottom right menu and click “Earn”. Then click “Start Earning”.

• Select CRO on the your assets list, then, specify the number of tokens you want to stake and click the “Stake CRO” button at the bottom of screen.

• Now, the validator list will appear. So, scroll down to locate the Ubik Capital validator or type the name of the validator in the search box, then, click on the validator’s name and choose the option “Confirm Validator”. Once you’ve done this, click in “Confirm Stake” and view all details of the transaction.

• After your request, you should see the details of it. Select “View Details” to see additional information about your transaction.

• Now you got your CRO staked and you can earn up to 12,37% per year of interest on your tokens. In the earn tab you will also check your earning rewards and claim it to your wallet or back to stake, compounding your coins.