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Crypto.Com Exchange was founded in the year 2016 in Hong Kong. It is a payment and cryptocurrency platform with a whole ecosystem of different products and services. In May 2020, a new product got added to the ecosystem, that product was Crypto.com DeFi Wallet.
Crypto.com DeFi Wallet is a non-custodial wallet available for iOS and Android where users can create multiple multi-coin wallets to safely store a number of different crypto assets. Existing wallets can also be imported using the 12/18/24-word recovery phrase.
The UI is divided into three tabs, the first one is the wallet tab that has all the cryptos listed. From there you send and receive them and see the balance. A handy Ethereum gas meter at the top shows how the ETH network is doing and shows an estimated cost for Slow, Average or Fast transactions. Next to the Gas meter is a dropdown for selecting between different wallets. A QR code scanner sits next to that dropdown and lets you quickly scan QR codes.
The second tab is a built-in swap powered by DeFi Swap protocol and 1inch V3 Pathfinder that allows users to swap almost all ETH/ERC20 token right from the wallet itself. Note that there are some geo-restrictions present. So make sure to check if you are allowed to use the swap.
The third is the DeFi earn tab. Powered by Compound Lending, Cosmos Staking, Yearn Earn V2, Crypto.org Chain Staking and Aave Lending V2 protocols, it lets users put their money to work and earn passive income. The tokens are deposited to the integrated protocol with the highest APY at the time of the deposit.
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Crypto.Com Exchange is a brokerage that allows users to convert their old school money ie. fiat to digital currencies and the other way round. There are a bunch of other services too like a metal Visa card that can be prepaid with crypto and a wallet.
The crypto wallet of the Crypto.com App is a custodial one meaning they hold the private keys and handle the cryptos on users’ behalf.
The DeFi Wallet on the other hand is non-custodial where users hold the private keys and have full access to their funds.
Both wallets have advantages and disadvantages, they are listed below:
Crypto.com DeFi Wallet supports more than 300 crypto assets including Bitcoin, Ethereum, BNB (on both ETH and BSC network), Cosmos Atom, Polygon Matic, Doge, stable coins like USDT, USDC and a whole bunch of other coins. The full list can be found on the Crypto.com support page.
The team is working towards adding additional cryptocurrencies and is accepting feedback about the tokens you want the support for.
A few points to note:
Crypto.com DeFi Wallet supports NFTs on Crypto.org Chain and Ethereum network.
The DeFi Wallet has a dedicated screen for NFTs from where you can send, receive and manage your precious pieces of artwork-on-blockchain. The NFT section is located on the wallet tab along with all other cryptos.
The NFT screen is designed like a gallery where all your NFTs are organized. Up to 20 of those NFTs can be added to the Spotlight, they will be then displayed as a slideshow whenever you are on the NFT section.
The wallet on Crypto.com App is a custodial one whereas the Crypto.com DeFi Wallet is non-custodial. The DeFi Wallet gives you full access to your keys and you are your own bank. Every transaction there happens on-chain.
Keep in mind that if you lose access to your private keys and your recovery phrase, there is no way to regain access.
The DeFi Wallet is a decentralized wallet and the transactions initiated there happen directly on the blockchain. These transactions need to be validated and confirmed by the blockchain network, which requires a network fee. Other than the network fee, the DeFi Wallet does not charge any fee.
If you use the swap feature and the swap is routed via 1inch, there will be an additional 0.3% service fee. The swap price on the confirmation screen is already inclusive of this service fee.
Anyone can download the Crypto.com DeFi wallet on their iOS or Android device and use the wallet functionality. No account creation or identity verification is required either.
However, if you want to use swap, you must reside in a country that is not on the list of the geo-restricted regions. The full list of geo-restricted regions can be found in the app.
Here are answers to some of the frequently asked questions:
The DeFi Wallet is good for someone who wants to control their private keys and can do so securely. Those who use Crypto.com App can easily connect their DeFi Wallet to it and manage their funds.
If however, you are someone who tends to forget and lose passwords easily, you may be better off with a custodial wallet because if the password and recovery phrase is lost, recovering the wallet and the funds will be nearly impossible.
The Crypto.com DeFi wallet is a non-custodial wallet, which means the user is in control of the private keys. As such, it is the responsibility of the user to take the necessary measures and keep it safe. Users must secure their wallets with a strong passcode and 2-Factor authentication. Care must also be taken to ensure the phone is free from any malware.
The seed phrase you get when you create a wallet must be stored safely. If anyone gets hold of it, they will get full access to the wallet. Make sure to never store the seed phrase anywhere digitally or take photos of it.
You can send any of the coins you have in your wallet to anywhere you want from the wallet using the send button. You will need to pay the associated network fee.
1. Tap the send button on the wallet tab.
2. Select the coin you want to send.
3. Enter the recipient’s address by pasting or scanning and the destination tag/memo if applicable.
4. Enter the amount.
5. Adjust the confirmation speed if available.
6. Tap confirm to send.
Crypto.com is a safe site that has industry-grade security to protect the website and the users data and funds. There have been no major hacks and the company uses Hacker One bug bounty program where they encourage responsible disclosure of security vulnerabilities.
The wallet is protected by Passcode, Biometric Authentication Technology and 2-Factor Authentication.
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