Crypto.com Announces Release of “Pay Your Friends” App To Rival Venmo

Crypto.com Chain Token

Crypto.com recently announced a new offering for its users. The network released a social payment app which is expected to rival Venmo. It is called ‘Pay Your Friends’ and it allows users to make crypto payments with zero fees. Also, the app is incentivized with a reward of $50 for users that add friends with Crypto.com Chain (CRO).

Crypto.com Chain Aims To Compete With Venmo and Other Similar Services

The network has opted for app-based activity in a bid to promote the digital asset. Previously, crypto.com launched its own debit card, a crypto-linked visa card that allows users to pay for services around the world. This new release creates a blend of financial innovation and direct in-app payment. This move also puts the network in direct competition with popular payment systems like Revolut and Venmo. Square and Circle are also not left out, bringing the fintech and crypto asset worlds together.

This recently released payment system may boost the price of CRO as demand increases. The rewards system also makes it more attractive for both crypto enthusiasts and non holders of crypto. The rewards are given based on the amount of CRO the user staked in the ecosystem. Also, any payment sent via the application is an incentive for each receiver to register if they’re not users of Crypto.com’s product. Such small scale cryptocurrency payments may go a long way to boost the overall adoption of the coin.

Crypto.com’s Marketing Strategy Resembles Revolut

When it comes to marketing its products, Crypto.com Chain does an excellent job. The network has a large base of dedicated followers who do not hesitate to share news about the network and its offerings. Presently, the network is running a social media strategy that resembles that of Revolut. This strategy has been successful so far as it has boosted invitations to the network.

To use the app, users must submit their full details or KYC as well as an official identification card and a selfie. This is to ensure that the network complies with the fintech requirements while still making anonymous payments. Also, the application is a fiat gateway for new users as it encourages them to purchase CRO and MCO with a debit card. The wallet also supports seven fiat currencies as well as 44 cryptocurrencies.

After the news dropped, CRO price traded around $0.045. the trade volumes increased slightly and it is still a bit depressed after the recent sell offs in the general crypto market. The MCO coin related to Crypto.com network didn’t do much better as it traded at $3.44.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

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