This is very scammy, I sold the minute it was announced.
You're basically issuing new money, money that only 10% will be distributed to MCO holders, and even the few of them that are qualified for it have to hold their MCO tokens in your wallet.
Of course the new token will take value from MCO's value which now looks it took a bit.
Congrats on fucking over even the last people supporting you.
This is one of the greatest scams I've seen.
I don't think you understand the project
Yeah, but I do understand the markets and seeing how they perform today all I can say is.
Hey, it's all cool, I'm just a happy camper now.
I think the MCO team (or crypto.com team or whatever) just aren't across how a lot of people think in crypto.
The $26 million in funds they received was to deliver a particular project. Instead of using those funds to deliver that project, they (at least partially) used those funds to develop a different project, and are on-selling this new project CRO tokens, and giving MCO investors a small slice.
I get that they are selling those CRO tokens to develop CRO, but the timing is just awkward when only a handful of people in Singapore have cards. At least wait until a large group of people have cards, before redirecting efforts to a new project using ICO funds.
We know there are lots of thoughts around Crypto.com Chain. Just want to share that the team is committed to a global rollout of our MCO Visa Cards and there are no changes on our roadmap, and as equally important - the MCO token utility remains the same.
The Crypto.com Chain will allow Crypto.com Wallet users to pay with any crypto, anywhere, for free. This is groundbreaking and improves the value proposition and usability of Crypto.com products. This is also currently a critically missing piece of infrastructure and is 100% in line with our mission to accelerate the world's transition to cryptocurrency.
The team is looking to build something great that will impact the entire industry. We understand the market is not doing well right now, but we don't stop just because the market is down. We will continue to focus and work on shipping cards, improving the app, adding new features; and now building Chain.