Crypto.com’s DeFi Wallet is an all-in-one cryptocurrency wallet that allows you to store, exchange and use your digital assets with ease. It has a unique, user-friendly interface that offers a fast and efficient way to interact with all your Ethereum-based decentralized applications (dApps), regardless of whether they’re on the Crypto.com platform or not.
What is Crypto.com’s DeFi Wallet?
Crypto.com’s DeFi Wallet is a cryptocurrency wallet that supports decentralized finance (DeFi) applications. It was launched in August 2019, and it currently supports ETH, ERC-20 tokens, Bitcoin Cash (BCH), XRP, Litecoin (LTC), Binance Coin (BNB), MakerDAO’s Dai stablecoin and TrueUSD.
The Crypto.com DeFi Wallet aims to be an all-in-one solution for storing and managing your digital assets while also allowing you to participate in the growing ecosystem of decentralized finance applications on Ethereum’s blockchain network.
How to Use Crypto.com’s DeFi Wallet
The Crypto.com DeFi Wallet is a comprehensive, easy-to-use wallet that allows you to send and receive cryptocurrencies, stake your tokens, and even farm for more tokens.
The following steps will walk you through the process of setting up your first account:
Download the Crypto.com DeFi Wallet app from either Google Play or Apple’s App Store.
Create an account by entering your email address and creating a password (this will be used as an identifier).
Set up two-factor authentication with Google Authenticator or another method supported by your device (if available). This step is optional but highly recommended because it adds another layer of protection against unauthorized access attempts.
Pros and Cons
You can earn a passive income by staking your CRO tokens and participating in DeFi services.
The wallet supports multiple cryptocurrencies, which gives you greater flexibility when managing your crypto portfolio.
The wallet has a user-friendly interface, making it easy for beginners to get started with cryptocurrency.
While the Crypto.com DeFi Wallet has many benefits, it also has a few downsides that users should be aware of:
The wallet charges fees for transactions and withdrawals, although they are relatively low compared to other wallets
The wallet does not support all cryptocurrencies, so users may need to find an alternative wallet for some of their holdings.
The wallet requires users to go through a verification process before they can withdraw funds, which can be time-consuming and frustrating.
Security and Privacy
Crypto.com’s DeFi Wallet offers some security features that are hard to find in online self-custody wallets, including two-factor authentication and encryption of private keys locally on the user’s device.
Additionally, it was assessed by NIST as meeting the highest standards for cybersecurity and privacy.
As for privacy, Crypto.com recommends setting a unique passcode and/or pattern lock for the phone, Crypto.com App, and Crypto.com DeFi Wallet, as well as using a unique email address to register the account, which works best when paired with an anti-phishing code.
Transaction Fees and Rebates
Every transaction on the wallet is on-chain and requires network fees to incentivize the corresponding Blockchain Network for transaction processing and confirmation. The specific transaction fees may vary depending on the network being used.
Additionally, the wallet offers rebates on 25+ tokens, including CRO, VVS, TONIC, ATOM, and a host of stablecoins.
Crypto.com’s DeFi Wallet is an all-in-one product
The Crypto.com DeFi Wallet is an all-in-one product that allows you to manage your cryptocurrency portfolio, as well as invest in decentralized applications (DApps). It supports multiple currencies and tokens, including both ERC20 tokens and cryptocurrencies. The wallet also offers support for stablecoins such as USDT (Tether), PAX, and Dai.
The non-custodial wallet gives users access to a full suite of DeFi services in one place. Users can store, swap, and earn interest on their tokens, with flexible terms and access to rebates on 25+ tokens, including stablecoins.
The wallet allows for sending crypto to anyone around the world at a preferred confirmation speed and network fee. The wallet also includes DeFi Earn, which allows users to deposit their crypto assets to DeFi protocols through native in-app integration and earn interest on their crypto assets by choosing among different protocols/pools.
The Crypto.com DeFi Wallet offers an assortment of features to users of all skill levels, from novices who are just getting into cryptocurrencies to seasoned blockchain veterans. It can be a useful tool for managing your crypto portfolio and tracking your token value over time.