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BTC $43185.68 (1.16%)
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BCH $510.87 (-0.3%)
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Crypto.com Launches DeFi Swap Platform

Crypto.com Launches Liquidity Swap DeFi Protocol

Crypto.com has launched a liquidity swap protocol called DeFi Swap, enabling cryptocurrency users to swap tokens for as low as 3% fees and provide DeFi-based services to liquidity providers (LPs).

This protocol was built via the Ethereum blockchain network as an automated market maker (AMM) to facilitate instant and anonymous peer-to-peer (P2P) crypto payment. This was enabled via a fork from Uniswap V2, but it offers additional yield incentives to users.

According to the DeFi Swap whitepaper, the platform’s services and operations will not be extended nor available in several countries comprising the US and Singapore despite having enormous cryptocurrency followers in the said locations.

Liquidity Swap functions similarly to Binance’s Liquid Swap, which was also launched just recently. However, Crypto.com CEO Kris Maszalek clarified that they didn’t launch their platform to compete with Binance.

Marszalek said,

When we think of competition we tend to look at traditional financial institutions like banks and not other crypto startups.

Aside from its own native asset Crypto.com Coin (CRO), DeFi Swap seeks to add support for several digital assets including wrapped ether (WETH), Chainlink (LINK), and Compound (COMP). Users can also have access to stablecoins like USDT and USDC.

Similar to how Binance, Uniswap, and others offer fees per the number of tokens and liquidity in each hosted pool at a time, DeFi Swap also provides an incentives program for users who stake the blockchain’s native CRO coins in hosted pools.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.