Crypto.com Whitepaper 1.

03
August 2020

Version 1.03.17 - April 2021

This whitepaper is a working document that is subject to review and changes
 Crypto.com 2

Contents
Disclaimers 4

Executive Summary 9

Mission & Vision 9

Problem Statement and Our Strategy 10

Key Challenges in Driving Crypto Adoption 10

Our Strategy 10

Commitment to Security & Compliance 11

Support of Fiat Institutions 12

Crypto.com Solutions Overview 13

Crypto.com Solutions - Payment 19

Crypto.com Pay (powered by Crypto.org Chain) 19

Crypto.org Chain 22

Visa Card 29

Crypto.com Solutions - Trading 32

Crypto.com App 32

Crypto.com Exchange 34

Crypto.com Solutions - Financial Services 37

Decentralized Financial Services 37

Crypto.com DeFi Wallet 37

Crypto.com DeFi Swap 39

Other Decentralized Offerings 40

Crypto Earn (part of the Crypto.com App) 41

Crypto Credit (part of the Crypto.com App) 42

 Crypto.com 3

Contents
Crypto.com Solutions - Other Services & Benefits 43

Crypto.com NFT 43

Crypto.com Tax 44

Crypto.com Private 44

Referral Program 45

Research & Insights 46

Formula One Partnership 47

Visa Principal Membership 47

CRO Token 48

Token Creation and Basic Information 48

Token Distribution and Planned Use 49

Token Utility 50

Crypto.com Team & Organization 52

Management Profile 52

Board of Advisors 57

Further Information 59
 Crypto.com 4

Disclaimers
Licences and approvals are not assured in all jurisdictions

CRO Protocol Labs (“Crypto.com”) intends to operate in full compliance with

applicable laws and regulations and use its best endeavours to obtain the
necessary licences and approvals. Regulatory licences and/or approvals are
likely to be required in a number of relevant jurisdictions in which relevant
activities may take place. This means that the development and roll-out of
all the initiatives described in this whitepaper are not guaranteed. It is not
possible to guarantee, and no person makes any representations, warranties
or assurances, that any such licences or approvals will be obtained within
a particular timeframe or at all. As such, the initiatives described in this
whitepaper may not be available in certain jurisdictions, or at all. This could
require restructuring of these initiatives and/or its unavailability in all or certain
respects. In addition, the development of any initiatives is intended to be
implemented in stages. During certain stages of development, the project may
rely on relationships with certain licensed third party entities. If these entities
are no longer properly licensed in the relevant jurisdiction, this will impact the
ability of Crypto.com to rely on the services of that party.

No advice

This whitepaper does not constitute any investment advice, financial

advice, trading advice or recommendation by Crypto.com, its affiliates, or
its respective officers, directors, managers, employees, agents, advisors or
consultants on the merits of purchasing CRO tokens nor should it be relied
upon in connection with any other contract or purchasing decision.

Not a sale of security

This whitepaper does not constitute a prospectus or financial service offering

document and is not an offer to sell or solicitation of an offer to buy any
security, investment products, regulated products or financial instruments in
any jurisdiction. CRO tokens are not being structured or sold as securities in
Crypto.com. Owners of CRO tokens are not entitled to any rights in Crypto.
com or any of its affiliates, including any equity, shares, units, royalties to
capital, profit, returns or income in Crypto.com or any other company or
intellectual property associated with Crypto.com.
 Crypto.com 5

No representations

No representations or warranties have been made to the recipient of

this whitepaper or its advisers as to the accuracy or completeness of the
information, statements, opinions or matters (express or implied) arising
out of, contained in or derived from this whitepaper or any omission from
this document or of any other written or oral information or opinions
provided now or in the future to any interested party or their advisers. The
CRO tokens, as envisaged in this whitepaper, are under development and
are being constantly updated, including but not limited to key governance
and technical features. If and when the CRO tokens are completed, they
may differ significantly from the description set out in this whitepaper. No
representation or warranty is given as to the achievement or reasonableness
of any plans, future projections or prospects and nothing in this document is
or should be relied upon as a promise or representation as to the future. To the
fullest extent possible, all liability for any loss or damage of whatsoever kind
(whether foreseeable or not and whether or not Crypto.com has been advised
of the possibility of such loss or damage) which may arise from any person
acting on any information and opinions contained in this whitepaper or any
information which is made available in connection with any further enquiries,
notwithstanding any negligence, default or lack of care, is disclaimed.

Third party data

This whitepaper contains data and references obtained from third party
sources. Whilst the management believes that these data are accurate
and reliable, they have not been subject to independent audit, verification,
or analysis by any professional legal, accounting, engineering, or financial
advisors. There is no assurance as to the accuracy, reliability or completeness
of the data.

Translations

This whitepaper and related materials are issued in English. Any translation is
for reference purposes only and is not certified by any person. No assurance
can be made as to the accuracy and completeness of any translations. If there
is any inconsistency between a translation and the English version of this
whitepaper, the English version shall prevail.
 Crypto.com 6

Restricted transmission

This whitepaper must not be taken or transmitted to any jurisdiction where

distribution or dissemination of this whitepaper is prohibited or restricted.

Views of Crypto.com

The views and opinions expressed in this whitepaper are those of Crypto.
com and do not reflect the official policy or position of any government,
quasi-government, authority or public body (including but not limited to any
regulatory body) in any jurisdiction. This whitepaper has not been reviewed
by any regulatory authority.

Third party references

References in this whitepaper to specific companies, networks and/or

potential use cases are for illustrative purposes only. The use of any company
and/or platform names and trademarks does not imply any affiliation with, or
recommendation or endorsement of/by, any of those parties.

All references to ‘dollars’, USD or ‘$’ are references to the United States Dollars
unless otherwise stated.

Graphics

All graphics included in this whitepaper are for illustrative purposes only. In
particular, graphics with price references do not translate into actual pricing
information.

Risk statements

Purchasing CRO tokens involves substantial risk and may lead to a loss of a
substantial or entire amount of the money involved. Prior to purchasing CRO
tokens, you should carefully assess and take into account the risks, including
those listed in any other documentation.

A purchaser should not purchase CRO tokens for speculative or investment

purposes. Purchasers should only purchase CRO tokens if they fully
 Crypto.com 7

understand the nature of the CRO tokens and accept the risks inherent to the
CRO tokens.

Cryptographic tokens may be subject to expropriation and/or theft; hackers

or other malicious groups or organizations may attempt to interfere with our
system/network in various ways, including malware attacks, denial of service
attacks, consensus-based attacks, Sybil attacks, smurfing, and spoofing which
may result in the loss of your cryptographic tokens or the loss of your ability
to access or control your cryptographic tokens. In such event, there may be no
remedy, and holders of cryptographic tokens are not guaranteed any remedy,
refund, or compensation.

The regulatory status of cryptographic tokens and digital assets is currently

unsettled, varies among jurisdictions and subject to significant uncertainty. It
is possible that in the future, certain laws, regulations, policies or rules relating
to cryptographic tokens, digital assets, blockchain technology, or blockchain
applications may be implemented which may directly or indirectly affect or
restrict cryptographic token holders’ right to acquire, own, hold, sell, convert,
trade, or use cryptographic tokens.

The uncertainty in tax legislation relating to cryptographic tokens and

digital assets may expose cryptographic token holders to tax consequences
associated with the use or trading of cryptographic token.

Digital assets and related products and services carry significant risks.
Potential purchasers should take into account all of the above and assess the
nature of, and their own appetite for, relevant risks independently and consult
their advisers before making any decisions.

Professional advice

You should consult a lawyer, accountant, tax professional and/or any other
professional advisors as necessary prior to determining whether to purchase
CRO tokens.
 Crypto.com 8

Caution Regarding Forward-Looking Statements

This whitepaper contains certain forward-looking statements regarding

the business we operate that are based on the belief of Crypto.com as well
as certain assumptions made by and information available to Crypto.com
Forward-looking statements, by their nature, are subject to significant risks
and uncertainties.

Forward-looking statements may involve estimates and assumptions and

are subject to risks, uncertainties and other factors beyond our control and
prediction. Accordingly, these factors could cause actual results or outcomes
that differ materially from those expressed in the forward-looking statements.

Any forward-looking statement speaks only as of the date of which such

statement is made, we undertake no obligation to update any forward-looking
statements to reflect events or circumstances after the date on which such
statement is made or to reflect the occurrence of unanticipated events.
 Crypto.com 9

Executive Summary
Mission & Vision
Crypto.com was founded on the belief that it is your basic human right to
control your money, data and identity. We believe that decentralization holds
the key to empowering people around the world to better safeguard their
rights, and that we are helping the world move in this direction by accelerating
the transition to adopting cryptocurrency.

Mission:
Accelerate the World’s Transition to Cryptocurrency

We believe that by accelerating the transition to adopting cryptocurrency, we

can help people globally to:
Control their money - ability to access their funds anytime and anywhere;
Safeguard their data - cryptography-secured blockchain makes data-
tempering highly unlikely;
Protect their identity - no central entity can compromise your identity.

Vision:
Cryptocurrency in Every WalletTM.

In our journey to achieve this vision, we are:

Redefining how money is being moved, spent and invested, and
Democratizing blockchain technology by designing beautiful, simple and
useful financial services that have a lasting, positive impact on
people’s lives.
 Crypto.com 10

Problem Statement and Our Strategy

Key Challenges in Driving Crypto Adoption

We see the following key challenges in driving crypto adoption:

Poorly designed user experience does not delight

User Experience
or satisfy mainstream users

Weak value propositions do not incentivize people

Value Proposition to use crypto for purposes other
than speculative trading

Difficult to understand and

Complexity
invest for new-to-crypto users

Damaged user confidence from crypto-related

Security
fraud and theft

Our Strategy

To tackle the challenges above, we are offering products along 3 verticals:

1. Payment
2. Trading
3. Financial Services
Payment
User Acquisition
Our strategy is to leverage payment solutions
as the primary tool for driving adoption
and user acquisition, while building trading
and financial services solutions as the major
sources of revenue. This strategy creates and
self-sustains a virtuous cycle: payment channels
Trading &
bring users onto the platform, whereas trading Financial Services
and financial services generate revenue that can Revenue Engine
be reinvested into payment.
Our product solutions across three verticals are building up a sustainable ecosystem
that serves our mission: Accelerate the World’s Transition to Cryptocurrency.
 Crypto.com 11

Commitment to Security & Compliance

Building trust is the cornerstone of our commitment to our customers -

we believe that security and compliance are the foundations of achieving
mainstream cryptocurrency adoption.

Crypto.com is the first cryptocurrency company in the world to have ISO/IEC

27001:2013, ISO/IEC 27701:2019, PCI:DSS 3.2.1, Level 1 compliance and CCSS.

ISO/IEC 27701:2019 Certification is the “Gold Standard”

for privacy risk management (the audit was conducted
by SGS, a leading inspection verification and certification
company recognized globally).

ISO/IEC 27001:2013 Certification is the “Gold Standard”

for information security management (the audit was led
by SGS, a global leader in Testing, Inspection
and Certification).

PCI:DSS (Payment Card Industry: Data Security Standard)

outlines a set of strict requirements set by the payment
card industry and is designed to ensure that organizations
which process, store or transmit credit card data maintain
a highly secure environment, and uphold the highest data
security and privacy standards. Level 1 is the highest level
of certification.

CCSS (Cryptocurrency Security Standard) covers a series

of strict security requirements of an information system
that stores, transacts with, or accepts cryptocurrencies
and applies to all information systems that make use of
cryptocurrencies, including exchanges, web applications,
and cryptocurrency storage solutions.
 Crypto.com 12

We have completed a detailed security

assessment, which included external
penetration testing, threat modeling through
to risk control reviews. In addition to our own
extensive analysis, we have also engaged the
Kudelski Blockchain Security Center to conduct a thorough external security
test and full threat modeling exercise to ensure the completeness of their
security controls.

We have also been rated “Adaptive (Tier 4)” – the highest level possible for
the National Institute of Standards and Technology (NIST) Cybersecurity
Framework and the latest NIST Privacy Framework, developed by the US
Department of Commerce. The NIST Cybersecurity Framework, originally
released in 2014, provides a framework of security guidance for how private
sector organizations can develop, assess and improve their ability to identify,
protect, detect, respond and recover from cyber attacks.

All of users’ cryptocurrencies are held offline in cold storage. Crypto.com

has secured a total of USD 360M in cold storage insurance against physical
damage or destruction, and third-party theft.

For more information on our security & compliance standards,

please visit our website.

Support of Fiat Institutions

In our journey to achieve the vision of Cryptocurrency in Every WalletTM, we

are also actively enlisting the support of fiat institutions and helping them to
include or involve cryptocurrency in their offerings in a compliant, secure &
cost-effective manner.

For example, one of the first products we have launched is the Visa Card as
an approved VISA program manager. Cardholders can conveniently spend &
withdraw the fiat equivalent of their cryptocurrency online or offline at 50+
millions of VISA-approved merchants worldwide.

As another case in point, our native blockchain solution - Crypto.org Chain

- not only caters to retail users who want to spend any crypto anywhere
 Crypto.com 13

for free, but also speaks to fiat institutions who face cryptocurrency-related
challenges. For instance, Crypto.org Chain will help fiat institutions in areas
such as:
safe custody of cryptocurrencies;
control of price volatilities of cryptocurrencies;
timely and cost-efficient on-chain / off-chain settlement;
management & support of multiple cryptocurrencies.

Crypto.com Solutions Overview

Below is an overview of the products we offer along three verticals:
1. Payment - Crypto.com Pay, Visa Card
2. Trading - Crypto.com App, Crypto.com Exchange
3. Financial Services - Decentralized Finance Products, Crypto Earn,
Crypto Credit

Crypto.org Chain, our native blockchain solution, is the key tech that powers
the payment pillar and will later support our trading and financial services
products. In particular, the Crypto.org Chain blockchain protocol is the
backbone behind Crypto.com Pay, our mobile payment solution.

Crypto.com Coin (CRO) - the native token of Chain - will power all of our
products and offer rich token utility across different use cases (see section on
Token Utility below).

1 Payment 2 Trading 3 Financial Services

Crypto.com VISA Card Crypto.com Crypto.com De-Fi Crypto Crypto

Pay App Exchange Offerings Earn Credit
Powered by Powered by
Crypto.org Chain Crypto.org Chain

Powered by Crypto.com Coin (CRO) token

Since our founding, we have achieved the following milestones thanks to the
support of our community:
 Crypto.com 14

Overall Milestones 2016

June
Founded Crypto.com

2017

February
Accepted into Hong Kong
Cyberport Incubation Program
2018

May
July Reached 100 mark for Crypto.com team size
Acquired the domain name Crypto.com

2019

April
September
Reached 200 mark for
Crypto.com team size Achieved the 1-million-user milestone
Achieved PCI:DSS 3.2.1 (Level 1) Certification
and Level 3 compliance with the
Cryptocurrency Security Standard (CCSS)
2020

January
Announced Crypto.com Private program March
Reached 300 mark for Crypto.com team size
April Launched Crypto.com Private membership
Published research in collaboration program
with The Economist Intelligence Unit
May
June Achieved the 2-million-user milestone
Achieved the ISO/IEC 27701:2019
Certification (as the first cryptocurrency July
company in the world to achieve this status) Achieved the 3-million-user milestone
October
Achieved the 5-million-user milestone
 Crypto.com 15

2021

March
Launched the Crypto.com NFT platform

Launched Crypto.com Capital, a venture

fund with US$200m to invest

Payment Milestones
2016
September
Secured VISA card issuing capacity
2017
October
Received greenlight for Visa
Card in Singapore
2018
October
November
Started shipping Visa Card in Asia
Announced Crypto.org Chain
and CRO token

2019
February
Announced additional cashback March
and new perks for Visa Card Launched Crypto.com Pay
checkout solution (powered by
May Crypto.org Chain)
Launched Crypto.org Chain sample
wallet on prototype testnet June
Launched Crypto.com Pay gift
July cards service
Announced first settlement agent an
stablecoin partners for Crypto.org Chain
Started shipping Visa Card in the US
 Crypto.com 16

2019

August
September Launched Crypto.com Pay
Launched Crypto.org Chain “Pay Your Friends” function
Thaler Alpha Testnet
Onboarded early-access validator 2020
partners for Crypto.org Chain
March
Revealed incentive mechanisms for
April Crypto.org Chain Thaler Alpha Testnet
Announced Ledger’s integration with Started shipping Visa Card
Crypto.com Pay checkout solution in the UK

May
Launched Crypto.com Pay Airtime Top-Up
Started shipping Visa Card in the EU
Received greenlight for Visa Card in Canada
Launched Visa Card White-Label Program
June
Launched Crypto.org Chain October
Block Explorer v2.0
Launched Crypto.org Chain
December Croeseid Testnet
Started shipping Visa Card
in Canada
Launched Crossfire, 2021
the Crypto.org Mainnet dry run

March
Launched Crypto.org Chain Mainnet

Announced Global Alliance Partnership

and Principal Membership with Visa

Trading Milestones Financial Services

2016
Milestones

October
Built the first prototype of
Crypto.com App
2017

August
Announced the go-live of
Crypto.com App
 Crypto.com 17

2018

May
Launched the open beta program
for Crypto.com App

2019

May
November Launched Crypto Earn
Launched Crypto.com and Crypto Credit
Exchange beta version

December
Launched The Syndicate on
Crypto.com Exchange

2020

May
June Launched the Crypto.com
Completed key Crypto.com DeFi Wallet
Exchange infrastructure upgrades
September
Launched DeFi Swap
November
Launched Margin Trading on the
Crypto.com Exchange
2021

March
Launched Crypto.com Tax
 Crypto.com 18

We are excited and ready to continue building & improving solutions for our
users. Below is our product roadmap:

Crypto.com Ecosystem Roadmap

Trading Payments

Exchange Beta Goes Live Visa Cards Ship APAC

Project Fundraising Platform

Visa Cards Ship EU
Goes Live

Exchange Margin Trading &

Visa Cards Ship in Canada
Lending Launch

Exchange Derivatives Chain Mainnet Goes Live

Go Live

OTC Trading Launch Visa Cards Ship in LATAM

Pay Integrates Directly with

Large Merchants

Pay Further Integrates with

Global Merchant Platforms
Finance

DeFi Wallet Goes Live

DeFi Swap Goes Live

Card Credit Power Goes Live 

De-Fi Borrowing and

Lending Launch 

De-Fi Card Goes Live

 Crypto.com 19

Crypto.com Solutions - Payment

(powered by Crypto.org Chain)

Value Proposition

Crypto.com Pay is a mobile payment service that lets you pay in and/or
receive cryptocurrency anywhere, anytime for free. This product is powered
by Crypto.org Chain, our native blockchain solution (see section below for
details).

Crypto.com Pay delivers the following value propositions:

A.
Low fees. Merchants pay minimal fees for settlements in crypto or fiat,
saving up to 80% on fees versus typical payment processors;
B.
Low volatility & low risk offered by letting merchants accept
cryptocurrency and get paid in their preferred crypto or fiat currency;
C. Easy to set up, view and manage payments in a matter of minutes;
D.
For developers. By developers. We’ve made it easy to start accepting
cryptocurrencies with just a few lines of code.

Crypto.com Pay comes with a suite of offerings, which are introduced in

details in the following pages:
1. Pay Checkout
2. Pay Gift Cards
3. Pay Airtime Top-Up
4. Pay Your Friends

User Experience

Pay Checkout
Pay Checkout lets customers check out and pay in crypto and/ or merchants
to receive crypto as an additional payment option. It delivers the following
benefits for merchants and customers:
 Crypto.com 20

Merchants Customers

Reduced Transaction Costs (0% Fees)

Ability to spend any cryptos
Cost Vs 1-3% fees with other payment
online for free
methods

Additional revenues
Strong Incentives for purchase
Traffic New set of high-value customers
20% cashback, up to $50 per customer
Customer incentives to drive transactions

Easy integration withdocumentation guide

Smooth 2-tap mobile payment
Experience Merchant dashboard to track/reconcile
with Crypto.com App
transactions

Instant transaction settlement Instant payment confirmation and debit

Settlement
(in crypto) and T+2 in fiat Secure and compliant platform
/Compliance
Highly compliant way to receive crypto to pay with crypto

Pay Checkout is easy and intuitive to use for merchants and customers:
1. The customer pays in crypto by choosing “Crypto.com Pay” on the
checkout page at the merchant’s.
2. The customer is presented with a QR code and scans to pay - either
with Crypto.com App or with a supported decentralized wallet.
3. The customer’s account is debited.
The merchant receives payment instantly in fiat currency or
cryptocurrency of their choice in their business account with Crypto.com.

On one hand, the customer experience is

designed to be effortless, and each payment
can be completed with a few taps on their
mobile phone. On the other hand, merchants
can implement Crypto.com Pay with a few
lines of code from our SDK and have flexibility
in accepting both fiat and cryptocurrencies.

Our team is working to expand the list of merchants that integrate with
Crypto.com Pay, with our selected partners below:
 Crypto.com 21

Pay Gift Cards

With Pay Gift Cards, Crypto.com App users can shop at
worldwide prominent brands with crypto and get cashback in
CRO with each purchase.

We offer gift cards from brands in different categories including

airlines, hotels, games, fashion, food and beverage, general retail,
telecommunication, gas and diesel, entertainment, taxi services,
and grocery. Users can find renowned brands such as iTunes,
Google Play, Amazon, Starbucks, Nike etc.1 with more brands
around the world being added to the catalogue continuously.

Pay Airtime Top-Up

Pay Airtime is a feature that enables Crypto.com App users
to pay for mobile airtime top-up via Crypto.com Pay in
cryptocurrencies such as BTC, ETH, LTC and CRO.

With a few clicks in the Crypto.com App, users can top up

airtime for mobile numbers offered by over 340 prepaid
mobile network operators, including T-Mobile, Vodafone,
Airtel, Orange, Verizon & others, in over 100 countries. Users
also have options to top up their mobile phone or for the
others, anytime and anywhere.

Pay Your Friends

Pay Your Friends allows users to pay back their friends in
crypto and earn rewards by doing so. Users can pay their
friends in any cryptocurrency for free. Alternatively, if a user
pays friends back in CRO tokens, the sender will be rewarded
with up to 10% cashback on this transaction.2

What we want to achieve with Pay Your Friends is to give our

users a reason to bring all their friends into cryptocurrency. The
user experience is instantaneous & free - the more users get a
chance to experience it, the closer we get to global adoption.

________________________________________________________________
1
The availability of gift card brands varies by jurisdiction. Crypto.com does not have any direct partnership
with the brands/merchants offered.
2
Cashback limits apply
 Crypto.com 22

Crypto.org Chain
Value Proposition

Crypto.org Chain is the next-generation public

blockchain that enables transactions worldwide
between people and businesses. It is also the
technology that powers Crypto.com Pay, our
mobile payment solution (see section above),
and will be used to revolutionize the world of
payments, DeFi and NFT.

Crypto.org Chain has the following key value propositions:

1. Secure: Fault-tolerant design making the Chain resilient and safe;
2.
Instant & Low-Cost: Chain delivers Instant transaction confirmation
coupled with minimal fees;
3.
Permissionless: Chain is an open-sourced project that welcomes any
party to join the network and/ or contribute to the code development.

Roles & Incentives

Different parties will be able to join & use Crypto.org Chain with different
incentives:
 Crypto.com 23

Participant Roles in the network Incentives

discounts: pay with crypto and receive

generous cashback funded by the network
access (time): instant access to cryptocurrency
To make payments in
Customers access (distribution): ability to spend cryptocurrency
cryptocurrency
directly from their customer crypto-exchange
account / wallet at millions of merchants, both
online or offline,without moving to fiat

reduced costs: zero processing fees;

business growth: acquire high quality customers
To receive payments in with substantial spending power;
Merchants
cryptocurrency marketing: offer customers network-funded
discounts and demonstrate abilityto move with a
new trend

Settlement To settle between different

revenue: earn fees for activities performed
Agents currencies

To validate and commit blocks

Validators
(containing transaction info) revenue: earn fees for activities performed
(Council Nodes)
to the chain

Technology

Crypto.org Chain Technology Overview

Please refer to the Crypto.org Chain Documentation for an overview on latest
releases and features.

More tools & information for developers could be found on the

Crypto.org Chain website.

Crypto.org Chain Croeseid Mainnet

Crypto.org Chain Mainnet launched in March 2021, with Crypto.org Coin (CRO)
as its native currency.

Users can stake CRO in Crypto.com DeFi Wallet to join delegated proof-of-
stake and earn yield accordingly.
 Crypto.com 24

Crypto.org Chain Block Explorer

To better share network information, Crypto.org Chain Explorer 2.0 was unveiled
together with a revamped Crypto.org Chain website. By allowing anyone to
review the Croeseid Testnet on-chain activity, including node staking and
governance, the new Crypto.org Chain Explorer marks an important milestone on
our road to mainnet and supports our decentralized and permission-less vision
for the network.

Tendermint as the Consensus Engine

We have decided to choose Tendermint - a byzantine fault tolerant (BFT)

consensus protocol3 - as the consensus engine for Crypto.org Chain. We are
also an active contributor to the Tendermint Rust-abci library.

The decision to use Tendermint was based on the following reasons among
others:
1. Solid performance in testing
a. During our internal testing, we have obtained throughputs of
transactions-per-second (TPS) reaching hundreds;
b. An earlier version of Tendermint was rigorously tested by Jepsen.io,
which sets it apart from newly-proposed algorithms that are yet to
be thoroughly tested;
2. Track record of adoption: Tendermint has been in continuous
development since 2014, and has been adopted by several high-profile
projects4;
3. Broad use cases: Unlike some blockchain systems that are confined
to consortium networks, Tendermint caters to both permissioned and
public network;
4. Flexibility: Tendermint has a fairly modular architecture, and offers
flexibility on which and how applications are developed on top of it.

3
See the Cosmos Whitepaper for details
 Crypto.com 25

Network Decentralization

Crypto.org Chain is being built with complete decentralization in mind - Chain

is a permissionless network, meaning that anyone can participate in the
network if they wish to do so. Crypto.org Chain is open-source on Github with
documentation here.

In the long-term, Crypto.org Chain will be able to run without CRO Protocol
Labs entities as we develop the key pieces of architecture and technology to
enable it:
Trust-less mechanisms to increase access to transaction validation nodes,
Built-in and proven security protocols to keep bad actors at bay,
Balanced incentives for valued added contributors and disincentives for
free-riders,
Upgradability and flexibility of the chain through community code
contributions.

4
See List of projects in Cosmos & Tendermint Ecosystem
 Crypto.com 26

Crypto.com Fiat

Cost Free 2 - 3%

Settlement Instant Centralized

T + 2 -> 7 vs Decentralized vs Distr
Centralized vs Decentralized vs Distributed Network: An Overview
Network

Decentralized Network Centralized Network

No single authority server All the nodes are
controls the nodes, they all connected under a
have individual entity single authority

Network Potential

Blockchain technology and cryptocurrencies are relatively new concepts. Since

Bitcoin’s initial release in 2009, the awareness and acceptance of blockchain
& cryptocurrencies have been steadily on the rise. We are pleased to see
that crypto has received the interest and support of established institutions,
with recent news such as Facebook’s launch of its Libra project and Paypal’s
confirmation that it is developing cryptocurrency capabilities. We believe
that such favorable developments in the industry will continue to increase the
recognition of cryptocurrencies and fuel the growth of the industry.
On a related note, the accelerated experimentation of Central Bank Digital
Currencies (CBDCs) by governments around the world indicate a strong
interest in digital currencies as a whole. Our research & insights team have
supported The Economist Intelligence Unit (EIU) in a white paper titled
Digimentality —Fear and Favouring of Digital Currency, which outlines the
findings from our research on consumer attitudes towards digital currencies.
We have observed that 85% of survey respondents have owned, used or
heard of decentralized digital currency (such as a cryptocurrency), indicating
increased public awareness.
 Crypto.com 27

Another indicator on the potential of cryptocurrencies is the exponential

growth in the number of wallets. Bitcoin and Ethereum wallet creation have
experienced explosive growth (>10x) respectively from 2013 to 2015 and 2016
to 2018. We expect wallet creation growth to continue in the future but with
a significantly more moderate CAGR down to 30-40% in the later years. Our
research & insights team have used on-chain data to reach the estimate that
the Bitcoin & Ethereum wallet addresses map to around 66 million crypto
owners worldwide in 2020 (see this report for details on methodology), which
is a sizable user-base considering both networks are around or less than a
decade old at the time of the estimate.
Historical growth of Bitcoin and Ethereum Wallet

Bitcoin Wallet Address Growth

60,000,000

40,000,000

20,000,000

0
1/1/2012 1/1/2014 1/1/2016 1/1/2018 1/1/2020

# of addressess on the Bitcoin network

Ethereum Wallet Address Growth

100,000,000

75,000,000

50,000,000

25,000,000

0
1/1/2016 1/1/2017 1/1/2018 1/1/2019 1/1/2020

# of addressess on the Ethereum network

Leveraging the Bitcoin/Ethereum wallet creation growth forecast, and

discounting users with multiple wallets as well as overlap between each
blockchain wallets, we expect crypto users to grow to 250 to 400 millions by
20225.

____________________________________________________________
5
Based on historical growth of Bitcoin and Ethereum wallets (2:1 ratio in contribution) and decreasing
expected future growth down to 35% in the last year
 Crypto.com 28

Total Digital Payments segment expected to be $5+ trillion USD by 2022,

amongst which crypto payments could represent 2-3%7 of total payment
volume ($100-150 billion USD).

Total Transaction Value in the "Digital Payments" Segment6

6,000,000
5,411,354
4,920,468
4,381,401
in million USD

4,000,000 3,818,909
3,265,209
2,753,714
2,311,407
2,000,000

0
2016 2017 2018 2019 2020 2021 2022
Source: Statista Digital Commerce Mobile POS Payments

_____________________________________________________________
5
Based on historical growth of Bitcoin and Ethereum wallets (2:1 ratio in contribution) and decreasing
expected future growth down to 35% in the last year
6
The Digital Payments market segment is led by consumer transactions and includes payments for products
and services which are made over the Internet as well as mobile payments at point-of-sale (POS) via
smartphone applications.
7
Similar to the payment market penetration of the first mobile payment player entrant in a large market
after 4-5 years
 Crypto.com 29

Visa Card
Value Proposition

Customers typically face the following pain points when trying to buy & spend
with cryptocurrencies:
1. Lack of places to transact with crypto;
2. Having to endure long lead times (3-4 days) for processing;
3. Being charged significant FX fees (up to 5% of purchase amount) by
financial institutions when spending abroad with regular fiat debit or
credit cards.

The Visa Card addresses these pain points by allowing cardholders to:
A.
Transact without annual fees at 60+ millions VISA merchant locations
worldwide;
B. Enjoy instant top-up and payment completion without waiting time;
C. Spend overseas at interbank exchange rates without markups;
D. Benefit from amazing perks associated with the card.

User Experience

The Visa Card offers benefits that challenge the world’s best credit cards.
Users can apply for different tiers of VISA cards that offer different perks:
 Crypto.com 30

CRO Cashback** Card Benefits Card Limits

(while staking***)

Obsidian Crypto.com Private

100% reimbursement of Netflix, Spotify, and
$1,000 USD / month free ATM
8% Cashback Amazon Primememberships#
withdrawals
10% reimbursement of Airbnb and
Reduces to 2% unless staking Unlimited foreign currency
is renewed. Expedia expenses#
transactions
Airport lounge access + 1 guest
Private Jet Partnership

Icy White
Frosted Rose Gold
Crypto.com Private $1,000 USD / month free ATM
5% Cashback 100% reimbursement of Netflix, Spotify, and withdrawals
Reduces to 1.75% unless staking Amazon Prime memberships# $20,000 USD / month foreign
is renewed. 10% reimbursement of Expedia expenses# transactions
Airport lounge access + 1 guest

Jade Green
Royal Indigo

$800 USD / month free ATM

3% Cashback 100% reimbursement of Netflix and withdrawals
Reduces to 1.5% unless staking Spotify memberships# $10,000 USD / month
is renewed.
Airport lounge access foreign transactions

Ruby Steel

$400 USD / month free ATM

2% Cashback 100% reimbursement of Spotify withdrawals
Reduces to 1% unless staking membership# $4,000 USD / month foreign
is renewed.
transactions

Midnight Blue
$200 USD / month free ATM

1% Cashback - withdrawals
$2,000 USD / month foreign
transactions

From 19 March 2021 09:00:00 UTC, CRO Staking Requirements for the Crypto.
com Visa Card is expressed in local fiat currencies instead of fixed amounts of
CRO. The staking requirements are per the table below:
CRO Equivalent

Card Tier USD EUR GBP SGD CAD

Midnight Blue $0 €0 £0 $0 $0

Ruby Steel $400 €350 £300 $500 $500

Jade Green / Royal Indigo $4,000 €3,500 £3,000 $5,000 $5,000

Frosted Rose Gold / Icy White $40,000 €35,000 £30,000 $50,000 $50,000

Obsidian $400,000 €350,000 £300,000 $500,000 $500,000

Notes:
* “Stake” or “Staking” means the holding of CRO in your Crypto.com App for 6 months;
** CRO Cashback is paid in CRO token to your wallet in the Crypto.com App. Transactions on digital wallets, digital banking services, crypto
 $200 USD / month free ATM

1% Cashback - withdrawals
$2,000 USD / month foreign
transactions

Crypto.com 31

CRO Equivalent

Card Tier USD EUR GBP SGD CAD

Midnight Blue $0 €0 £0 $0 $0

Ruby Steel $400 €350 £300 $500 $500

Jade Green / Royal Indigo $4,000 €3,500 £3,000 $5,000 $5,000

Frosted Rose Gold / Icy White $40,000 €35,000 £30,000 $50,000 $50,000

Obsidian $400,000 €350,000 £300,000 $500,000 $500,000

Notes:
* “Stake” or “Staking” means the holding of CRO in your Crypto.com App for 6 months;
** CRO Cashback is paid in CRO token to your wallet in the Crypto.com App. Transactions on digital wallets, digital banking services, crypto
exchanges, stored value products, money remittance services are excluded from the CRO rewards program;
*** Once a user unstakes CRO, the benefits of each tier will be reduced (except for Airport lounge access). To keep enjoying all these rewards
and benefits, users can keep CRO staking beyond the initial 6-month staking period.
# This offer is launched by Crypto.com independently and there is no partnership between Crypto.com and the merchants in this offer.
Crypto.com has the sole discretion to modify this offer at any time. Maximum reimbursements per month:
- Spotify: USD 12.99 equiv. - Netflix: USD 13.99 equiv. (standard monthly subscription - HD, 2 screens) . - Expedia: USD 50 equiv.
- Amazon Prime: USD 12.99 equiv. - Airbnb: USD 100 equiv.

The Visa Card could be managed via the Crypto.com App (see section below
for details). In the app, users could complete card application, view card
details, track card spending records, receive eligible card rewards etc.,
 Crypto.com 32

Crypto.com Solutions - Trading

Crypto.com App
Value Proposition

Crypto.com App delivers the following value propositions:

A. One-stop shop to buy, sell, store, send & track track cryptocurrency in
a secure and convenient way with a few taps on their mobile phones;

B. The only place to buy crypto at true cost - Crypto.com’s proprietary

Vortex Trading Engine pools liquidity from major exchanges globally
and routes orders to them to ensure the Best Execution Price. Coupled
with our increasing coverage of fiat top-up channels and convenient
app interface, this makes Crypto.com App the best place to buy crypto.

Special promotion: The 3.5% credit/ debit card fee will be waived for
cryptocurrency purchases for all users until the end of September.
 Crypto.com 33

User Experience

Buy & Sell Crypto

Users can buy crypto with their fiat wallets and/ or with a credit or debit card.
The Crypto.com App supports 7 fiat and 55 cryptocurrencies.

Send Crypto
Users can send crypto to Crypto.com App users instantly without fees, or
withdraw crypto to external wallet addresses with minimal fixed fees.

Track Crypto
Users can monitor 200+ coins at their fingertips in the coin tracking tab.
Metrics available include prices, volume, market cap, % change and more that
are refreshed frequently and up-to-date. The app also presents charts in dual
currencies (USD, BTC) and different time frames (8H, 1D, 1W, 3M, 6M).

Manage the Visa Card

The Crypto.com App enables users to apply for and manage their Visa Card
and enable spending of their cryptocurrency in the online and offline world
at more than 40 million VISA merchants worldwide. Supported app functions
include:
Convert cryptocurrency into fiat ready for spending (including USD, EUR,
GBP, SGD, HKD, JPY, AUD)
Enable card withdrawal, freeze/ unfreeze card
Upgrade card tier etc.
 Crypto.com 34

Crypto.com Exchange
Value Proposition

Crypto.com Exchange lets users trade crypto at ease with the following value
propositions:

Deep liquidity with access to the best execution prices;

A.
B. Competitive fees offered with high volume accounts trading for free
(after CRO staking discount);
C. Engaging events provided such as discounted token distributions
(Syndicate) and trading activity-driven competitions (Trading Arena);
D. Institutional-grade infrastructure that powers high-availability, fully-
resilient and horizontally-scalable components.

Crypto.com Exchange debuted with the spot trading functionality, with more
features & promotions being added to the platform to deliver a suite of
trading-related services for retail & corporate users alike.

Furthermore, Crypto.com Exchange helps to facilitate CRO liquidity with CRO

trading pairs and CRO-related activities (see section below for details).
 Crypto.com 35

User Experience

Spot Trading
Crypto.com’s proprietary Vortex Liquidity Engine ensures that customers have
access to deep liquidity pools and best execution prices on the Crypto.com
Exchange. Retail & corporate users can trade on the exchange via the desktop
interface or via the exchange API.

Crypto.com Exchange supports trading pairs for cryptocurrencies with leading

market capitalization and volume such as BTC, ETH, LTC, USDC and more,
as well as CRO token - the native currency of Crypto.org Chain (see section
below for more details on the CRO token).

The fees on the exchange are based on trading volume and CRO staking. The
higher the volume and/ or the higher the amount of CRO staked, the lower the
trading fees. In addition, users enjoy trading fee discounts if they pay the fees
in CRO. Please refer to this webpage for our detailed fees & limits schedule.

Margin Trading
Margin trading on the Crypto.com Exchange allows you to borrow
cryptocurrencies on Crypto.com Exchange to trade on the spot market.
Eligible users can use the margin loan as leverage to open a position that is
larger than the balance of your account.

Derivatives Trading
The first derivatives product offered on Crypto.com Exchange is perpetuals.
Perpetuals enable traders to buy or sell the value of their ‘assets’, whereby the
underlying asset itself is never traded—allowing them to better manage risk.
Perpetuals do not expire or have a settlement date, and users can hold their
positions for as long as needed.

Crypto.com Lending
Crypto.com Lending allows you to borrow against your cryptocurrencies
without selling them. You can deposit them as collateral and take out crypto
loans to fulfill your financial needs, use for Margin Trading on the Crypto.com
Exchange, or hedge on other exchange platforms.
 Crypto.com 36

If you are an institutional user and require more flexible loan terms, you can
apply for Lending Pro on Crypto.com Lending. Once your application has
been approved, you can enjoy a higher borrowing limit and apply for loans
with customised terms when they are available.

Syndicate
The Syndicate is a discounted token offering platform on Crypto.com
Exchange, powered by the CRO token.

The Syndicate helps projects raise awareness and drive user education. The
listing project can provide an allocation of their own token for distribution on
the Crypto.com Exchange users with up to a 50% discount. All proceeds from
the sale are passed back to the projects. CRO holders receives priority token
allocation for these events.

Staking Benefits
Crypto.com Exchange can enjoy benefits provided by two types of staking
services:

1. CRO stake-and-earn:
Users can stake CRO for 180 days on the Exchange and earn up to 10%
in interest annually.

2. Soft-staking for idle balance:

Crypto.com Soft Staking offers users a new way to earn rewards up
to 5% in interest annually on cryptocurrencies held in the Exchange.
Rewards are offered on a flexible term - no “lock-up” is required. The
soft-staking maximum limit varies depending on the currency, and users
with more CRO staked on the Exchange are eligible for higher limits.

Other Features & Promotions

Crypto.com Exchange will continuously expand its product offerings for retail
& institutional users.

In addition, Crypto.com Exchange offers a stream of new-user promotional

campaigns. Promotions we have launched include 2% additional deposit bonus
(for first 30 days), 0% trading fees (for first 90 days) etc.
 Crypto.com 37

Crypto.com Solutions - Financial

Services

Decentralized Financial Services

Crypto.com DeFi Wallet

Value Proposition
To take one more step towards letting users better safeguard their money,
data and identity, we have launched the Crypto.com DeFi Wallet, which is
a non-custodial wallet app that allows users to gain full ownership of their
private keys.

Crypto.com DeFi Wallet offers the following value propositions:

A. Decentralized product giving users full control of private keys (and
crypto) are placed in the hands of users;s
B. Secure wallet protected by the encryption of private keys on the
user’s device, combined with passcode, biometrics and 2-factor
authentication;
C. Flexible transactions with customizable confirmation speed and
network fees;
D. Convenient connection to the Crypto.com App to easily access the
diverse crypto financial services offered by Crypto.com.
 Crypto.com 38

Note: Crypto.com DeFi Wallet (non-custodial) and Crypto.com App (custodial

- see section above) are two mobile applications that target different use
cases.

Crypto.com Wallet Crypto.com App

(Non-custodial Wallet) (Custodial Wallet)

If crypto transfers are made within

You have 100% control over your
Crypto.com ecosystem, you will not be
crypto and your private keys
charged any fees
Advantages

We do not require you to prove No major effect if you lose your private
your identity so risk of data branch keys or recovery phrase, easy to regrain
is lower access again via our support team

You need to pay transaction fee

You need to prove your identity and
as the transactions are on-chain
perform KYC (know your customer,
and you have to wait for the
ID verification)
transaction to be confirmed
Disadvantages

If you lose your recovery phrase,

Your wallet is not fully decentralized as
you will not be able to access your
Crypto.com is the wallet custodian
wallet and crypto

User Experience
Crypto.com De-Fi Wallet is designed for all level of crypto users - beginners
will feel at ease as they are gently guided towards making their first
transaction, while experienced users will notice significant improvements
to common features found on other crypto wallets (in particular, backup
recovery phrase and sending/receiving crypto). The wallet supports BTC, ETH,
CRO, LTC, XLM, CRV, and TRU, with more tokens to be progressively added.
Users can have more than one wallet and change their wallet networks from
Mainnet to Ethereum Testnets in the Crypto.com DeFi Wallet App.

To get started, users could download the Crypto.com De-Fi Wallet mobile app
and follow these simple steps:
1. Select a wallet creation method:
a. Create a new wallet
 Crypto.com 39

b. Import an existing wallet (for users

who already have an existing wallet
created on other applications, they
can easily import such wallets with
a 12/18/24-word recovery phrase)
c. Connect to Crypto.com App (for
existing Crypto.com App users)
2. Accept our Legal Terms & Conditions
and Privacy Notice
3. Set up a passcode and enable biometrics authentication and 2FA
4. Back up the recovery phase

Crypto.com DeFi Swap

DeFi Swap is designed to be the best place to swap and farm DeFi coins at
the best available rate, leveraging proven and audited protocols, while offering
an outstanding incentive program powered by CRO.

Liquidity Providers (LPs) are generously incentivized for contributing to

liquidity pools with Triple Yield through:
Swap-fee Sharing for LPs;
CRO DeFi Yield for LPs who also stake CRO;
Bonus LP Yield for LPs of selected pools.

DeFi Swap follows a constant product formula, where the product of

the quantities of two tokens remain the same before and after a swap is
performed. The price slippage depends on the ratio and quantity of tokens in
the pool.

The DeFi Swap is a decentralized protocol deployed on the Ethereum

blockchain. Each transaction record such as on-chain deposits and
withdrawals are transparent on the network. The role of Crypto.com is as a
provider of technology by contributing to the development of the product.
Crypto.com is open-sourcing the core codebase and welcomes the input and
decentralized contributions from the community.

DeFi swap is integrated with the DeFi wallet allowing users to exchange
tokens directly in the DeFi Wallet app.
 Crypto.com 40

For more information about the DeFi Swap, please consult the DeFi Swap
whitepaper, and the DeFi Swap FAQ. Users can provide liquidity and / or swap
tokens via interacting directly with the DeFi Swap Web App.

Other Decentralized Offerings

Other than the products mentioned above, we have also launched DeFi Earn
that allows users to generate yield on their tokens and DeFi dashboard with
estimated gas costs.

In addition, we have a suite of decentralized products planned in our product

roadmap (see section above), including but are not limited to: decentralized
borrowing / lending services, decentralized card offerings etc. Some of
our offerings will be powered by Crypto.org Chain, a decentralized public
blockchain.

On a related note, our in-house Research & Insights team are publishing
articles & reports on decentralized finance (e.g., De-Fi landscape overview,
project deep-dives), which can be viewed online at this webpage. We are
continuously publishing more reports to the webpage which can be read by
anyone for free. Other than the free reports, Crypto.com Private members get
exclusive access to our proprietary monthly feature articles (see section on
Crypto.com Private for more details).
 Crypto.com 41

Crypto Earn (part of the Crypto.com App)

Value Proposition
Crypto Earn is a product that lets users who want to capitalize on their holdings
while retaining ownership. Crypto Earn gives users the freedom to grow their
crypto assets and earn up to double-digit interest rates annually on different
cryptocurrencies.

User Experience
Crypto Earn is offered within the Crypto.com App.
Users can deposit cryptocurrencies and earn interest. Supported deposit tokens
are shown in the picture below and more assets will be added regularly.8

Tokens in Crypto Earn

Stablecoins

There are three holding term options for users to choose at the time of deposit:
Flexible holding term
1-month fixed term
3-month fixed term

Once the deposit is confirmed, interest will start to accrue immediately. Please
check the Crypto.com App for the latest rates. Users with CRO staked will
receive preferential interest rates.
________________________________________________________________
8
Token availability varies by jurisdiction
 Crypto.com 42

Crypto Credit (part of the Crypto.com App)

Value Proposition
Crypto Credit gives users spending power by enabling them to monetize their
crypto assets without the need to sell it:
Get the credit limit you want, not what you’re given.
A.
B. Instant credit deposited in your crypto wallet and is ready to spend.
Pay whenever you want with no statement deadlines.
C.
No credit check required.
D.

User Experience
Crypto Credit is offered within the Crypto.com App.

Users can deposit cryptocurrencies as collateral to borrow a crypto loan.

Supported collateral currencies include BTC, ETH, CRO, LTC, XLM, EOS,
ADA, ALGO, ATOM, VET, LINK, and WBTC, with more currencies to be added
progressively.
Supported Collateral Currencies

Loans

After depositing the required collateral, the user will receive the loan instantly
in their crypto wallet in the Crypto.com App. Supported loan currencies
include USDT, TUSD, USDC, PAX

Users with CRO staked will receive preferential loan interest rates. Please
check the Crypto.com App for the latest rate information.
 Crypto.com 43

Crypto.com Solutions -
Other Services & Benefits

Crypto.com NFT
Value Proposition
Crypto.com NFT is a platform dedicated to delivering unique content from
popular artists, musicians, athletes, and sports:
Curated roster of mainstream and digital artists including: Aston Martin
Cognizant Formula OneTM, Axel Mansoor (the King Of The Clubhouse),
Bag Raiders, BossLogic, Boy George, Jonathan Monaghan with Nathan
Evans (of #1 single Sea Shanty ‘Wellerman’ fame), KCamp, Klarens Malluta
with Lionel Richie, KLOUD, Mr. Brainwash, OPUS, Snoop Dogg,
among others;
User-friendly NFT buying experience, allowing users to buy NFTs using
their credit or debit card;
Integration with Crypto.com Pay, offering users the ability to pay with over
20 cryptocurrencies including Bitcoin, Ethereum, and Dogecoin.

User Experience
At launch, users will have the option to 1-click buy using their credit or debit
card or with cryptocurrency via Crypto.com Pay.

Collectors or fans will be able to acquire and trade (resell) NFTs through
the platform.

Crypto.com Tax
Value Proposition
With its intuitive interface and country-specific tax calculation formulas,
Crypto.com Tax makes it easy to file complicated crypto taxes:
Full integration with popular exchanges & wallets and easy-to-use interface
that gets the job done in no time;
Entirely free services. No matter how many transactions you have in the
past years, we’ll handle the calculation for you at no cost, making us the
 Crypto.com 44

first free crypto tax product on the market;

Simple and intuitive interface, aiming to create the best user experience
when dealing with tax matters. All results are transparent for review prior
to getting your final results generated.

User Experience
Users can import crypto transaction records from supported exchanges
and wallets by uploading a CSV file, or using API synchronisation with major
platforms like the Crypto.com App.

In a matter of minutes, Crypto.com Tax is able to provide users with an

estimation of taxable gains/losses on relevant crypto transactions, which can
then be downloaded for tax filing.

Crypto.com Private

Crypto.com Private is a package of premium rewards and benefits tailored for

our Obsidian, Rose Gold and Icy White VISA cardholders. This builds on our
existing benefits for these cardholders which include up to 8% cashback on all
spending, unlimited LoungeKey™ Airport Lounge Access with a guest, Airbnb
and Expedia rebates among other benefits (see section above on Visa Card
for detailed description on the card product).

Benefits for All Private Members

All Crypto.com Private Members will have access to a set of crypto-related
services:
OTC block trades of CRO
Priority access to research reports published by Crypto.com
 Crypto.com 45

Inheritance service i.e., assistance with estate handling related to Crypto.

com assets
Top industry events access (with priority access for Obsidian cardholders)
Priority customer service

VISA Card-Related Benefits

Icy White, Rose Gold and Obsidian cardholders will now enjoy:
Crypto Earn additional interest of 2% annually on fixed-term deposits
(paid in CRO; not applicable to CRO deposits);
Crypto Earn increased account limits of USD $2m for Obsidian and
USD$1m for Icy White/Frosted Rose Gold; US$0.5m for the remaining
card tiers;
Amazon Prime rebate of up to US$12.99/month in membership fees;
Welcome Pack with exclusive Crypto.com branded merchandise.

In addition, Obsidian cardholders will exclusively enjoy the private jet service
(special perks when travelling with our preferred private jet partner).

Referral Program

Crypto.com App Referral Program

Our referral program provides some of the richest rewards ever seen in the
industry. Both referrers and their referred
Refer & Get $25 USD
friends receive a $25 USD bonus (in CRO)
with each successful sign-up and CRO-
staking for any metal VISA card on the
Crypto.com App.

All eligible Crypto.com App users can

participate in the referral program, with no
limits on the number of referrals. Bonuses
of the referral program are credited instantly - your referred friends can use
their sign-up bonus immediately after they make a valid transaction.

Crypto.com Exchange Referral Program

The Crypto.com Exchange referral program offers rewards to both eligible new
referred users and the referrers. New users that pass verification and stake a
certain amount of CRO are eligible to receive up to USD$25 equivalent in CRO.
Eligible referrers can receive even greater rewards in CRO.
 Crypto.com 46

Research & Insights

We have an in-house Research & Insights team dedicated to publishing

articles, reports and research with the aims to educate more people about the
crypto space and establish thought leadership with insightful analysis. The
offerings of our research team include:

Crypto.com University (link here) - educational materials about

blockchain and cryptocurrencies, suitable for people who are new to the
industry and/ or are looking to level up their knowledge;
Crypto.com Research Hub (link here) - free, online repertoire where we
share our independent views on diverse topic suitable for audiences of
different levels of knowledge and/ or interest. We offer a wide range
of materials that cater to industry veterans, trading enthusiasts or new
joiners alike;
Crypto.com Private Feature Articles - Crypto.com Private members get
privileged access to our monthly feature articles, along with other exclusive
benefits (see the section on Crypto.com Private for more details).

Our research team conducts in-house research, as well as collaborates

with research partners on certain topics. For example, we supported The
Economist Intelligence Unit (EIU) on a piece of research to dig deeper into
the general public’s behaviors and opinions around digital payments - such
as drivers, barriers and trust factors - and the evolution of a cashless future.
A new interactive digital currency hub is now being hosted on The Economist
(https://digitalcurrency.economist.com/) alongside a white paper titled
Digimentality —Fear and Favouring of Digital Currency, which outlines the
findings from our research on consumer attitudes towards digital currencies.
 Crypto.com 47

Formula One Partnership

In March 2021, Crypto.com announced a multi-year partnership with Aston
Martin Cognizant Formula One Team™ to bring exclusive experiences and
opportunities to traders and F1 fans. The partnership brings together two
dynamic brands which share a passion for technology and speed, and
places Aston Martin Cognizant Formula One Team™ at the forefront of
cryptocurrency innovation.

Crypto.com is the first cryptocurrency platform to be sponsoring an F1 team

Visa Principal Membership

In March 2021, Crypto.com announced a global partnership with Visa that also
includes principal membership in Visa’s network in Australia. The partnership
will advance Crypto.com’s ambition to accelerate the adoption of crypto
payment solutions around the world by expanding the reach of the
Crypto.com Visa Card. In addition, Crypto.com is announcing plans to roll out
fiat lending with crypto collateral via the Crypto.com Visa Card.

Having been granted Visa principal membership, Crypto.com will begin

direct-issuance of the Crypto.com Visa Card in Australia, allowing Crypto.com
to have a direct relationship with cardholders. Crypto.com has also started
offering virtual cards in Europe, allowing users to instantly start spending
without waiting for the physical card to be in-hand.
 Crypto.com 48

CRO Token

Token Creation and Basic Information

Token name Crypto.org Coin

Token ticker CRO

Issuing entity CRO Protocol Labs

Token total supply 30,000,000,000 CRO

Secondary distribution only.

Distribution mechanisms No pre-sale, no public sale, and no ICO
100% circulating supply, 100% decentralized
Focused on revolutionizing payments, DeFi and NFTs
(See section below for details on distribution & planned use)

Token ERC20 contract and daily distribution smart contract

Audit & assessment were successfully audited by Quantstamp and Certik
 Crypto.com 49

Token Distribution and Planned Use

In February 2021, Crypto.com announced updates to the CRO token
distribution, with the goal of 100% decentralization in preparation for Crypto.
org Mainnet launch.

Crypto.com has pledged to burn 70 billion CRO (reducing the total supply of
the token to 30 billion CRO), with the remaining 5.9 billion CRO to be used
as Mainnet block rewards for Chain validators and allocation to Particle B for
ecosystem development.

Current
Wallets Token Burn & Allocation
Holding

Capital Reserve
0x22e4f709fd5e7fe246fbf7e 20 bn 100% Burned (20 bn)
714ae89bdab7e2a5d

Community Development
0x67703f7d089f3ac7c8c13a1 5.5 bn 100% Burned (5.5 bn)
8b2381cbd7ee3eded

Secondary Distribution &

100% Burned (10.4 bn)
Launch Incentives
10.4 bn (as it gets minted by the
0x20a0bee429d6907e55620
smart contract)
5ef9d48ab6fe6a55531

Ecosystem Grants 96% Burned (19.1 bn)

0xdda508f9f3c1b4ca39c879 20 bn 4% Allocated to Particle B
4df3a080298ebe9c55 (0.9 bn)

Network Long-Term Incentives 75% Burned (15 bn)

0x71507ee19cbc0c87ff2b5e05 20 bn 25% Allocated to Chain
d161efe2aac4ee07 Block rewards (0.9 bn)
 Crypto.com 50

Token Utility
The Crypto.com Coin (CRO) token is the native token of Crypto.org Chain -
our next-generation public blockchain solution. CRO also powers the overall
Crypto.com ecosystem, with utility across payment, trading and financial
services use cases:

Crypto.com Coin (CRO) Utility

ts Tra
en ding
ym
Pa

Crypto.com Pay & Crypto.com App

Crypto.org Chain
Receive token rewards for
Earn up to 20% cashback
selected token listings on the
paying merchants online and Fin
an Crypto.com App based on CRO
ce
offline
Token staked in app

Earn up to 10% cashback on

Receive higher staking rewards
major brands gift-cards and
for selected tokens based CRO
p2p transfers to friends
Token staked in app

Stake CRO as Validator on the

Crypto.org Chain and earn fees
on the network

Use CRO to settle transaction Crypto.com DeFi Wallet

fees on the Crypto.org Chain Unlock DeFi features in
non-custodial wallet app
Crypto.com Exchange
Get better staking rewards
with CRO tokens staked Stake CRO and earn up to 10%
p.a. on Crypto.com Exchange
Crypto.com Earn
Get discounted trading fees
Get better interest rate
when staking & paying with
with CRO tokens staked of
CRO on Crypto.com Exchange
Visa Card up to 12% p.a.
Earn an additional 2% p.a. on
Reserve a metal Visa Card
fixed term deposits (paid in
CRO) with staking equivalent
Receive up to 8% back with each
to Icy White / Rose Gold or Get priority discounted
transact on the Visa Card
Obsidian Visa card tiers token allocation when new
Receive 10% p.a. on your staked coins list via The Syndicate
Crypto.com Credit
CRO for Jade Green / Royal fundraising platform
Indigo tier and 12% p.a. on your Lower annual interest rate
staked CRO for Icy White / Rose (APR) at 8% Stake CRO to enjoy
Gold and Obsidian tiers preferential interest rates in
Crypto.com DeFi Swap Crypto.com Soft Staking on
Exclusive Crypto.com Private Crypto.com Exchange
Receive & boost bonus
rewards and benefits for yield for providing liquidity
cardholders of Icy White / Rose with CRO tokens staked
Gold and Obsidian cards while
they have CRO staked for
their cards
 Crypto.com 51

Ecosystem

Exchanges
23 exchanges including:

Wallets
Wallets supporting include:

Staking & Validators

6 partners including:

Technology
2 partners including:

Settlement & Stablecoin

3 partners including:
 Crypto.com 52

Crypto.com Team & Organization

Management Profile
Crypto.com was founded and is being led by a team of seasoned management
with a proven track record and rich experience:

Co-Founders
Kris Marszalek | Co-Founder & CEO
Seasoned company builder passionate about working with great teams on
consumer products. Before starting Crypto.com in 2016, Kris was three-
times founder in tech space (e-commerce, mobile LBS app, consumer
electronics): CEO at Ensogo, Founder at BEECRAZY (sold for $21 million
USD to iBuy Group in 2013).

Rafael Melo, CPA | Co-Founder & CFO

15+ years’ experience in finance, deep understanding of risk, compliance
and Mobile Payments ecosystem in Asia. Led fundraising efforts as CFO
at ASX-listed Ensogo, securing strategic investment from VIPSHOP
(NYSE:VIPS) and raising over AUD 50m from blue chip institutions
like Fidelity, Goldman Sachs and BlackRock. CFO at Mobile Payment
Solution, a MasterCard incubated technology company and Finance
Director at Embraer S.A., aerospace conglomerate that produces
commercial, military, executive and agricultural aircraft.

Gary Or | Co-Founder & Founder of Particle B

Hacker, Product Designer, Entrepreneur, 9 years of full stack engineering
experience (RoR, Elixir, Golang), Keen interest in Machine Learning and
AI. Gary was platform Architect at Ensogo and CTO at EventXTRA, a
technology company incorporated in Hong Kong that provides corporate
event management software.

Bobby Bao | Co-Founder & Head of Corporate Development

Leader of corporate development efforts in Asia. He was China

Renaissance’s first employee on the M&A team, working on some of the
most high profile transactions, including the merger between Didi & Kuaidi.
Bobby is deeply connected within the blockchain industry in the region.
Named to the 2018 Forbes’ 30 Under 30 List.
 Crypto.com 53

Other Senior Management

Eric Anziani | Chief Operating Officer
Seasoned experience in strategy, partnerships and innovation in Financial
Services, Retail and Technology. Previously at Goldman Sachs, McKinsey, and
PayPal in London, Paris, Singapore, and Tokyo. Most recently, Eric led the
Strategy team at Global Fashion Group and drove significant cross-regional
strategic programs across its 24 markets with over 9000 employees.

Jason Lau | Chief Information Security Officer

Multiple award-winning cybersecurity professional, including the, “Hong
Kong Cybersecurity Professional Award” and “Financial Technologist of the
Year (Data Privacy)“. Jason was formerly regional Cyber Security Advisor at
Microsoft, with over 16 years of experience holding executive roles, advising
international clients such as Credit Suisse, Falcon Private Bank, ETH Zurich,
Swiss Air Force, Royal Bank of Scotland, Social Security Administration and
many more. Holds certifications such as, CISSP, CIPP/E, CIPM, CGEIT, CRISC,
CISA, CISM, CEH, CDNA, CSM, ITIL as well as being on ISACA’s General
Data Protection Regulation (GDPR) Global Working Group, an IAPP Fellow
of Information Privacy (FIP), and Regional Leader and Co-Chair of the
International Association of Privacy Professionals (IAPP) Hong Kong Chapter.

Matthew Chan | Chief Technology Officer

15+ years of experience as an executive in IT strategy and cybersecurity.
A former CTO of a multinational enterprise software company focused on
monitoring, cybersecurity and compliance, he led the organization to win
multiple back-to-back industry awards. He is also a former CIO of a multi-
strategy asset management company regulated by the HK SFC, and has
experience advising international clients such as Baker McKenzie, RBS,
Credit Suisse and Honda.

Antonio Alvarez | Chief Compliance Officer

Led a successful Anti-Money Laundering (AML) program that was deployed
across European and Asian markets at Coinbase. He also served as senior
business leader at Visa and has held senior roles at a number of other
payments companies including Western Union. During a 13-year tenure
at American Express, Antonio served in several different roles where he
was responsible for leading the business transformation and compliance
governance programs across multiple business lines and geographies.
 Crypto.com 54

Steven Kalifowitz | Chief Marketing Officer

Steve began his career at ABC Television before joining HBO, where his
work as a producer earned him industry recognition with four Emmy
Award nominations & two Emmy Awards. He has served as a juror and
speaker at multiple industry events including Cannes Lions, SXSW,
Spikes Asia, Festival of Media and Dubai Lynx. Steve was most recently
the president of Localize.city and prior to that, he drove growth and led
business for R/GA and Twitter across 20 countries throughout APAC &
MENA.

Mariana Gospodinova | General Manager, Europe

Previously COO of Binance Europe, she headed the operations in Malta
and looked after the successful launch of the crypto to fiat exchange
and other local initiatives. Mariana has solid experience in the payment
industry in Europe, with leadership roles in operations at companies
including Paysafe and SysPay.

Brent Diehl | Chief Business Officer

Former Head, Prepaid Partner Solutions at Visa. Senior Director Western
Union International Payments. Responsible for card portfolios outside of
the United States at Home Depots.

Weiyi Zhang, Ph.D. | Executive Vice President, Head

of Trading Platform Architect

Formerly Vice President, Quantitative Trading at AP Capital Management

in Hong Kong, Weiyi led the development of an algorithmic trading
platform and managed the Asian market arbitrage portfolio. Prior
to that, Weiyi was Vice President of Electronic Market Making at
JP Morgan, where he led volatility trading strategy and arbitrage
strategy development in the automated market making business; and
Quantitative Trading Strategist of Equity Derivative Trading at Deutsche
Bank.
 Crypto.com 55

Joe Conyers III | Executive Vice President, NFT Platform

Joe most recently served as Chief Strategy Officer at Downtown Music
Holdings, one of the world’s largest independent music technology and
service businesses. Joe brings over a decade of experience building
global businesses that support over a million artists and creators, and
has been recognized four years in a row as a Billboard Digital Power
Player. While at Downtown Joe co-founded Songtrust, which has grown
to become the world’s largest songwriter royalty collection service. Joe’s
experience supporting the arts and artists started over 15 years ago
when he co-founded art media company ArtObserved.com.

Chloe Yung | Senior Vice President, Head of Legal

Prior to transitioning into the world of crypto, blockchain and payment,
Chloe was formerly a regional legal counsel at BNP Paribas Asset
Management and a practising solicitor at a US law firm. Chloe has
extensive experience in handling legal matters relating to initial public
offerings, mergers and acquisitions, regulatory and licensing, fund
formation and distribution and corporate and commercial transactions.

Jonah Lau | Senior Vice President, Product

Jonah’s passion is to solve customer problems with cutting-edge
technology. He brings with him a wealth of multidisciplinary experience
as an entrepreneur, software engineer and former commercial lawyer at a
leading global law firm. At Crypto.com, Jonah is responsible for building
and leading the product team to scale and optimize the company’s product
portfolio, with the objective of driving business and strategic goals.

Cerulean Hu | Senior Vice President. Blockchain Engineering

Lead Engineer at Equichain, Team Lead - Finance and Trading Systems
at ANX, implemented blockchain solutions at FINCOVA, and was
responsible for developing trading algorithms at HSBC.

Ivan Stefanov | Senior Vice President. Risk & Operations

Previously at Skrill and NETELLER, he managed teams across multiple
markets enhancing fraud prevention and payments setup. Ivan also
cofounded NOTOLYTIX, an innovative data processing startup that
caters to all aspects of risk management.
 Crypto.com 56

Filomena Ruffa | General Manager, Latin America

Filomena brings with her deep relationships and experience in the
region, including her role as VP of innovation and strategic partnerships
for Visa Latin America, where she helped banks and merchants adopt
disruptive solutions to onboard new consumers in an increasingly digital
world. Prior to Visa, Filomena held top positions at global payments
companies including CardinalCommerce, a Visa company, where she
was GM of the LAC region, and SafetyPay, where she was VP of strategic
partnerships and alliances.

Nobuyuki Nagahama | General Manager, Japan

Originally from Japan, Nagahama began his career in the broader
consumer payment space, including merchant acquisition. Nagahama
also spent time at consulting firm PricewaterhouseCoopers, where he
led various projects and solution development within the Strategy group.
Nagahama then spent 14 years as Head of Global Network Processing at
Visa International Asia-Pacific LLC, where he was responsible for leading
strategic initiatives in the Japanese market, including the payment
processing business and the development of the company’s debit and
prepaid offerings as well as value-added-services of Visa’s payment
network. Most recently, he held leadership roles at Capgemini Japan.

Teana Baker-Taylor | General Manager, UK

Teana possesses more than 20 years of fintech, payments and digital
assets experience with expertise in commercial and product strategy,
policy and communications within leadership roles at global firms such
as HSBC, Fiverv and Citi. Previously, Teana was the U.K. Director for
Binance responsible for its U.K. and European expansion and established
Global Digital Finance, a regulatory advocacy body facilitating global
policy development with policymakers and regulators for the blockchain
and digital asset sector.

Kevin Wu | SVP of Engineering and GM of China

Kevin is a seasoned technology professional with over 20 years of
experience in the Financial Market, Retail Banking, and FinTech industry,
across China, Hong Kong, and the US. With his technology and cross
culture background, he has helped many organizations pioneering,
building & managing Technology Centers in China to support the
company’s global business growth plan, including Standard Chartered
Bank, Nomura Security and Lehman Brothers.
 Crypto.com 57

Board of Advisors
To support us on the path forward, we have invited industry-recognized
leaders to serve as our Board of Advisers, who bring a track record of success
and expertise in areas ranging from AI, trading technology, product to
operations and talent.

Antoine Blondeau | Chairman of the Advisory Board

Antoine Blondeau is Founder and Managing Partner of Alpha

Intelligence Capital, a global venture capital fund focused on deep
Artificial Intelligence/Machine Learning technology companies. Antoine
has 25 years of experience in the technology industry, having held senior
leadership positions at Good Technology, Salesforce.com and Sybase.
Antoine’s career highlights include founding Sentient Technologies, as
well as leading Dejima as CEO, the company that powered DARPA’s
foundational CALO project that later evolved into Apple’s Siri. Antoine
was also COO of Zi Corporation, whose smart text input software was
embedded in hundreds of millions of devices.

Rob Bier | Organisation Design & Scaling

Rob Bier is Founder and Managing Partner of Trellis Asia, helping
entrepreneurs develop high-performing teams and build hyperscaling
organizations. Rob also serves as the non-executive chairman of MoneySmart.
Rob began his business career at Monitor Group, where he rose to Senior
Partner and head of their London office. He co-founded antfactory, one of
Europe’s first digital venture capital firms, and founded and led SPARCK.
After the acquisition by Citigroup, Rob became an Operating Partner at
TowerBrook Capital Partners, a US$10b private equity Firm.
 Crypto.com 58

Chris Corrado | Trading Technology

Chris Corrado is Group Chief Operating Officer and Group Chief

Information Officer of London Stock Exchange Group (LSEG). Prior to
this, he was a Managing Director at MSCI, responsible for technology, data
services and program management, CIO/CTO, since 2013. Chris has held
a variety of senior CTO roles in leading banks, including Morgan Stanley,
Deutsche Bank, Merrill Lynch and UBS. He has also worked for high growth
technology companies such as eBay as CTO and AT&T Wireless as CIO.

Dimitri Tsamados | Talent

Dimitri Tsamados is Partner at Eric Salmon & Partners, a leadership

advisory and executive search firm. Drawing from over 20 years of
experience in Asia and a long history of working with high growth
companies Dimitri advises technology players across Asia. Before joining
Eric Salmon & Partners, Dimitri was a founding partner of DTCA and a
partner at CTPartners. He also founded Amhurst Gordon International, a
search firm which he grew across East Asia and sold in 2005.
 Crypto.com 59

Further Information
Crypto.com Homepage: www.crypto.com
Crypto.org Chain Website: https://crypto.org/
Crypto.org Chain Github: https://github.com/crypto-com
Crypto.org Chain Gitter: https://gitter.im/crypto-com/community
Blog: blog.crypto.com
Twitter: @cryptocom www.twitter.com/cryptocom
Facebook: www.facebook.com/CryptoComOfficial
Instagram: www.instagram.com/CryptoComOfficial
LinkedIn: hk.linkedin.com/company/cryptocom
YouTube: www.youtube.com/c/CryptoComOfficial
Telegram: www.t.me/CryptoComOfficial
Reddit: www.reddit.com/r/Crypto_com/
 Crypto.com 60

© Copyright 2020. For information, please visit crypto.com