Crypto.com recently announced that Ethereum (ETH) would go live on its Syndicate Lite platform with users getting the chance to purchase the crypto at a discount.
The fintech platform made this announcement via an official blog post. According to the blog post, users with staked Crypto.com coin (CRO) would be eligible to take part in the ETH sale, scheduled for Tuesday, April 14. About $250,000 worth of ETH tokens will be sold on the Syndicate Lite platform. And Crypto.com is offering its users a discounted price with 25% off on their ETH purchases.
The fintech platform also confirmed the event on Twitter.
📢It’s coming in 7 days – $ETH will be 25% off on The Syndicate Lite🤩
1⃣Sign up for https://t.co/vCNztABJoG Exchange (if you haven't),
2⃣Stake $CRO, &
3⃣Subscribe at 6am UTC 14 April.
Details here – https://t.co/KhQc2iOXIb #ETH #Ethereum pic.twitter.com/fxWAdQFV9E
— Crypto.com (@cryptocom) April 7, 2020
Syndicate Lite allocation subscription
Crypto.com elaborated about the event rules on allocation subscription by stating that user participation would be in proportion to the amount of CRO tokens staked.
The table below shows the amount of CRO tokens staked and its equivalent maximum allocation.
Source: Crypto.com blog
The blog post further highlighted that users would be able to participate in the ETH discounted sale event by contributing an amount of CRO tokens. However, it stipulated that the tokens donated should not exceed the estimated allocated benchmark according to the table. Also, Crypto.com noted that it would not accept staked CRO tokens as a subscription for ETH in this event.
Distribution will take place at a specific time for all participants to receive the ETH tokens allocated to them. If the amount gotten for the listing event is greater than the total discounted allocation, the final ETH allocation for any user would be ascertained using the formula below:
Source: Crypto.com blog
In the blog post, Crypto.com also detailed the terms of service of the sale events. It pointed out that the Syndicate Lite platform was open to a wide range of global users. However, users in China, Hong Kong, and the United States of America would not be eligible for the offer.
Earlier this week, Crypto.com announced the upcoming listing of its MCO tokens on Indian crypto exchange, CoinDCX. Additionally, it unveiled various new offers to mark the integration of its payment app Crypto.com Pay with Ledger.