Crypto.com has disclosed plans to list ALGO with a $500,000 allocation on its Syndicate platform.
Users will be able to purchase Algorand’s token, ALGO at a discounted sale event at half the price. All Crypto.com native token (CRO) stakers will be eligible to take part in the sales event. The event is set to kick off on Tuesday, July 14, 2020.
The ALGO listing in detail
$500,000 worth of Algorand (ALGO tokens) has been set aside for the event at 50% discount. Trading pairs on the platform will include ALGO/BTC, ALGO/USDT, and ALGO/CRO. To take part in the sales event, users will first need to register on Crypto.com and then stake some CRO tokens.
It is important to note that the number of token users will be eligible to purchase will depend solely on the amount of CRO tokens staked on the crypto fintech platform. Users will need to ensure they do not exceed their maximum CRO allocation.
The reference table below illustrates the maximum allocation available depending on CRO token staked.
Source: Crypto.com blog
Event timeline
Crypto.com has pointed out that Staked CRO tokens will not be seen as an acceptable subscription for Algorand ALGO tokens during the listing event. If the amount gotten for the listing event is more than the total discounted allocation, the final ALGO token allocation for any user would be estimated using the formula below:
Source: Crypto.com blog
Users will receive Algorand tokens allocated to them at the time of distribution. The crypto fintech platform reserves the right to review or dismiss the terms of the discounted sale event at any time.
Source: Crypto.com blog
Although users from most countries are eligible to take part in the Crypto.com Syndicate platform sales event. However, the US, China and Hong Kong citizens and residents are excluded from The Syndicate campaign.
The fintech platform is currently accepting digital asset listing applications.
Previously we carried out an in-depth overview of the Crypto.com exchange platform. The fintech firm has recently listed several tokens including ENJ, VET on its Syndicate platform.
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