Crypto.com has been on a roll lately. After the successful launch of “The Syndicate”, a fundraising platform, the exchange is gearing up for new offers. On February 4th, Crypto.com premiers “The Syndicate Lite” for its weekly events. And the first sale event offers CRO stakers bitcoin at a 25% discount.
Previously, the EOS and XLM (Stellar) listing events on The Syndicate proved to be quite successful. That’s why Crypto.com is now allocating bitcoin worth $200,000 USD at 25% off to all CRO stakers.
Here are the fine details of the event
Event Commences: 6:00 am 4th Feb 2020
BTC sale begins at 6:00 am UTC 4th Feb 2020
BTC sale ends at 6:00 am UTC 5th Feb 2020
Event Ends: 6:00 am 7th Feb 2020
Total Bitcoin allocation: $200,000
How to participate in the bitcoin listing event?
Before the sale goes live, the users will have to stake a minimum of 10,000 CRO on Crypto.com Exchange. The community seems to be questioning the minimum amount CRO stake requirement for “The Syndicate Lite.” This is because it happens to be the same as “The Syndicate” listing events.
As per the Crypto.com official website, the amount of CRO staked will determine the amount of CRO applied to this listing event. Please take a look at the table below.
Note: The table is only for the purpose of reference.
Alice wishes to participate in “The Syndicate Lite” BTC event. Let’s say she chooses to stake 10,000 CRO in her Crypto.com exchange account. With this amount, she can subscribe for BTC worth 23,000 CRO (Maximum Allocation as per the table).
Alice must check https://crypto.com/exchange/syndicate once the sale goes live to determine her maximum allocation.
Important: Alice cannot use her 10,000 CRO to subscribe to the BTC sale event.
To learn how to stake CRO in “The Syndicate” refer to our previous guide on EoS staking.
How will the allocation be distributed?
Unlike the EoS listing event, this one offers an Acceptance Period to the subscribers. It begins on 6th Feb 6:00 am UTC and ends on 7th Feb 6:00 am UTC.
During this period the subscriber needs to do the following:
- Accept/ Reject the allocation;
- In case the subscriber accepts the allocation, BTC will be distributed immediately;
- In case of rejection subscribed amount of CRO, will be refunded.
Once the sale ends the CRO funds of forfeited participants will be refunded.
If Total CRO contributed > Total Discounted allocation
According to the listing event, the total discounted allocation of bitcoin is capped at $200,000. In case the total amount of CRO contributed by participants exceeds $200,000, the below formula will be used to calculate the final allocation of the participant:
Excluded Jurisdictions: Like the previous “The Syndicate” listings, United States, China, Bulgaria, and Hong Kong are not a part of “The Syndicate Lite” Campaign. Notably, the exchange and the campaign aren’t open for Indian jurisdiction, where the Crypto vs RBI case is being heard in the Supreme Court.
And the US citizens are not happy about this. After all, it is BTC at 25% off.
why is the US always excluded?
— Twilight (@TwilightHolding) January 17, 2020
More promising listings on the way
It seems like the company isn’t planning to stop anywhere soon. Crypto.com is already prepping up for another listing. Here is the screenshot of the Atom listing event that’s being prepared.
The Crypto.com supporters believe it’s great that the company wants to share funds with the community. However, some are questioning how Crypto.com can afford such an impressive discount.