One of the leading crypto payment service providers, Crypto.com introduced two brand new features to its user-custodial DeFi wallet. The App version 1.2.0 was launched on 5 November 2020 and it comes with Multi-wallets and Ethereum Testnet support. With the introduction of the multi-wallet feature, the users can have multiple wallets on their Crypto.com DeFi Wallet App. Furthermore, a user needs to either create or import a wallet first and then only can he add other wallets. Notably, each created or imported wallet has its own recovery phrase. Additionally, the users can switch between Mainnet and Ethereum Testnets. Currently, it supports only four Ethereum Testnets.
Crypto.com DeFi Wallet is uniquely placed in the market as it offers users complete control of the wallet’s private keys. Moreover, the platform was launched earlier this year and uses CRO to power its decentralized finance ecosystem.
Introducing New Features for DeFi Wallet:
✔️ Multi-Wallets – Import or create more than one wallet
✔️ Ethereum Testnet – Perform test transactions
— Crypto.com (@cryptocom) November 9, 2020
A user can create a new wallet or can import a DeFi Wallet App on the home screen itself. A user can give each wallet a unique name. In addition to that, every wallet comes with its own recovery phase.
According to the FAQ page, some of the settings are specific to the wallets and the wallets also share few settings. These are:
• Security settings: Passcode, faceID and 2-Factor Authentication
• Email communications
• Recovery phrase
• Wallet balance
However, the user can connect only one wallet to the Crypto.com App account at a time.
Switch Wallet network
Starting today, the users can switch between Mainnet and Ethereum Testnets. By default, the wallet is set to mainnet. Currently, it supports Ropsten, Kovan, Rinkeby, and Goerli testnets. The platform will soon add more Ethereum testnets. Additionally, it will add BTC, LTC, XRP, XLM, and other testnets soon.
With the testnet support, the wallet users can perform test transactions. However, it currently does not support the testnet coin swaps on the Crypto.com DeFi Wallet App.
Live DeFi metrics
After the successful launch of DeFi Swap and DeFi Wallet, Crypto.com introduced DeFi Dashboard last week. Basically, it will give users access to live DeFi metrics like swap fees, fees for removing, or adding liquidity from pools. Effectively, users can now make informed decisions and choose the right DeFi products.
Unfortunately, Crypto.com’s native token CRO is not performing well for the last couple of days. In the last 30 days, the CRO price has dropped by over 52%.
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