The Crypto.com wallet has proven itself to be a popular crypto wallet. This is Part 2 of an article series about the wallet.
Here’s a link to Part 1. Today, we’ll be answering another five key questions about the Crypto.com Wallet.
How Does the Crypto.com Wallet Work?
Now, this sounds like yet another crypto wallet app. What’s so interesting about this one? Let’s dive in.
But first, we need to clarify some potential confusion. The Crypto.com wallet we’re writing about here is the Crypto.com Defi wallet. It is the non-custodial version. So, it is different from the Crypto.com app wallet. Below are some official links for the DeFi wallet. For simplicity, we shall refer to the Crypto.com Defi wallet as the Crypto.com wallet in this article.
As we mentioned above, the walley by Crypto.com is non-custodial. This means that the user (yourself) controls the keys to your crypto. In this aspect, this is similar to MetaMask or Trust Wallet. To start off, download the wallet through any of the three links above. Create your six-digit pin code and back-up your 12-word security phrase. Voila! Your wallet is now set up!
Moving on to its features. Said wallet supports more than 900 cryptos through 29 blockchain ecosystems. These chains include Ethereum, Polygon, Avalanche, and, of course, Cronos. The wallet also supports NFTs which follow Ethereum’s ERC721 and ERC1155 standards.
Moreover, the wallet allows for easy access to decentralized applications (dApps). These features are built in within the wallet app itself. These include swapping and earning yield through external dApps like Aave and Compound. You can also use the wallet to stake tokens like $ATOM and $CRO.
Is the Crypto.com Wallet Safe?
With the fall of FTX, everything in crypto is about safety now. This is because many retail crypto investors have lost money on FTX.
But with the wallet, fret not! In this case, as long as you’ve got your 12-word security phrase, your funds will be with you. Even if Crypto.com goes bust (we hope not!), they do not hold your funds. So, it’s pretty safe.
Of course, there are risks to non-custodial wallets as well! For example, you could have someone steal your 12-word security phrase. Hackers could have gotten it from your laptop or phone. Or your roommate could have taken your slip of paper with your 12 words on it. Once that happens, even Crypto.com can’t help you. To prevent this, we suggest you use a vault or small safe to house your security phrase. If you decide to store it on your computer, make sure to follow some security tips to fend off hackers.
Where Is the Crypto.com Wallet Address?
Ok, so now you’re convinced. It’s time to deposit some assets into your wallet then!
To do so, first, click on the “Receive” button as shown below. Note that we’re using the iOS version of the app here.
Then, click on the coin you want to receive. In this example, we’ll be using Ethereum. To receive some other coins, you can search for them by clicking on the search icon as shown below.
Ta-da! You’ve arrived at your wallet address for Ethereum! The receiving address comes in an “0x” format and also a readable QR code. Do note that you’ve got to choose the correct network for receiving Ethereum. In the below example, we’re receiving $ETH on the Cronos network. Usually, users will be sending funds from the Ethereum network instead.
So, the above methods are similar for coins other than Ethereum. And that is how you can easily find your wallet address on the app!
Crypto.com Wallet to a Bank Account
Unfortunately, there is no fiat-on/off-ramp in this wallet. So, you can’t connect to your bank account directly. However, you could connect to the Crypto.com custodial app. Only from there, you’re able to access your bank account.
To do this, click on settings on the top left hand side at your profile. Then, click on the “Connect to Crypto.com App” blue button.
For a detailed guide on connecting to their custodial app, feel free to refer to Crypto.com’s article. It’s quite easy to connect and just a few clicks will do the job!
Now, using the Crypto.com app, you can create links to your bank account through third-party companies. Since each country has their own third party, the scope is too large for this article to cover. For more information on the process applicable to you, refer to this Crypto.com article.
Crypto.com Wallet to an Exchange
Sadly once again, you can’t connect the wallet directly to the Crypto.com exchange. But, you can connect the wallet to the app, which connects to the exchange.
Similarly, follow the guide in the previous section to connect your wallet to the app.
Once that’s done, you can easily move funds from the exchange into your wallet. Simply head on over to the exchange and withdraw funds into your Crypto.com app. Then, withdraw your funds from the Crypto.com app into your wallet. Below is a screenshot showing the Crypto.com app. During withdrawal, select “Crypto.com Defi Wallet.” In seconds, your funds will be deposited!
To summarize, we hope you’ve learnt more about the wallet which Crypto.com offers. Here, we’ve addressed some burning queries on how the wallet works and how to receive crypto. We also review its safety and how it links with other Crypto.com products.
Now, what’re you waiting for? Let’s get your crypto off those shady exchanges and into your wallet!
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