Chain Whitepaper PDF

CHAIN
WHITEPAPER 1.0
20 November 2018
Crypto.com 2
Contents
1. Disclaimers 3
2. Executive Summary 7
2.1 The Genesis 7
2.2 Problem Statement 8
2.3 Mission & Vision 9
2.4 Go-to-Market Strategy 11
2.5 Roles & Incentives 13
2.6 Fiat Institutions Support 16
3. Network & Technology 17

3.1 Customer Experience 17
3.2 Customer Acquirer 18
3.3 Merchant Experience 18
3.4 Merchant Acquirer 18
3.5 Network Potential 19
3.6 Network Inclusion 21
3.7 Network Decentralization 21
3.8 Technology 22
3.9 Roadmap 23
4. CRO Token 24
4.1 Token Creation 24
4.2 Token Utility 26
4.3 Use of Funds 27
4.4 Airdrop to MCO token holders 27
5. Crypto.com Team & Organization 29

5.1 Management Team 29
5.2 Advisors 31
5.3 Relationship between MCO and Crypto.com 31
6. Further Information 31
The information contained in these documents is confidential, privileged and only for the information of the intended
recipient and may not be used, published or redistributed without the prior written consent of Crypto.com
Crypto.com 3
1. Disclaimers
Licences and approvals are not assured in all jurisdictions
CRO Protocol Labs (“Crypto.com”) intends to operate in full

compliance with applicable laws and regulations and obtain the
necessary licences and approvals. Regulatory licences and/or approvals
are likely to be required in a number of relevant jurisdictions in which
relevant activities may take place. This means that the development
and roll-out of all the initiatives described in this whitepaper are not
guaranteed. It is not possible to guarantee, and no person makes any
assurances, that any such licences or approvals will be obtained within
a particular timeframe or at all. As such, the initiatives described in
this whitepaper may not be available in certain markets, or at all. This
could require restructuring of these initiatives and/or its unavailability
in all or certain respects. In addition, the development of any initiatives
is intended to be implemented in stages. During certain stages of
development, the project may rely on relationships with certain
licensed third party entities. If these entities are no longer properly
licensed in the relevant jurisdiction, this will impact the ability of
Crypto.com to rely on the services of that party.
No advice
This whitepaper does not constitute any investment advice or

recommendation by Crypto.com, its officers, directors, managers,
employees, agents, advisors or consultants on the merits of purchasing
CRO tokens nor should it be relied upon in connection with any other
contract or purchasing decision.
Not a sale of security
This whitepaper does not constitute a prospectus or financial service

offering document and is not an offer to sell or solicitation of an
offer to buy any security, investment products, regulated products
or financial instruments in any jurisdiction. CRO tokens are not being
structured or sold as securities in Crypto.com. Owners of CRO tokens
are not entitled to any rights in Crypto.com or any of its affiliates,
including any equity, shares, units, royalties to capital, profit, returns or
income in Crypto.com or any other company or intellectual property
associated with Crypto.com.
Crypto.com 4
No representations
No representations or warranties have been made to the recipient of

this whitepaper or its advisers as to the accuracy or completeness of
the information, statements, opinions or matters (express or implied)
arising out of, contained in or derived from this whitepaper or any
omission from this document or of any other written or oral information
or opinions provided now or in the future to any interested party or
their advisers. The CRO tokens, as envisaged in this whitepaper, are
under development and are being constantly updated, including but
not limited to key governance and technical features. If and when
the CRO tokens are completed, they may differ significantly from the
description set out in this whitepaper. No representation or warranty
is given as to the achievement or reasonableness of any plans, future
projections or prospects and nothing in this document is or should
be relied upon as a promise or representation as to the future. To the
fullest extent possible, all liability for any loss or damage of whatsoever
kind (whether foreseeable or not) which may arise from any person
acting on any information and opinions contained in this whitepaper or
any information which is made available in connection with any further
enquiries, notwithstanding any negligence, default or lack of care, is
disclaimed.
Third party data
This whitepaper contains data and references obtained from third

party sources. While the management believes that these data are
accurate and reliable, they have not been subject to independent
audit, verification, or analysis by any professional legal, accounting,
engineering, or financial advisors. There is no assurance as to the
accuracy, reliability or completeness of the data.
Translations
This whitepaper and related materials are issued in English. Any

translation is for reference purposes only and is not certified by
any person. No assurance can be made as to the accuracy and
completeness of any translations. If there is any inconsistency between
a translation and the English version of this whitepaper, the English
version prevails.
Crypto.com 5
Restricted transmission
This whitepaper must not be taken or transmitted to any jurisdiction

where distribution or dissemination of this whitepaper is prohibited or
restricted.
Views of Crypto.com
The views and opinions expressed in this whitepaper are those of

Crypto.com and do not reflect the official policy or position of any
government, quasi-government, authority or public body (including
but not limited to any regulatory body of any jurisdiction) in any
jurisdiction. This whitepaper has not been reviewed by any regulatory
authority.
Third party references
References in this whitepaper to specific companies, networks and/

or potential use cases are for illustrative purposes only. The use of any
company and/or platform names and trademarks does not imply any
affiliation with, or endorsement by, any of those parties.
All references to ‘dollars’, USD or ‘$’ are references to United States
dollars unless otherwise stated.
Graphics
All graphics included in this whitepaper are for illustrative purpose only.
In particular, graphics with price reference do not translate into actual
pricing information.
Risk statements
Purchasing CRO tokens involves substantial risk and may lead to a

loss of a substantial or entire amount of the money involved. Prior
to purchasing CRO tokens, you should carefully assess and take into
account the risks, including those listed in any other documentation.
A purchaser should not purchase CRO tokens for speculative or

investment purposes. Purchasers should only purchase CRO tokens
if they fully understand the nature of the CRO tokens and accept the
risks inherent to the CRO tokens.
Crypto.com 6
Cryptographic tokens may be subject to expropriation and/or theft;

hackers or other malicious groups or organizations may attempt to
interfere with our system/network in various ways, including malware
attacks, denial of service attacks, consensus-based attacks, Sybil
attacks, smurfing, and spoofing which may result in the loss of your
cryptographic tokens or the loss of your ability to access or control
your cryptographic tokens. In such event, there may be no remedy,
and holders of cryptographic tokens are not guaranteed any remedy,
refund, or compensation.
The regulatory status of cryptographic tokens and digital assets

is currently unsettled, varies among jurisdictions and subject to
significant uncertainty. It is possible that in the future, certain laws,
regulations, policies or rules relating to cryptographic tokens,
digital assets, blockchain technology, or blockchain applications
may be implemented which directly or indirectly affect or restrict
cryptographic token holders’ right to acquire, own, hold, sell, convert,
trade, or use cryptographic tokens.
The uncertainty in tax legislation relating to cryptographic tokens

and digital assets may expose cryptographic token holders to tax
consequences associated with the use or trading of cryptographic
token.
Digital assets and related products and services carry significant

risks. Potential purchasers should assess the nature of, and their own
appetite for, relevant risks independently and consult their advisers
before making any decisions.
Professional advice
You must consult a lawyer, accountant, tax professional and/or any

other professional advisors as necessary prior to determining whether
to purchase CRO tokens.
Caution Regarding Forward-Looking Statements
This whitepaper contains certain forward-looking statements that are

based on the belief of Crypto.com as well as certain assumptions made
by and information available to Crypto.com regarding the business we
operate. Forward-looking statements, by their nature, are subject to
significant risks and uncertainties.
Crypto.com 7
Forward-looking statements may involve estimates and assumptions

and are subject to risks, uncertainties and other factors beyond our
control and prediction. Accordingly, these factors could cause actual
results or outcomes that differ materially from those expressed in the
forward-looking statements.
Any forward-looking statement speaks only as of the date of which

such statement is made, we undertake no obligation to update any
forward-looking statements to reflect events or circumstances after the
date on which such statement is made or to reflect the occurrence of
unanticipated events.
2. Executive Summary
2.1 The Genesis
Blockchain technology and cryptocurrency is one of the major
emerging mega technology trends of our century. By enabling trustless,
immutable and decentralized transactions, blockchain technology is
setting the foundation for a suite of new generation applications that
will dramatically reshape the internet and enable stronger and more
inclusive societies.
The mission of Crypto.com is to accelerate the world’s transition to

crypto. The Crypto.com team has a clear vision to put cryptocurrency in
every wallet with a strong focus on real-life use cases.
It took Crypto.com a little over 2 years to launch the key product in its
consumer offering: a globally accepted payment card - the MCO Visa
Card. The reason for this is simple: traditional payment networks do
not natively accept crypto today. It makes for a slow, expensive go-to-
market process, heavily limiting the number of people we can introduce
to the crypto ecosystem.
The Crypto.com Chain was created to address this problem.
Crypto.com 8
2.2 Problem Statement

Traditional fiat payment systems are built on legacy infrastructure
that makes it difficult to embrace new innovative payment forms like
cryptocurrency.
Traditional fiat payment systems have key characteristics:
heavily centralized, controlled by strict rules

costly for participants (in particular merchants); and
limited flexibility (e.g., challenging to onboard new innovations/
currencies easily)
In several countries, more modern fiat payment solutions have already

emerged and nearly replaced the traditional fiat payment system (e.g.,
Alipay/WeChat Pay in China).
Additionally, in our view existing decentralised cryptocurrency systems/

blockchains are not yet efficient or customized enough to provide a
good alternative to traditional fiat networks.
Crypto.com 9
2.3 Mission & Vision
Mission:
Accelerate the World’s

Transition to Cryptocurrency
Vision:
The best way to pay and be paid

in crypto, anywhere, any crypto,
for free.
We strongly believe that decentralisation is an important part of

building a better society for everyone and by accelerating the world’s
transition to cryptocurrency we are helping the world move in this
direction.
We will achieve this by building on one side, a network of

cryptocurrency projects, and on the other side, focus on developing
merchants’ ability to accept crypto as a form of payment (please refer
to the diagram below).
We intend that Crypto.com Chain will be a high performing native

blockchain solution, which will make the transaction flows between
crypto users and merchants accepting crypto seamless, cost-efficient
and secure.
er Nod er Nod
tom e CHAIN tom e
us us
s
C
C
Customer Merchants
Pay for Good/Services Receive Payment

Eq. [x] CRO ncil Node [x] CRO
ou
s
in any cryptocurrency or preferred currency:
(e.g., BTC) (e.g., BTC or $)
Check customer Perform transaction Process Merchant

balance and net it validation and Transaction Request
after processing settlement & receive (Authorization &
of transactions Processing Fees Confirmation)
[x]*[p]% CRO
Authorize Get Transaction

Transaction & Receive Authorization & Receive
Acquiring Fees Acquiring Fees
uirer Node uirer Node
cq cq
A [x]*[c]% CRO [x]*[m]% CRO A
s
s
Crypto
Customer Merchant
Acquirers Acquirers
Stake Stake
$CRO $CRO
Crypto.com Network will support the vast majority of existing cryptocurrencies.

Crypto.com 11
2.4 Go-to-Market Strategy

The key differentiator for the Crypto.com Chain is its clear go-to-market
strategy, which will result in rapid adoption.
There are four disruptive forces that underpin our strategy:
great offers for customers to financially incentivise usage of

crypto
no transaction fees for merchants
seamless user experience
decentralized protocol to process the transactions
Three out of four were previously successfully deployed by China’s leading

payment networks. The Crypto.com Chain is essentially a decentralized
mobile cryptocurrency payment solution built on blockchain.
Building a global payment network is a multi-year effort. The Crypto.com

Chain rollout will happen in stages, substantially increasing the speed of
adoption and lowering execution risk.
In Phase One
We will focus on a solution for online merchants to accept crypto.

“Crypto.com Pay” button, integrated via our API with a few lines of code.
Merchants will be incentivised to deploy it by not paying any fees and
additionally being able to offer substantial discounts to their customers.
Customers will pay using the Crypto.com app. Settlement will happen
off-chain.
In Phase Two
Following launch of our testnet, we will onboard more cryptocurrency

projects to allow customers to pay with multiple apps. More online
merchants will be onboarded, both directly and via integrations with
existing payment gateways and e-commerce providers. Settlement
will still happen off-chain at this stage.
Crypto.com 12
In Phase Three
Following launch of our mainnet, we will switch settlement to on-

chain. Crypto.com will still play substantial role in the network. Offline
merchant acquisition will begin.
In Phase Four
Gradual network decentralization will take place, with independent

parties replacing Crypto.com, which will move from a key settlement
agent role to the protocol code contributor & maintainer role.
Crypto.com 13
2.5 Roles & Incentives

We have set out below the intended roles of different parties
who will be able to use the Crypto.com Chain and the intended
incentives for them to use it.
A Customers
Role:
to use the network to make payments in cryptocurrency
Incentives:
discounts: pay with crypto and receive generous cashback
funded by the network
access (time): instant access to cryptocurrency
access (distribution): ability to spend cryptocurrency
directly from their customer crypto-
exchange account/wallet at millions
of merchants, both online or offline,
without moving to fiat.
B Crypto Customer Acquirers

(including blockchain projects such as exchanges)
Role:
acquire and serve customers; and
authorise transactions on the network (in response to a
merchant point of sale (“POS”) payment request from
one of their customers).
Incentives:
revenue: earn fees for activities performed; and
business growth: acquire new customers by joining the
network
access: give customers instant access to their assets;
utility: increase utility of crypto and reduce reliance on
fiat off-ramps.
Crypto.com 14
C Merchants
Role:
accept crypto for products and services.
Incentives:
reduced costs: zero processing fees (for settlement in
crypto);
business growth: acquire high quality customers with
substantial spending power; and
marketing: offer customers network-funded discounts
and demonstrate ability to move with a new
trend.
D Merchant Acquirers
Role:
acquire merchants on the network; and
send transactions on the network for transaction
authorisation (in response to one of their merchant POS
payment requests).
Incentives:
revenue: earn fees for activities performed; and
differentiation: differentiate vs. competition by accepting
hundreds of cryptocurrencies.
Crypto.com 15
E Crypto.com
Role:
Crypto.com Chain manages fund flows from customers
to merchants (from transaction authorisation to settlement),
set blockchain specifications and standards; and
distribute processing fees to eligible chain participants in
return for their services
Crypto.com Network:
increase crypto acceptance among online and offline
merchants
increase number of Admin Nodes on the Crypto.com
Chain
set compliance standards; and
manage dispute resolution process
Incentives:
vision: realise its vision to accelerate the world’s transition
to cryptocurrency; and
compensation: collect network processing fees.
Crypto.com 16
2.6 Fiat Institutions Support

Our stated vision is to accelerate the world’s transition to
cryptocurrencies, and as such, we are extending an open invitation
to existing fiat institutions (e.g., card networks, payment gateways,
banks), who would like to add cryptocurrency as an accepted form
of payment in a secure, compliant and cost-effective manner.
We intend that Crypto.com Chain will address key challenges faced

by those fiat institutions in relation to cryptocurrency:
safe custody of those digital assets

on-chain and off-chain settlement in a timely and cost-effective
manner
volatility of those assets, especially in between settlements
multi-cryptocurrency management and support
Crypto.com will offer supporting technology solutions required to

meet compliance and regulatory requirements for FIs.
We intend that Crypto.com Chain will enable these institutions to:
Easily integrate cryptocurrency within their existing toolkit with

a few lines of code thanks to the ‘Crypto.com Simple SDK’ and
our APIs in record time (less than 24h integration)1
Have the flexibility to set their own rules and parameters from a
business model and compliance standpoint
Get a direct access (24h/ 7day) to our best-in-class Customer
Service team
1
software development kits (“SDK”), application programming interfaces (“API”)
Crypto.com 17
3. Network & Technology

3.1 Customer Experience
The customer journey for crypto payment using the Crypto.com
Chain is intended to be frictionless and versatile. The steps
required will involve:
1 ustomer opens their existing participating crypto wallet or

c
exchange account;
2 ustomer shows QR code and scans it at the merchant
c
location, or customer scans merchant QR code; and
3 customer confirms payment and payment is processed:
customer account is debited; and
merchant account is credited in CRO, BTC and/or fiat
currencies as per its preferences
If a purchase does not go as planned, customers will be covered

by Crypto.com BlockShield Buyer Protection Program (B2P2)
leveraging the Proof of Goods & Services Delivered (PoGSD)
verification at participating merchants.
After each purchase, customer will be asked to indicate on-

chain whether the good or service they have received was
significantly as described (as per defined Crypto.com Chain
guidelines).
In case of dispute, customer will be able to submit a request

through the Crypto.com Chain dispute resolution platform and
reach a direct settlement with the merchant.
Crypto.com 18
3.2 Customer Acquirer

In order to become an acquirer node and offer clients access
to the global Crypto.com Network, cryptocurrency projects will
have to follow the below steps:
1 s ign a standard agreement, covering processing, settlement
and dispute resolution, etc.;
2 pass a compliance audit;
3 lockup minimum CRO quantity;

4 integrate SDK; and
5 pass user acceptance testing on Crypto.com Testnet.
3.3 Merchant Experience

Merchant implementation requirements are minimal and provide
flexibility in accepting fiat and crypto:
1 erchants use their existing payment terminal (“POS”), or

m
integrate Crypto.com online payment gateway (single line
of code from our SDK) or simply add our “Crypto.com Pay”
payment button;
2 customers pay using their wallet or exchange account; and
3 erchants receive all their payments instantly in CRO or
m
stable coins, T+2 in fiat
3.4 Merchant Acquirer

Crypto.com will run a global business development team to drive
acceptance, using our relationships with the payments industry
and balance sheet strength to incentivise players to join the
Crypto.com Network. We view this as a process that will never
stop, but is likely to reach critical mass if we hit the 20 million
merchant POS milestone.
Crypto.com 19
We are aiming for different strategies and distribution channels

to be targeted, including:
direct-to-merchant deals, both online and offline;

online merchants - self-service payment gateway with one-line-
of-code integration; and
offline merchants - deals with acquirers currently accepting
credit cards, debit cards, Alipay and Wechat Pay
For all types of acquirers, we have a powerful value proposition:
growing market: access to 40 million consumers globally who

currently hold crypto - with this number expected to grow to
hundreds of millions in the course over the next 24 months;
lower fees: zero merchant processing fees compared to fiat,
resulting in higher margins for the merchants;
minimal integration effort; and
co-marketing, including financial incentives
3.5 Network Potential

Bitcoin and Ethereum wallet creation have experienced explosive
growth (>10x) respectively from 2013 to 2015 and 2016 to 2018.
We expect wallet creation growth to continue in the future but

with a significantly more moderate CAGR down to 30-40% in the
later years.
Historical growth of Bitcoin and Ethereum Wallet
Bitcoin Wallet Address Growth

30,000,000
20,000,000
10,000,000
0
1/1/2012 1/1/2014 1/1/2016 1/1/2018
# of addressess on the Bitcoin network
Crypto.com 20
Ethereum Wallet Address Growth
40,000,000
30,000,000
20,000,000
10,000,000
0
1/1/2016 7/1/2016 1/1/2017 7/1/2017 1/1/2018
# of addressess on the Ethereum network
Leveraging the Bitcoin/Ethereum wallet creation growth forecast, and

discounting users with multiple wallets as well as overlap between each
blockchain wallets, we expect crypto users to grow to 250 to 400 millions by
20222.
Total Transaction Value in the "Digital Payments" Segment3
6,000,000
5,411,354
4,920,468
4,381,401
in million US$
4,000,000 3,818,909
3,265,209
2,753,714
2,311,407
2,000,000
0
2016 2017 2018 2019 2020 2021 2022
Source: Statista Digital Commerce Mobile POS Payments
Total Digital Payments segment expected to be USD 5+ trillion by 2022, amongst

which crypto payments could represent 2-3%4 of total payment volume (USD
100-150 billion).
2
Based on historical growth of Bitcoin and Ethereum wallets (2:1 ratio in contribution) and
decreasing expected future growth down to 35% in the last year
3
The Digital Payments market segment is led by consumer transactions and includes payments
for products and services which are made over the Internet as well as mobile payments at
point-of-sale (POS) via smartphone applications.
4
Similar to the payment market penetration of the first mobile payment player entrant in a large
market after 4-5 years
Crypto.com 21
3.6 N
etwork Inclusion
Crypto.com will open up its protocol for customers and

merchants who would like to transact directly on this next
generation crypto payment chain without going through an
acquirer.
We intend that:
irect participants will be able to leverage the power of the

D
Crypto.com Chain to create community closed-loop payment
channels to settle cryptocurrency payments for free.
ustomers and merchants will act as their own acquirers and

C
hence will need to stake CRO to the network to be able to
participate in and process peer-to-peer transactions.
rypto.com will provide participants with an easy-to-use

C
wallet application (“App”) with deposit/withdraw features
and stake and pay features to support this decentralized
process.
3.7 N
etwork Decentralization
Crypto.com Chain will be built with complete decentralization in

mind.
In the long-term, Crypto.com Chain will be able to run without

Crypto.com entities as we develop the key pieces of architecture
and technology to enable it:
rust-less mechanisms to increase access to transaction

T
validation nodes
Built-in and proven security protocols to keep bad actors at bay
alanced incentives for valued added contributors and
B
disincentives for free-riders
pgradability and flexibility of the chain through community
U
code contributions
Crypto.com 22
Crypto.com Fiat
Cost Free 2 - 3%
Settlement Instant Centralized

T + 2 -> 7 vs Decentralized vs Distr
Centralized vs Decentralized vs Distributed Network: An Overview
Network
Decentralized Network Centralized Network

No single authority server All the nodes are
controls the nodes, they all connected under a
have individual entity single authority
3.8 T
echnology
The Crypto.com Chain Whitepaper includes information about

the Crypto.com Chain, in particular:
architecture
consensus
governance
security
privacy; and
other key technical design topics
Our initial perspectives are available on the Crypto.com Chain

website at: www.crypto.com/chain_technical_whitepaper
Crypto.com 23
3.9 R
oadmap
The proposed roadmap is depicted below:
CRO token creation 1

estimated timeframe:
distribution across the next 5 years
2 Initial integration of online

merchants with the “Crypto.com
Pay” payment button
at 6 months
Acquirer nodes SDK launch (for 3

integration with existing wallets /
exchanges)
estimated timeframe: at 9 months
4 Onboarding of first acquirer

nodes
first 12 months from token creation
Onboarding of additional 5
acquirers and merchants
ongoing effort throughout 5 years
6 Testnet launch
at 12 months
Mainnet launch 7
at 24 months
Crypto.com 24
4. CRO Token
4.1 Token Creation
Entity issuing tokens CRO Protocol Labs
Token name Crypto.com Chain Token
Token ticker CRO
Token total supply 100,000,000,000 CRO
Secondary distribution only.

Token distribution mechanisms No pre-sale, no public sale, and
no ICO
Token distribution split
Airdrop to MCO token Holders

and Community Development
Token: 10,000,000,000
Ecosystem grants
Token: 20,000,000,000 Secondary distribution
and launch incentives
10% Token: 30,000,000,000
share
30%
20% share
share
20% 20%
share share
Capital reserve Network long-term

Token: 20,000,000,000 incentives
Token: 20,000,000,000
We will create 5 multi-signature wallets to securely store the above token

allocations. Wallet addresses below:
Allocation Addresses
20% 20%
share share
Capital reserve Network long-term

Crypto.com 25
Token: 20,000,000,000 incentives

Token: 20,000,000,000
We will create 5 multi-signature wallets to securely store the above token

allocations. Wallet addresses below:
Allocation Addresses
Secondary distribution 0x20a0bee429d6907e556205ef9

d48ab6fe6a55531
Network long-term incentives 0x71507ee19cbc0c87ff2b5e05d161

efe2aac4ee07
Capital reserve 0x22e4f709fd5e7fe246fbf7e714ae

89bdab7e2a5d
Ecosystem grants 0xdda508f9f3c1b4ca39c8794df3a

080298ebe9c55
Airdrop & Community Development 0x67703f7d089f3ac7c8c13a18b23

81cbd7ee3eded
Secondary distribution
The secondary distribution wallet will receive a daily token supply through
a smart contract following the below schedule:
Duration 5 years - 1825 days
Date Daily from November 14, 2018 onwards,

each day from 00:00:00 UTC to 22:59:59 UTC
Supply Yearly supply:
Period % of Total Supply CRO, Billions

Overall 30% 30
Year 1 10% 10
Year 2 8% 8
Year 3 6% 6
Year 4 4% 4
Year 5 2% 2
TheSupply
information containedDaily
in thesesupply:
documents is confidential, privileged and only for the information of the intended
Period % of Total Supply CRO, Millions

Year 2 8% 8
Year 3 6% 6
Crypto.com 26
Year 4 4% 4
Year 5 2% 2
Supply Daily supply:
Period % of Total Supply CRO, Millions
Year 1 0.027% 27
Year 2 0.022% 22
Year 3 0.016% 16
Year 4 0.011% 11
Year 5 0.005% 5
Tokens will be used as network fee incentives and

Token
progressively distributed on exchanges at prevailing
price
market price
Token ERC20 contract and daily distribution smart contract

were successfully audited by Quantstamp and Certik.
4.2 T
oken Utility
CRO tokens are able to be used and/or earned in connection

with this product by eligible persons in the following key ways:
CRO Token will be the native Crypto.com Chain token that

enables cross-asset intermediary currency settlement
All network participants writing transactions on the Crypto.

com Chain will have to use CRO Token to settle block
transaction fees
All participating nodes in the Crypto.com Chain will be

rewarded in CRO Token for processing and validating
transactions on the network; each node will need to stake a
fixed minimum amount of CRO Token (varies by node types)
in order to contribute to the network
Customers choosing to pay with CRO directly will transact

with minimal fees
Crypto.com 27
4.3 U
se of Funds
Use of funds will be at CRO Protocol Labs sole discretion.
4.4 Airdrop to MCO token holders

CRO monthly airdrop rules for the MCO community
Eligibility criteria Crypto.com Wallet App approved users except

Secondary
citizens and residents of Hong Kong SAR, the
People’s Republic of China, the Republic of
Singapore, Switzerland or the United States of
America (together the “Restricted Areas”)
Start date ex 2018

December 7th,
Duration 5 years
Airdrop frequency Monthly

change sale
Airdrop snapshot At 08:00:00 UTC on the first day of each month, a
snapshot of MCO balances within the Crypto.com
Wallet App will be taken.
MCO balance includes MCO tokens staked in the

Crypto.com Wallet App.
Airdrop allocation Every month, 166,666,666 CRO will be awarded to

Crypto.com Wallet App MCO token holders based
on their MCO token ownership relative to the MCO
token Total Supply.
Detailed Formula for monthly airdrop allocation at Month(x) per

user:
1.66% x total CRO supply allocated for MCO token Holders

x
Individual MCO token ownership on the Crypto.com Wallet App
at Airdrop snapshot date Month(x) / total MCO supply
Crypto.com 28
Airdrop allocation For instance, for every 1000 MCO tokens held
on the Crypto.com Wallet App at Airdrop
snapshot date, you will be awarded 5276 CRO
tokens.
Airdrop distribution Your monthly airdrop allocation will be distributed

& transferability in the first week after an airdrop snapshot; and will
be locked for a period of 12 months.
After 12 months, your airdrop allocation will be

released into your Crypto.com Wallet App based
on the following rules:
MCO minimum Airdrop allocation amount

balance over 12
months (as a % of
snapshot balance)
100% or more Receive full (100%) allocation of CRO
50% - 100% Receive a proportionally-reduced quantity

of CRO allocation based on the lowest level
held during the 12 month period.
For example , if you sell 20% of your MCO
holdings during the 12 months, you will
receive an 80% allocation of CRO.
Less than 50% Result in total loss of your CRO airdrop

allocation.
For example , if you sell 60% of your MCO
holdings during the 12 months, you will not
receive any CRO allocation.
UPDATE: Following feedback from the community, we are announcing that

MCO tokens held by Crypto.com will not be eligible for the CRO airdrop. All
unallocated CRO airdrop tokens will be used for Community development
activities.
UPDATE: Following input from the community, we are relaxing the airdrop
allocation rules so that you will no longer lose your entire allocation of CRO by
selling MCO during the 12 months holding period (see above updated airdrop
distribution & transferability section).
5. Crypto.com Team & Organization
5.1 Management Team
Kris Marszalek | Co-Founder & CEO Sean Rach | CMO
Serial Entrepreneur in Southeast Asia Internet Former CMO at Prudential Corporation Asia. Led the
industry. Three-times founder in tech space regional American Express account and served as
(e-commerce, Mobile LBS App, Consumer electronics) Managing Director of OgilvyOne Hong Kong.
Rafael Melo, CPA | Co-Founder & CFO

Erald Ghoos | COO
15 years’ experience in finance, deep understanding
COO at Payreto. COO at Funding Circle. Global VP
of risk, compliance and Mobile Payments ecosystem
Operations at Paysafe. Senior operations at BNP
in Asia. CFO at Mobile Payment Solution, a
Paribas.
MasterCard incubated technology company.
Stanley Lam | CCO

Gary Or | Co-Founder & CTO
Chief Compliance Officer at Square. More than 15 years
Hacker, Product Designer, Entrepreneur, 10 years
of relevant experience in retail banking, payments and
of full stack engineering experience (RoR, Elixir,
financial industry compliance. Formerly, he was a lead
Golang). Keen interest in Machine Learning and AI.
in the payment and revenue team at Zynga, Inc.
Bobby Bao | Co-Founder & Head of Jason Lau | CISO

Corporate Development Former regional Cyber Security Advisor at Microsoft.
Extensive experience in Technology investment Certifications such as CISSP, CIPP/E, CIPM, CGEIT,
banking; named on 2018 Forbes’ 30 under 30 List CRISC, CISA, CISM, CEH, CDNA, CSM, ITIL as well as
He was China Renaissance’s first employee on the contributing to on ISACA’s General Data Protection
M&A team, working on some of the most high profile Regulation (GDPR) Global Working Group, and an IAPP
transactions, including the merger between Didi & Fellow of Information Privacy (FIP)
Kuaidi.
Eric Anziani | Chief Strategy Officer Cerulean Hu | Lead Blockchain Engineer
Director of Strategy at Global Fashion Group. Lead Engineer at Equichain, Team Lead - Finance and
Previously at PayPal, McKinsey and Goldman Sachs in Trading Systems at ANX, implemented blockchain
London, Paris, Singapore and Tokyo. solutions at FINCOVA, and was responsible for
developing trading algorithms at HSBC.
Brent Diehl | SVP, International Expansion Ivan Stefanov | SVP, Risk Management
Former Head, Prepaid Partner Solutions at Visa. Senior risk management roles with Paysafe, Groupon,
Senior Director at Western Union International Skrill and NETELLER, managing large teams across
Payments. Responsible for card portfolios outside of multiple markets and enhancing the existing fraud
the United States at Home Depot. prevention and payments setup.
Adrienne Wong | SVP, Head of Product

Maggie Ng | SVP, Head of Marketing
Managed global strategy and market launches at
Head of Direct Marketing and Direct to Consumer
Square. Lead on Square Point of Sale and led growth
for FWD Insurance and Director of Digital Media for
and expansion efforts in Canada, UK, Australia, and US.
Prudential Corporation Asia.
A former Deloitte strategy and operations consultant.
Weiyi Zhang, Ph.D. | Platform Architect

Senior VP, Quantitative Trading at AP Capital
Management. VP of Electronic Market Making at JP
Morgan, Quant Strategist of Equity Derivative Trading
at Deutsche Bank.
Crypto.com 31
5.2 A
dvisors
Crypto.com recently announced the formation of a new

Advisory Board to support the company on our path forward:
www.medium.com/@Crypto.com/crypto-com-announces-
advisory-board-93be711cfe85
5.3 Relationship between MCO and

Crypto.com
Monaco (Token ticker MCO) announced its rebranding as Crypto.
com in July 2018.
For more information on MCO token and its utility, please visit
www.crypto.com/token
6. Further Information
Crypto.com Information & Discussion
www.crypto.com
www.crypto.com/chain
www.twitter.com/cryptocom
www.t.me/CryptoComOfficial
Crypto.com 32
© Copyright 2018. For information, please visit crypto.com

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CHAIN

3. Network & Technology 17

5. Crypto.com Team & Organization 29

CRO Protocol Labs (“Crypto.com”) intends to operate in full

This whitepaper does not constitute any investment advice or

Not a sale of security

This whitepaper does not constitute a prospectus or financial service

No representations or warranties have been made to the recipient of

Third party data

This whitepaper contains data and references obtained from third

This whitepaper and related materials are issued in English. Any

This whitepaper must not be taken or transmitted to any jurisdiction

The views and opinions expressed in this whitepaper are those of

Third party references

References in this whitepaper to specific companies, networks and/

Purchasing CRO tokens involves substantial risk and may lead to a

A purchaser should not purchase CRO tokens for speculative or

Cryptographic tokens may be subject to expropriation and/or theft;

The regulatory status of cryptographic tokens and digital assets

The uncertainty in tax legislation relating to cryptographic tokens

Digital assets and related products and services carry significant

You must consult a lawyer, accountant, tax professional and/or any

Caution Regarding Forward-Looking Statements

This whitepaper contains certain forward-looking statements that are

Forward-looking statements may involve estimates and assumptions

Any forward-looking statement speaks only as of the date of which

The mission of Crypto.com is to accelerate the world’s transition to

The Crypto.com Chain was created to address this problem.

2.2 Problem Statement

Traditional fiat payment systems have key characteristics:

heavily centralized, controlled by strict rules

In several countries, more modern fiat payment solutions have already

Additionally, in our view existing decentralised cryptocurrency systems/

2.3 Mission & Vision

Accelerate the World’s

The best way to pay and be paid

We strongly believe that decentralisation is an important part of

We will achieve this by building on one side, a network of

We intend that Crypto.com Chain will be a high performing native

Pay for Good/Services Receive Payment

Check customer Perform transaction Process Merchant

Authorize Get Transaction

Crypto.com Network will support the vast majority of existing cryptocurrencies.

2.4 Go-to-Market Strategy

There are four disruptive forces that underpin our strategy:

great offers for customers to financially incentivise usage of

Three out of four were previously successfully deployed by China’s leading

Building a global payment network is a multi-year effort. The Crypto.com

We will focus on a solution for online merchants to accept crypto.

Following launch of our testnet, we will onboard more cryptocurrency

Following launch of our mainnet, we will switch settlement to on-

Gradual network decentralization will take place, with independent

2.5 Roles & Incentives

B Crypto Customer Acquirers

2.6 Fiat Institutions Support

We intend that Crypto.com Chain will address key challenges faced

safe custody of those digital assets

Crypto.com will offer supporting technology solutions required to

We intend that Crypto.com Chain will enable these institutions to:

1 ustomer opens their existing participating crypto wallet or

1 erchants use their existing payment terminal (“POS”), or

irect participants will be able to leverage the power of the

ustomers and merchants will act as their own acquirers and

rypto.com will provide participants with an easy-to-use

rust-less mechanisms to increase access to transaction