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Cryptocurrency has come a long way since Bitcoin (BTC) became the first decentralized digital currency in 2009. Since then, the growth has been massive, not only for Bitcoin but also for a wide array of other coins, from Ethereum (ETC) to Litecoin (LTC) and many more.
Consider this. In May 2020, the cryptocurrency market cap soared to $264.545 billion, and many experts predict that the global blockchain market will skyrocket to $23.3 billion by 2023.
Bitcoin alone accounts for $6 billion of daily online transactions, and the coin gained 193,639.36% from 2012 to 2020. How does Luno vs Crypto.com fit into the mix? Let's take a closer look.
What Is Luno?
In our comparison of Luno vs Crypto.com, we must begin with a basic overview of each exchange. Luno is one of the most highly-rated digital currency exchanges available worldwide today.
The exchange has gained a reputation for being one of the most reliable trading companies on the market and with good reason. Headquartered in London, the platform has offices in Cape Town, South Africa, and across Singapore.
It only accepts trades in two cryptos, Bitcoin (BTC) and Ethereum (ETH). Despite these coin limitations, Luno enjoys a reputation as a highly secure, bank-position tech platform.
Established in 2013, Luno's founders are Timothy Stranex and Marcus Swanepoel. The exchange started as BitX, but the company rapidly rebranded to Luno, setting up two new offices in the United Kingdom in 2016.
Features of Luno
Now you've got a better understanding of Luno's origins. Next, let's explore the benefits customers will enjoy when choosing this platform for their cryptocurrency needs.
When you transact on the Luno platform, you'll gain access to three key features. These features include verification, security, and regulation. Let's explore why these factors matter.
When signing up via Luno, you'll see that the platform takes certification seriously. To open an account, you'll provide your email address, mobile number, and identification via government-approved documents.
Why the strict verification process? This process fulfils the Know Your Customer (KYC) protocol that CeFi exchanges follow.
This process supports Luno's claims of strict security. What's more, the platform supports two-factor authentication (2FA).
As a result, you'll enjoy better protection of stores and accounts from authorized access. Luno's emphasis on security provides peace of mind for users.
What's more, Luno is a registered business operating in the United Kingdom. As a result, it adheres to some of the highest standards set by the crypto industry.
Again, this translates into a higher level of security for users. Learn more about Luno and its features.
What Is Crypto.com?
How does Crypto.com compare to Luno? This crypto company bills itself as a one-stop-shop for crypto users to spend, buy and save digital currencies like Ethereum (ETC) and Bitcoin (BTC).
Crypto.com boasts many staking options that permit users to unlock a variety of features such as cashback rewards, interest rewards, and rebates. The company maintains a strong focus on everyday individuals looking to profit from their digital asset holdings.
Unlike other exchanges, Crypto.com is a dual-coin exchange, which some critics have declared overly complicated and confusing. We agree that it can be difficult to fully comprehend all of the pros and cons associated with this system.
In a nutshell, both coins serve a different role in the company's larger ecosystem. The company's first coin was MCO, which consumers may use as a staking mechanism to unlock tiered perks.
You can also upgrade your MCO Visa card by staking in this native token. The more MCO you stake through Crypto.com's mobile application, the more significant your savings, cashback incentives, and rebates.
The brand's second coin, CRO, acts as the standardized medium of exchange for the Crypto.com blockchain. Like other exchanges' native coins, you can stake CRO to earn during different governance activities.
You can also access benefits when using the ecosystem's network to pay merchants or other users.
Features of Crypto.com
What other features of Crypto.com do you need to know about? Besides the platform's two native tokens and MCO Visa card, you need to understand how Crypto Earn works.
Crypto Earn permits users to earn higher savings APR when users stake more crypto for longer timeframes. You'll gain the most elevated benefits when staking in CRO, followed by stablecoins and then more volatile assets.
How long do savings periods with Crypto Earn last? You choose from one-month and three-month intervals. Or you may earn at a flexible savings rate providing you with the ability to withdraw at any time.
Besides the MCO Visa card and lending options, Crypto.com also offers investment, credit, and payment solutions to all users. The platform provides users with educational blog posts and active updates, too.
These resources permit customers to stay on the cutting-edge of the crypto market. They also ensure that Crypto.com remains an excellent platform for individuals relatively new to the digital currency ecosystem. Find out more about Crypto.com.
Luno vs Crypto.com
What's the takeaway when it comes to Luno vs Crypto.com? The answer to this question depends on a variety of factors, from the coins that most interest you to whether you want to integrate crypto into your daily life.
When it's all said done, it's tough to beat the advantages of Crypto.com's MCO Visa card. It provides you with the ability to spend Bitcoin anywhere you see a Visa logo. If you've long fantasized about using Bitcoin to buy a cup of coffee, this is the platform for you.
That said, your search for the right crypto platform shouldn't stop at Luno and Crypto.com. Explore the wide world of cryptocurrency platforms to find the perfect fit for your needs.