How to Stake CRO Coins on Crypto.com DeFi Wallet
Staking cryptocurrency is one of the best ways to increase your passive income over the long term. The world of blockchain and cryptocurrency has been skyrocketing for the past few years now, but it’s definitely not too late to get involved. But what is staking? and how to stake cro coins on crypto.com defi wallet? Keep reading to find out!
What is Staking?
Which is in short is securing the network with your coins. By doing so, you earn a little back while securing the network. Creating more coins for circulation rewards both you as a stakeholder and us developers for our efforts in building a better, faster, safer cryptocurrency.
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Defi Crypto
Defi Crypto is a decentralized platform that allows users to purchase and sell cryptocurrencies. It also provides a secure platform for users to store their cryptocurrencies. defi crypto was created to provide a safe and secure environment for users to trade and store their cryptocurrencies.
Crypto.com coin (CRO)
I never tire of saying that all cryptocurrencies are very volatile, but some have the potential to give big direct gains.
Crypto.com coin (CRO) is one coin that has the potential to give good returns in a short time.
The more Crypto.com coin (CRO) you’re ready to stake, the more advantages you’ll get from this trade.
Staking from crypto.com DeFi wallet is a relatively simple process, but this guide will show you how to do it correctly. If you already have some CRO in your wallet, then this guide can help you earn more. This guide is not just for CRO, it can also stake other cryptocurrencies and tokens on the crypto.com DeFi wallet.
If you want to buy CRO coins
You can buy CRO Coins on the Crypto.com exchange, Sign up by clicking the button below and get a bonus of up to $50.
What is a DeFi Wallet?
DeFi Wallet is a decentralized wallet, but the Crypto.com app or Crypto.com Exchange is a centralized wallet.
The Crypto.com Exchange and Crypto.com Mobile App are both custodial
Crypto.com Defi wallet is noncustodial
Custodial Wallet
Custodial wallet is a service that has custody of your assets and owns the private key to your wallet.
Example: Binance, Crypto.com
Non-Custodial Wallet
A noncustodial wallet Is a service where you have complete control over your assets.
Example: Metamask, crypto.com defi wallet
Staking CRO Coins on Crypto.com DeFi Wallet has 4 simple steps:
- Download the app
- Set up a wallet
- Transfer your CRO
- Start staking
Downloading Crypto.com DeFi Wallet
Download the Crypto.com DeFi wallet app for iOS on Apple Store or for Android on Google Play.
How to set up a Crypto.com DeFi Wallet
Once you downloaded the Defi Wallet app, you will find two options
- Create a new wallet
- Import an existing wallet
Click on the create a new wallet.
- Please review the Crypto.com DeFi Wallet Terms of Service and Privacy Notice.
- After accepting the terms & conditions, click Continue.
- Then set up a 6-digit passcode and recommended enabling TouchID or FaceID.
After setting up the passcode, click Done and it will reveal the recovery phrase.
Click Reveal my recovery phrase and it will display your recovery phrase to you on the next screen as a 1-word phrase.
Twelve 1-word phrases you need to write it down somewhere & store it in a secure place.
You will need the recovery phrase to retrieve your DeFi Wallet.
Then confirm your recovery phrase and give your DeFi Wallet a unique name to complete the setup.
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How to transfer your CRO coins to DeFi Wallet
Now you can send CRO coins from your Crypto.com mobile app to your Crypto.com DeFi Wallet.
First, copy the deposit address for the CRO coin from your DeFi Wallet.
- Click Receive option
- Then choose CRO Coin
- Select the CRO chain
- Copy the CRO Wallet Address (Deposit Address)
Then go to Crypto.com App (mobile app) to transfer CRO coins to DeFi Wallet.
- Click Transfer option
- Select Withdraw option
- Then Select External Wallet
- Paste the CRO Wallet Address copied from DeFi Wallet
You can see that there are two options: CRO and ERC20.
Paste it to the CRO option and it will say that you want to do it without a memo. We don’t need a memo to send CRO coins from your Crypto.com App (mobile app).
Click Continue and there will be an email check, click on the Open Email and again open the Crypto.com App (mobile app) to authenticate your address.
It will save your DeFi Wallet address now. Notice that the transaction fee is 0.001 CRO.
Once you click on to Withdraw, the withdrawal will get submitted and withdrawal will get processed to your Crypto.com DeFi Wallet.
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How to Stake CRO Coins on DeFi Wallet?
On DeFi Wallet click, the Earn icon.
Then in the Earn option, it will show your CRO staking.
CRO staking rates 14.74% p.a.
Select the CRO coins you want to stake and it will show you that there are 28 days unbinding period.
Confirm & click continue to Stake.