Loopring Protocol Token (LRC) gets a new height with its addition on the Crypto.com platform. The leading debit and credit VISA card provider, Crypto.com, has announced to list Loopring Protocol on its platform on August 5, 2020. Loopring is a decentralized and automated execution system that trades across different crypto-token exchanges. It reduces trading and protects users from counterparty risks.
With this integration, the Crypto.com users will be able to access the LRC tokens using their debit or credit cards. The Crypto.com platform aims to create a hybrid payment card that will be user-friendly and will also accelerate the global transition to cryptocurrency.
After this listing, the users will also be able to purchase the LRC tokens at their true costs without paying any additional fees, with fiat currencies. They will also be able to spend them across 60 million merchants worldwide, accepting VISA cards.
The addition of LRC tokens on to the Crypto.com app will enable the users to convert their preferred cryptocurrencies into fiat currencies. It will enable the customers to perform all digital core functionalities within the app like wallet management for Bitcoin and ERC20 tokens, submitting KYC compliances, credit increase applications, or P2P transfers. However, the non-provision of the LRC tokens for the US residents sometimes acts as a bottleneck in the path of success of the LRC tokens.
Presently, the Crypto.com app lists over 50 leading cryptocurrencies and stable coins, including Ether (ETH), XRP, Bitcoin (BTC), Chainlink (LINK), Cardano (ADA), VeChain (VET), USD Coin (USDC), along with CRO Tokens. The listing of the LRC tokens on the Crypto.com platform will expand the reach of the LRC tokens to the global audience.
The main objective is to make the Loopring infrastructure accessible to the blockchain ecosystem, thereby enabling developers to build non-custodial crypto exchanges with high scalability. The integration of LRC with Crypto.com will improve the overall trading experiences of the crypto asset holders.
The LRC tokens can be staked by crypto-asset holders and DEX owners to earn protocol fees for service level guarantees. In its aim to build a world-class DEX Ethereum based protocol, this listing of LRC on the Crypto.com platform will serve as a boon for the platform. The DEX project has already started, and the company has used a top-notch technology called zkRollup to reach this level of success. LRC token holders also receive discounts on the Loopring’s zkRollup exchange.