FAQs

What is Crypto.com?

Crypto.com is a cryptocurrency and payment platform. Its main aim is to promote the widespread adoption of cryptocurrencies. Founded in 2016, Crypto.com already has over 10 million users and is the fasted growing platform. The company is headquartered in Hong Kong and is headed by top management team consisting of CEO Kris Marszalek, CFO Rafael Melo, CTO Gary Or, and Head of Corporate Development Bobby Bao. Crypto.com aims for the highest standards of security and is ISO/IEC 27001:2013, ISO/IEC 27701:2019 certified and PCI:DSS 3.2.1, Level 1 compliance as well as CCSS. 100% of the funds are stored in cold storage. The exchange uses a cold wallet insurance fund in the event of a loss of funds. American citizens holding US dollars with crypto.com are insured up to $250,000 by the FDIC.

What is the Crypto.org Blockchain?

The Crypto.org blockchain is a public, open source, permissionless peer-to-peer distributed ledger network. It is a fully decentralized network with high speed and relatively low fees, designed to be a public good that helps driving mass adoption of blockchain technology through use cases, such as payments, DeFi and NFTs.

What is Staking and why is it important?

Staking is the process of actively participating in transaction validation (similar to mining) on a proof-of-stake (PoS) blockchain. On these blockchains, anyone holding in a cryptocurrency wallet even a fraction of a cryptocurrency’s token or if required with a minimum-required balance of the specific cryptocurrency can validate transactions and earn so-called Staking rewards. Thereby the security and operation of the blockchain network is supported. In most cases, cryptocurrency holders are required to hold the cryptocurrency in e.g., a Trust Wallet, lock them up in smart contract for a period of time or make use of an exchange’s staking service to participate in the staking. The staking process is similar to holding a stock and receiving dividends.

From a cryptocurrency holder’s perspective who is interested in holding the cryptocurrency for the long-term, staking is always advantageous because of the extra rewards earned as a passive income. On the contrary, cryptocurrency holder being more interested in the trading of the cryptocurrency may find maintaining the flexibility of selling at any more advantages, because staked cryptocurrency might be locked up for a certain period of time or could only be released by paying an early termination fee.

Is Staking safe?

Staking on the Crypto.org network involves some risks:

(1) Staked token are locked up and cannot be sold before the un-bonding period is over creating a liquidity risk.

(2) Crypto.org allows exactly 100 validators, which are considered active and thus receive rewards. In case a validator becomes inactive or missed signatures the earned rewards can at least partially be slashed (permanently lost) and the validator may be jailed resulting in no rewards during jail time for the stakers;

(3) Unbonding of a validator resulting in future rewards and potentially in a permanent loss of previously staked tokens.

Please note that the staked CRO tokens are secured in the delegator’s wallet. Sirius nodes will not have any access to the delegators’ CRO tokens.

More information can be found at https://www.crypto.org. 

Why should I stake with Sirius Nodes?

The Sirius Nodes team has

- Security to avoid any downtime, jailing;

- Staking with Sirius Nodes helps promoting the research on services, products, protocols offered on Crypto.com;

- 10% of the profits will be donated to support the community;

- Experienced Team;

- “Good citizens” helping the community on discord, reddit, telegram;

- Skin in the game with a self-delegation of about 400K CRO tokens.

How do I Stake on the Crypto.com DeFi Wallet?

Crypto.com’s DeFi Wallet is non-custodial and offers a broad range of DeFi services including staking of CRO tokens. To use Crypto.com’s DeFi Wallet, the respective App needs to be downloaded first. After the DeFi Wallet is linked to the Crypto.com App, the following steps need to be taken:

(1) Deposit native CRO from your Crypto.com App to your DeFi Wallet;

(2) Tap [Earn] on the bottom navigation of your DeFi Wallet app;

(3) Tap [Start Earning] or [Earn More] to see the list of tokens supported for earning;

(4) Select CRO and enter the stake amount to see the projected annual earning based on the latest estimated annual reward %;

(5) Tap on the “To Validator” dropdown to choose “Sirius Nodes” validator from our whitelisted validator list;

(6) Review and confirm the staking by tapping [Confirm Stake];

(7) Authorize the staking request with your passcode (and 2FA if enabled);

(8) Wait for the on-chain confirmation of your staking request;

(9) Once confirmed, you will see the refreshed CRO staking assets on your DeFi Earn screen.

For more information about staking CRO tokens, please visit: https://help.crypto.com/en/articles/5015391-all-about-crypto-org-chain-cro-staking-on-defi-earn

How do I redelegate Staked CRO to a different validator?

Delegators can redelegate their currently staked CRO token to another validator. This redelegation for the purposes of staking with another validator can be done without undergoing the 28-day unbonding period. The following steps need to be completed in Crypto.com’s DeFi Wallet:

(1) Tap [Earn] on the bottom navigation of the Crypto.org Chain Staking details screen;

(2) Tap [...] > [Switch Validator] CTA;

(3) Enter the amount to be switched from the existing validator to another validator;

(4) Tap on the “To Validator” dropdown to choose another validator from our whitelisted validator list;

(5) Review and confirm the switch validator (redelegate) request by tapping [Confirm Switch Validator];

(6) Please note that it is prohibited to redelegate any CROs on the receiving validator for 28 days afterwards as enforced by the Crypto.org Chain to prevent “redelegation hopping” within a short period of time;

(7) Authorize the switch validator (redelegate) request with the passcode (and 2FA if enabled);

(8) Wait for the on-chain confirmation of the request;

(9) Once confirmed, the staking delegation change to the new validator can be seen.

Please note that every time when you redelegate your CRO from the existing validator to another validator, your reward balance with the existing validator will be automatically claimed into your wallet.

For more information about staking CRO tokens, please visit: https://help.crypto.com/en/articles/5015391-all-about-crypto-org-chain-cro-staking-on-defi-earn