Say goodbye to the Crypto.com* Corner, and hello to “Chronos” — the popular crypto exchange’s new name for its rebranded CRO utility token.
Crypto.com* announced the rebranding in a medium blog not long ago. The blog post states that the new name is meant to reflect the “decentralization of the coin and the tremendous growth of the Cronos ecosystem.”
“The Cronos ecosystem represents the next major phase in the adoption and utilization of Web3 by hundreds of millions of users” — medium.com
The CRO Token has attracted a lot of attention through its rally in recent months. It is a project that is becoming more and more recognized on an international level due to its very ambitious marketing initiatives and projects. Partners include the top French soccer club Paris Saint Germain, Aston Martin, UFC, Twitch Rivals, Formula 1, Philadelphia 76ers, and many more. With the naming rights of the LA Lakers Arena, Crypto.com takes another step towards the mass adoption of cryptocurrencies.
The World’s Fastest Growing Crypto App — crypto.com
What was missing so far though, was the ability to use CRO in DeFi. That’s why Cronos Chain was introduced at the end of last year. Details later on. First, let us revise crypto.com as a platform.
The most important element of the ecosystem is the Crypto.com trading platform. Here, users have the opportunity to trade hundreds of cryptocurrencies at a low cost. But the exchange is only one element of the entire ecosystem. With a blockchain, crypto credit cards, earn programs, a DeFi wallet, and an NFT marketplace, crypto fans will find everything they desire.
- Exchange: Crypto.com was born as an Exchange, with the distinctive feature to be designed mobile-first with its app. You can do everything from your cell phone or you can use it via desktop as CEX.
- Payments: The app also features payments and purchases.
- NFT: Crypto.com has launched its own curated NFT marketplace
- Staking: Crypto.com offers a staking service with market-leading rewards.
- Challenge: Since November 2021, an increasing number of Defi applications are being born on Cronos.
Crypto.com Coin (CRO) is the native cryptocurrency of the Crypto.com Chain — a decentralized open-source blockchain developed by Crypto.com. The Coin aims to accelerate the global adoption of cryptocurrencies to increase personal control over money, but at the same time protect the identity of users. In the Crypto.com ecosystem, CRO is used to:
- Payments: Crypto.com Pay and VISA cards
- Trading: centralized exchange
- Financial Services: Crypto.com Earn and Cronos’s Defi apps
CRO, therefore, is widely used and its usefulness continues to grow.
Chronos is an EVM-enabled blockchain built using the Cosmos SDK framework, with which Crypto.com’s core network is also built. It is a decentralized blockchain that allows parallel blockchains to be connected. Being the center of the platform, the Cosmos Hub acts as layer 1 for many projects.
The different blockchains are connected to the main blockchain through the hub.
Live since November 2021, Cronos is an EVM-compatible chain designed to support the Creator Economy with applications such as DeFi and GameFi, ultimately serving as foundational infrastructure for the Metaverse. Cronos delivers dramatically faster and cheaper transactions than Ethereum mainnet, making decentralized applications (DApps) and smart contracts more user and environment friendly. — medium.org
The blockchain connects the Ethereum ecosystem with the world of Cosmos applications. This means it is capable of interacting with two environments, supporting the development of Defi, NFT, and web3 applications. Has somebody said metaverse?
Cronos is powered by Ethermint, an evolution of Tendermint. Hence why the platform is efficient, scalable, and completely open-source. The network, therefore, allows the rapid porting of applications and smart contracts from Ethereum The IBC then ensures great interoperability, transaction speed, and low fees.
Cronos communicates the following advantages:
As mentioned earlier, the core element of the Crypto.com ecosystem is the Crypto.com Exchange. Here, CRO holders get exclusive features with the Trading Arena, Supercharger, and Syndicate.
The Crypto.com Trading Arena is a community platform where users can earn cryptocurrencies through trading. The Supercharger feature on the other hand is a mechanism for CRO holders to mine new DeFi tokens before they can be traded on the Crypto.com exchange. Finally, Syndicate offers CRO coins holders exclusive discounts on popular cryptocurrencies that are or will soon be available on the Crypto.com exchange.
„Not your keys, not your coins“. Once your cryptocurrencies are on an exchange, you are not the owner of the private key and could lose your cryptocurrencies if the exchange is hacked. That’s why crypto.com created a decentralized wallet where users have full control over their cryptocurrencies. Moreover, the wallet offers integration with popular DeFi protocols like Yearn Finance and Cosmos to earn interest on crypto holdings. CRO holders are allowed to use their coins in staking to receive interest in the form of CRO coins.
Crypto.com offers the possibility to buy, stake, and spend cryptocurrencies of all kinds via a Visa credit card. The credit card can be topped up with either cryptocurrencies or FIAT money. What’s so special? The different models of cards offer at least 1% cashback — which will be paid out in the form of CRO.
To receive more than 1% cashback, staking of the CRO coin is required. Depending on the amount of the stake, the different versions of the credit cards are unlocked, which brings some benefits next to the cashback. For example, Spotify, Netflix, and Prime costs are also reimbursed, and exclusive access to airport lounges is offered.
The only drawback? The Crypto.com cards do not support Google/Apple Pay. Luckily, I’ve found a solution that I am using for a couple of months now. Not only to add my crypto card to Google/Apple Pay but also to add another 1% cashback on top. Proudly presenting: the (free) Curve card:
This Is How You Can Add Every Card To Google/Apple Pay
In addition to the cryptocurrency trading platform, Crypto.com has also created an NFT-marketplace. With international artists and global brands like Aston Martin and Boy George as partners, the NFT marketplace creates another way for Crypto.com to attract users to their ecosystem. The CRO token will be used as a medium of exchange on the new NFT marketplace. —
Adoption of the Cronos chain has scaled rapidly since launch. It now contains over 350,000 unique addresses on-chain, with $15 million in trading volume and $2.5 billion TVL. The Cronos Coin is currently ranked #18 by market capitalization.
The crypto exchange leverages its marketing budget very strongly and was able to attract lots of new users through many remarkable partnerships. However, this is not only due to the marketing but also because the exchange offers a well-rounded overall package.
CRO should finally bring cryptocurrencies into the everyday lives of consumers.
“Away from investment and towards normal means of payment”, as the company states.
The fact that, in addition to the credit card, wallet, trading service, and lending format, there is also a savings account for crypto fans in the form of “crypto.com Earn” is in some ways a unique selling point of the platform + token. Those who pay with cryptocurrencies via card proceed just as comfortably as with established fiat currencies thanks to the card’s acceptance. The fact that CRO connects the real world and many economic sectors through the credit card has brought some attention to the token. Even though there are some similar approaches for cryptocurrencies, the format is quite trendsetting given the multitude of available coins and tokens. It is an important transformation towards applicability in normal payments outside the world of the internet, which attracts many potential users.
If Crypto.com manages to continue developing so effectively, then the CRO token will also benefit heavily.