What is Crypto.com (CRO)? Everything you need to know about CRO Token

Crypto.com is a Singapore-based cryptocurrency exchange and digital wallet that was founded in 2017 by the CEO of Monaco, Kris Marszalek. Crypto.com is one of Asia’s most successful exchanges with a long history as an established entity within the industry.

Recently, Crypto.com has launched its own blockchains called Crypto.com Chain and Cronos chain which will provide a decentralized infrastructure that will enable users across all industries to access their financial data securely from anywhere on any device.

In this article, I will introduce everything you need to know about the native token (CRO) in the Crypto.com ecosystem.

What is Crypto.com?

Crypto.com is an innovative platform that launched with spot trading functionality and has been developing new features to accommodate the needs of investors on both sides of the table: retail & corporate users alike. The exchange allows users to trade crypto with ease, and offers the following advantages:

• Deep liquidity.
• Competitive fees for high-volume traders (after CRO staking discount).
• Engaging events such as discounted token distributions from Syndicate.
• Institutional-grade infrastructure that powers fully resilient components.

Crypto.com has debuted with the spot trading functionality and will be releasing more features to help provide a suite of cryptocurrency-related services for both retail and corporate users alike. 

The platform's CRO liquidity along with its various offerings allow it to stand out among other exchange platforms in this market space, as Crypto.com becomes an all-inclusive future service provider for crypto enthusiasts.

The platform is currently in the top 20 centralized trading exchanges according to Coinmarketcap. The 24h trading volume is $730 million dollars with 975,244 weekly visits which is impressive.

Crypto.com Ecosystem

Crypto.org Chain

Launched in March 2021, Crypto.org Chain is the next-generation public blockchain that enables transactions worldwide between people and businesses, providing a decentralized solution to help revolutionize cross-border payments all over the world. 

It's also used for Crypto.com Pay, our mobile payment app which has become immensely popular in many countries around Asia, and will soon be available globally as well.

Crypto.org Chain is created with these following propositions:

• Secure: Fault-tolerant design making the Chain resilient and safe;
• Instant & Low-Cost: The Chain delivers Instant transaction confirmation coupled with minimal fees;
• Permissionless: The Chain is an open-sourced project that welcomes any party to join the network and/ or contribute to the code development.

CRO is a token that will be used as the utility coin of Crypto.com Chain, which includes payments, trading, and financial services.

Cronos Chain

The team introduced the new testnet of Cronos Chain on 20th July 2021. It is an open-source and decentralized public blockchain of Crypto.com, built on top of the Cosmos SDK to provide a secure payment infrastructure for financial institutions around the world.

Cronos aims to provide stability through the Ethereum Virtual Machine (EVM) and acts as an interoperable sidechain with Crypto.com Chain. Based on this design of Cronos it provides users with flexibility in migrating their applications and smart contracts from EVM-compatible chains quickly and easily.

Cronos is a project to expand the use of Crypto.com's native currency (CRO), across their ecosystem. CRO tokens are used for payment or staking and also proves their validity through participation in the Cronos Defi ecosystem - all without having to introduce any new tokens. This will most likely increase the popularity of this coin in the near future as Cronos develops.

What is CRO Token?

The Crypto.com Coin (CRO) token is the native cryptocurrency powering a next-generation public blockchain solution for users to power their crypto transactions and financial services in an innovative way. The CRO ecosystem spans from payment solutions to trading features, and more-- all of which are designed with user security at its core.

The CRO Token powers every feature within the Crypto.org Chain and Cronos Chain that’s focused on user protection while providing access to advanced asset use cases like payments or peer-to-peer banking through smart contracts among other things.                                                   

Detailed information about CRO Token

CRO Token Metrics

• Ticker: CRO.
• Contract: 0xA0b73E1Ff0B80914AB6fe0444E65848C4C34450b
• Blockchain: Ethereum.
• Token Standard: ERC-20.
• Token Type: Utility.
• Total supply: 30,263,013,692 CRO.
• Circulating supply: 25,263,013,692 CRO.

CRO Token Allocation

Crypto.com has announced its goal to decentralize the CRO token distribution in preparation for Crypto.org's Mainnet launch as well as burn 70 billion of its total tokens, reducing them by 30%. 

The remaining 5.9 billion dollars will be allocated and used towards both Chain validators rewards and Particle B ecosystem development; all according to a fair algorithm that is yet to be published on December 31st, 2020 at 6:00 PM UTC.

CRO Token Use Case

CRO has several use cases in Crypto.com Ecosystem including:

Crypto.com Pay & Crypto.org Chain:

• Earn up to 20% cashback paying merchants online and offline.
• Earn up to 10% cashback on major brands' gift cards and p2p transfers to friends.
• Stake CRO as Validator on the Crypto.org Chain and earn fees on the network.
• Use CRO to settle transaction fees on the Crypto.org Chain

Crypto.com App: 

• Receive token rewards for selected token listings on the Crypto.com App based on CRO Token staked in-app.
• Receive higher staking rewards for selected tokens based CRO Token staked in-app

Crypto.com Exchange:

• Stake CRO and earn up to 10% p.a. on Crypto.com Exchange
• Get discounted trading fees when staking & paying with CRO on Crypto.com Exchange

Crypto.com Earn:

• Get a better interest rate with CRO tokens staked up to 12% p.a.
• Earn an additional 2% p.a. on fixed-term deposits (paid in CRO) with staking equivalent to Icy White / Rose Gold or Obsidian Visa card tiers

Crypto.com Credit:

• Lower annual interest rate (APR) at 8%

Visa Card:

• Reserve a metal Visa Card
• Receive up to 8% back with each transact on the Visa Card
• Receive 10% p.a. on your staked CRO for Jade Green / Royal Indigo tier and 12% p.a. on your staked CRO for Icy White / Rose Gold and Obsidian tiers
• Exclusive Crypto.com Private rewards and benefits for cardholders of Icy White / Rose Gold and Obsidian cards while they have CRO staked for their cards

Crypto.com DeFi Swap:

• Receive & boost bonus yield for providing liquidity with CRO tokens staked

Crypto.com DeFi Wallet:

• Unlock DeFi features in the non-custodial wallet app.
• Get better staking rewards with CRO tokens staked.

The Syndicate:

• Get priority discounted token allocation when new coins list via The Syndicate fundraising platform
• Stake CRO to enjoy preferential interest rates in Crypto.com Soft Staking on Crypto.com Exchange

How to buy CRO Token 

You can use Coin98 Exchange to swap other tokens for CRO following these simple steps with: exchange.coin98.com

Step 1: Connect Coin98 Extension Wallet.

Step 2: Select Uniswap.

Step 3: Choose coin/token for trading:

• Search CRO.
• If the token does not come up in the results, you can paste the contract of CRO into the search bar: 0xA0b73E1Ff0B80914AB6fe0444E65848C4C34450b

Step 4: Adjust the amount you want to swap.

Step 5: Adjust the gas fee, then click Approve.

Alternatively, you can apply the same steps for Coin98 Wallet to buy or swap the token.

How to mine CRO Token 

CRO is a token so it can't be mined.

How to store CRO Token 

You can store CRO token on Coin98 Wallet by following these steps:

Step 1: Open Coin98 Wallet & click Receive on the home screen.

Step 2: Search CRO Token.

Step 3: Click on the correct result, copy the wallet address and send CRO to this address.

Roadmaps

Team & Partners

Team

Crypto.com is a startup company that was founded by experienced entrepreneurs from tech and banking who want to break down the barriers of digital currency for everyone.

These are the key leaders in management:

Kris Marszalek - Co-Founder & CEO: Kris has been a serial entrepreneur with three startups under his belt, he also worked as CEO for Ensogo and BEECRAZY. Crypto.com is the latest company that Kris founded in 2016 to make it easier than ever before to buy cryptocurrencies and digital assets securely through their mobile app or bank account.

Rafael Melo, CPA - Co-Founder & CFO: 15+ years experience in finance, deep understanding of risk, compliance, and Mobile Payments ecosystem in Asia. Led fundraising efforts as CFO at ASX-listed Ensogo, securing strategic investment from VIPSHOP (NYSE: VIPS) and raising over AUD 50m from blue-chip institutions like Fidelity, Goldman Sachs, and BlackRock.

Partners

Crypto.com has been around for a while, and it's always good to see an established company with partners like Google Wallet or Visa.

Recently on 7th July 2021, the company proudly announced the historic partnership with the Ultimate Fighting Championship (UFC).

Is CRO a good investment?

Crypto.com has been around for a while, and it's always good to see an established move in their blockchain developments. However, should we invest in this project?
Here are some things you might want to consider before purchasing:

• Crypto.com Chain and Cronos Chain were created, showing that the project is catching the market trend. However, compared to other giants like Binance or Huobi, crypto.com blockchains have not had much growth. We need more time to observe their developments before making investment decisions.
• The native token (CRO) of Crypto.com can be used widely in every part of its ecosystem. This means the popularity of the token will increase as long as Crypto.com Chain and Cronos Chain develop.
• The team behind the project has roots in both the IT and Finance industries, which is a great sign that they will be able to make this innovative idea come to fruition.
• In February 2021, the team announced the token burn event which brought down the total supply to over 30 billion CRO.  This means there will be less CRO available in the market after this event.