Updated: Dec 20, 2019
Crypto.com Chain (CRO) is a new token that natively runs Crypto.com Pay. This revolutionary new payments system is beginner-friendly, simple, and has gained a lot of traction as a pioneer in the Crypto payments industry. Despite being launched in late December 2018, the coin gained popularity only when it was airdropped to MCO (Monaco Coin) holders in 2019. Currently, CRO tokens in circulation have a market cap of around $400 million
This guide will explain why CRO was designed, the team behind it, how it works, and various uses and applications.
What is Crypto.com Coin Designed For?
CRO was designed as a native utility token for the Crypto.com Pay system. The coin was developed to address other functional issues as well. The team behind CRO decided to use it as a rewards mechanism for MCO holders. Out of a total supply of 100 billion coins, 4 billion coins (4%) have been released to MCO holders, the last of which was airdropped in June 2019.
The team at Crypto.com decided to create a native crypto coin to be used on Crypto.com Chain, which allows users to make innumerable payments to merchants worldwide merchants. The team hopes to combine the global ambition of their platform with adoption support, inspired by real-life applications, by enabling CRO to act as an intermediary currency.
Who Is the Team Behind Crypto.com Coin?
CRO is another successful project launched by Crypto.com - the Hong Kong-based cryptocurrency and payment platform. The company is also known as “CRO Protocol Labs”. Crypto.com and has some of the most noteworthy names on its board.
CEO Kris Marszalek is a seasoned company builder, who has successfully gained $100m in revenue in two of his undertakings. He is also the founder of BEECRAZY, which was sold for $21 million and also, the former CEO of Ensogo.
The CCO of Crypto.com is Erald Ghoos who was the former COO at Payreto, a payment solution for financial institutions. Ghoos has held multiple leadership roles at Funding Circle, Equa Bank, AXA Bank, and Paysafe that makes his tenure all the more worthwhile for CRO.
How Does Crypto.com Coin Work?
CRO allows users to make payments to as many merchants as required, on a global scale. This is done by enabling the coin to behave as an intermediary currency, which allows the conversion of other cryptocurrencies into their fiat counterparts, at much lower rates.
There are four major participants in the Crypto.com Chain system – customers, merchants, crypto customer acquirers, and merchant acquirers. CRO tokens are mainly used to settle various assets by being used as a bridge coin. These tokens are primarily used to pay transaction fees, and also, can be earned as rewards for verifying and processing transactions.
Each node in the Crypto.com Chain network can stake a fixed number of CRO tokens, in exchange for the right to participate in the various network operations.
The token can be traded on several exchanges, including HitBTC, Bittrex, Coin Tiger Exchange, Bibox, DDEX, and others. CRO can be stored in Crypto.com Chain’s proprietary wallet. This wallet can be used to trade in 53 cryptocurrencies and 7 fiat currencies. Other wallets supporting CRO include Ledger, Trezor, Jaxx, and MyEtherWallet, among others.
What are Current and Future Applications of Crypto.com Coin?
It is important to understand that crypto.com has two tokens, which are poles apart. MCO is the face of the platform and the cryptocurrency where everything seems to happen – from VISA partnerships and massive Netflix discounts to being used as an investment tool.
In contrast, CRO has very average functionality. It is primarily used as a utility token. However, recently it has gained a new position – as the accepted payment mode on Crypto.com Pay.
Other applications of CRO include:
CRO can be used as staking tools to process transactions and earn fees on the Crypto.com Chain network. The current reward system allows a 12% return per annum upon staking CRO.
Settling block transaction fees is the primary purpose of CRO. They can also be converted into currency deemed stable and earn a 0.5% reward.
Several online and offline merchants accept CRO tokens as a mode of payment. Crypto.com Chain network is offering some fantastic cashback and discount encouragements, for urging participants to accept cryptocurrency as a ready mode of payment (even for day to day activities.)
For instance, there is a 20% cash back for paying at Starbucks or Ledger.com among other merchants. Crypto.com Chain network makes it appealing for merchants as well, by offering a zero transaction fee.
Recently, a flurry of exchanges has begun listing CRO, including OKEx, Huobi, and Bithumb Global Exchange. This only means that the cryptocurrency has plans to stay and leave a mark. Further, there are very few altcoins that have been able to produce triple-figure gains daily, and CRO is one of them.