The Crypto.com coin is now known as CRO or also called CRONOS. It was rebranded to show the Cronos ecosystem’s growth and the coin’s decentralization. The coin name was rebranded in February 2021. Cronos is the utility token of the crypto.com chain and the Cronos Ethereum virtual machine (EVM) chain. Let’s know Crypto.Com Coin
Cronos, an EVM-compatible chain, was created to support creators’ economies to build applications such as DeFi and Gamefi, which is also a foundation for the Metaverse. It was designed to allow faster and cheaper transactions than Ethereum’s .mainnet to ensure that DApps (decentralized applications) and smart contracts are environmentally user-friendly.
Cronos has grown rapidly, with over 350,000 unique wallet addresses in three months, and it now has over 15 million transaction volume and a $2.5 billion total value as of February. Since November 2021, more than 3,500 CRC-20 tokens have been minted. Cronos has it in its roadmap to be among the top 5 public blockchains by TVL and its rapid expansion into Gamefi, NFT, Defi, and Metaverse DApps.
What is Cronos?
Cronos is the native token of the Cronos chain and went live in November 2018. It is an open-source and decentralized blockchain created by Crypto.com, a trading, financial services, and payment company. One of the aims of Crypto.com is to see that the global adoption of cryptocurrency is accelerated, thus their creation of the Cronos chain, one of their lineup solutions. It aims to give personal control over money and safeguard and protect users’ data and identities. The Cronos blockchain is the energy that powers the Crypto.com pay mobile payment app. Crypto.com is also looking at expanding the Cronos chain to power its other products.
Why Cronos?
Cronos blockchain was created primarily to provide utility to Crypto.com users, allowing Cronos token holders to stake their coins on the Cronos chain to act as validators and earn fees each time a transaction is processed on the network. Users of crypto.com can use the CRO token to pay transaction bills on the Cronos chain as well. Users get up to 20% cashback in CRO when they use the Crypto.com Payment app to pay merchants and up to 10% when they buy gift cards and do peer-to-peer transactions with other users.
When you stake CRO on the Crypto.com app, you earn CRO as a reward and annual interest of 12%. CRO is the energy that powers Crypto.com’s desire to increase the global adoption of cryptocurrencies. Crypto.com is developing new use cases for their users to ensure control of their money, identities, and money.
Cronos Live Statistics
Cronos has a total supply of 100 billion, of which 70 billion were burned in 2021, limiting it to 30 billion coins. The total supply is allocated in the following ways:
10% for community development.
20% for Network Long-Term Incentives.
20% for the Capital Reserve
20% for ecosystem grants.
30% for launch incentives and secondary distribution.
The current price of Cronos is $0.117091, with a trading volume of $22,446,036 and a current market cap of $2,958,080,855. It is ranked #22 on the coinmarketcap ranking list and has a circulating supply of 25,263,013,692.
Who founded Cronos? The Crypto.com
The company launched Cronos as one of its visions of making cryptocurrency in every wallet. Kris Marszalek, Gary Or, Bobby Bao, and Rafael Melo founded crypto.com in June 2016.
Where can I buy Cronos?
Cronos can be purchased on various popular centralized exchanges, including Crypto.com, Kucoin, Gate.io, coinbase exchange, FYX, Bithumb, Lbank, Huobi Global, Bittrex, OKX, Coinone, and many others.
What is the current price of Cronos?
The current price of Cronos is $0.116594, with an all-time high of $0.965407 about seven months ago, on Nov 24, 2021. The all-time low for Cronos was $0.012119597670 on Feb 8, 2019, about three years ago.
Can I Buy Cronos?
CRO is a proof of stake token which is majorly used for transacting between assets and paying for gas fees on the Cronos chain. Although the team said they are trying to develop more utilities for the coin in Defi, Metaverse, and Web 3.0, Cronos has other benefits for holders, which include cashback and staking rewards of up to 10% and other incentives for making transactions on the Crypto.com app. With these benefits, you might consider buying Cronos depending on what you want and the kind of assets you want to invest in. The decision is yours as no one can be your financial adviser.
Conclusion
Cronos is a utility token on the Crypto.com platform that aims to be among the best blockchains in the crypto space. It is slowly moving towards that goal, the 15th biggest exchange by trading volume. You can do your research to know if it’s a good investment or not. There is a tendency that Cronos might perform well in the long run, depending on if the team builds more utilities for the token and how many investors invest in the project.
