CRO is the native digital asset of the Cronos Chain and also serves as the utility token of the Crypto.com cryptocurrency exchange. Cronos Chain is an open-source, decentralized blockchain network developed by the Crypto.com team to support its payments ecosystem.
The ecosystem delivers a comprehensive way to drive mainstream adoption of cryptocurrencies as payment methods worldwide. Crypto.com offers a platform for trading cryptocurrencies, using them as a payment method, and accessing other financial services for digital assets.
The CRO token, the native cryptocurrency of Cronos Chain, powers the Crypto.com payments ecosystem and gives its holders and users several distinct benefits when transactions on the platform.
CRO holders receive several incentives for participating and using the Crypto.com platform and its various services. The CRO token rose in the crypto market in terms of market cap amid an uptick in the number of users signing up to use the platform.
The Ethereum-compatible Cronos Chain blockchain ecosystem is developed using Cosmos SDK. It works similar to the Binance Chain and Binance Smart Chain (BSC). Its EVM compatibility feature can let developers create or migrate their existing Ethereum-based dApps to Cronos's ecosystem.
Not only will dApps operating on the Cronos blockchain enjoy the benefits of faster transaction processing and lower gas fees, but they can also enjoy higher levels of scalability than Layer-1 Ethereum offers. This is because Cronos Chain supports interconnectivity among multiple blockchain networks via the Cosmos IBC (Inter Blockchain Communications) protocol.
This will offer assets and data on the EVM-compatible chain, Cronos Chain, to be bridged to all other dApps running on other IBC-enabled chains, offering improved scalability and liquidity. The popularity of the Cronos Chain and its native token was bolstered in 2021, powered not only by the bull run in the crypto and DeFi markets but also thanks to grants programs encouraging the development of its dApps’ ecosystem.
Cronos Chain functions as the underlying infrastructure that supports Crypto.com’s vision to take cryptocurrencies mainstream globally. It is one of many products the company has developed to offer users access to decentralized, cryptographically secured, and more efficient ways to make payments using the power of blockchain technology.
The CRO coin offers several use cases to its holders, including:
As the native digital asset of the Cronos Chain ecosystem, the CRO token is used to pay transaction fees by users and dApps utilizing the blockchain to send data and payments. However, the transaction fees on the ecosystem are far lower than those charged by Ethereum.
CRO holders enjoy cashback when using the cryptocurrency to make payments to merchants, purchase gift cards and send payments to other users on the Crypto.com Pay platform.
CRO token holders also receive token rewards for specific tokens listed on the Crypto.com exchange when they stake their $CRO on the platform.
Users can also stake CRO on the Cronos Chain to become validators who verify transactions and add new blocks to the blockchain network. In return for their efforts, they receive a percentage of transaction fees as rewards.
As of June 2022, Cronos (CRO) is among the top 25 cryptocurrencies by market cap and enjoys high liquidity and trading volume across major crypto exchanges. It is a popular digital asset to trade against other cryptocurrencies or hold in the long term if you believe in the future potential of Crypto.com and the Cronos Chain. Ensure that you check the current Cronos price, CRO market cap, and 24-hour trading volume and perform fundamental, technical, and sentiment analysis every time you trade CRO.
In addition to staking CRO on the Cronos Chain, you can also use CRO to grow your crypto capital in a risk-free manner by lending liquidity or staking the token on supported platforms. These methods can offer attractive returns and let you generate a stream of passive revenue more safely.
KuCoin offers a safe way to grow your Cronos holdings via its Crypto Lending feature. You can use this service to lend liquidity in CRO to the platform over 7 days, 14 days, or 28 days to earn attractive returns.
Crypto.com Coin CRO enjoyed a stellar performance in 2021, powered by a bullish mood in the crypto market and rising adoption of its ecosystem by dApp developers and users. These factors helped drive the Cronos price and market cap, taking it into the top 25 cryptocurrencies by market capitalization.
While it is impossible to make an accurate CRO price prediction over time, the fundamentals of the cryptocurrency could point to it being an exciting asset to invest in. As the native token of one of the biggest cryptocurrency exchanges in the world, the CRO price could tick higher as more users sign on to trade on Crypto.com.
In this regard, bullish sentiment in the crypto market can significantly bump the Cronos Chain price and market cap. As more traders flock to the market and the exchange, the CRO token (formerly known as Crypto.org Coin) could enjoy higher traction as both an asset to trade or invest in and hold.
Crypto.com renamed its utility token CRO to Cronos in Q2 2022 as part of its efforts to foster the Cronos ecosystem. As of June 2022, the rebranding process is still incomplete, due to which the CRO token is listed in several exchanges under different names, including Crypto.com Coin, Cronos, and Cronos Chain (formerly known as Crypto.org chain).
Crypto.org, the brand behind the Crypto.com platform and Cronos Chain, aims to drive the adoption of its offerings by the next wave of Web3 applications to onboard hundreds of millions of users to use online services. The changing of CRO is part of reinventing its identity as a comprehensive provider of all kinds of decentralized applications and cryptocurrency projects, beyond DeFi and into the world of GameFi and the metaverse.
Using several bridge protocols, you can bridge CRO from the EVM-compatible Cronos Chain to the Ethereum ecosystem. One of the most convenient options to use is the Cronos Bridge, the official project of the Cronos Chain that supports token swap and cross-chain transfer of digital assets.
1. Create an account on Cronos Bridge if you are a new user, and connect your wallet to the bridge.
2. Head to the Swap section within the interface after logging into your account on Cronos Bridge.
3. Select CRO as the token you wish to swap or transfer using the bridge.
4. In the From field, enter the network as Ethereum.
5. In the To field, enter the destination network, which in this case would be Cronos Chain.
6. Enter the number of CRO tokens you wish to bridge from Ethereum to Cronos Chain.
7. Before confirming the swap, verify your transaction details, including the network fees.
8. It will take some time for the transaction to be confirmed and completed.
There are several options for staking Cronos (CRO), including:
You can stake CRO via the Crypto.com payments app to avail a Crypto.com Visa metal card. You can earn up to 5% CRO rewards whenever you use this card.
This option also gives you Crypto Wallet Benefits, including discounts on purchases through the app and additional cashback offers. In addition, staking CRO via the app lets you enjoy higher APRs on Crypto.com’s Credit and Earn services.
Using the Crypto.com exchange to stake CRO lets you enjoy discounts on trading fees on the platform. In addition, it entitles you to earn a daily APR of up to 10% as of June 2022.
Staking CRO on the exchange also allows you to earn a bonus via the Referral Program and CRO cashbacks via the Pay Rewards program. You can earn up to $5 monthly cashbacks when making payments to other users.
Several leading DeFi platforms also allow you to stake CRO and earn attractive interest. Perform research to find the best platform based on its reputation, latest rewards, lock-up periods, and transaction fees.