Cronos crypto, or CRO, is the main token of the Crypto.com exchange. It was designed to complement the whole ecosystem by letting people choose different levels of benefits within the Crypto.com platform.
Crypto.com was opened in 2016 and was known for running a successful ICO in 2017 by launching its MCO token. After that, it appears, they were inspired by a broader goal of accelerating the mass adoption of cryptocurrency. Crypto.com aims to position itself as a player in the expanding decentralized finance and other blockchain industries.
Its team wants to enable payments by cryptocurrencies around the whole world. They also highlight the importance of interactions between consumers and traders. Hence, they allow customers and dealers to choose and indicate in what currency they want to pay and get payments.
At that moment, CRO is an ERC20 token on the Ethereum blockchain. However, it is said that it will live on its own dedicated blockchain in the future.
Cronos can be used for:
- Paying fees on the Crypto.com platform;
- Staking to qualify for various benefits.
Things to Know Before Buying CRO
CRO was Rebranded to Cronos Last Year
As it was said earlier, Cronos is the core token of Crypto.com. For this reason, it was first known as the Crypto.org Coin. However, in February 2021, it was renamed Cronos.
It is said that the new name was made to show the development of the whole Crypto.com ecosystem.
Cronos is a Smart Contract Crypto
Cronos is in the top of 10 blockchains in terms of its total value locked (TVL). TVL is the amount of money that has been invested or deposited in applications of ecosystems. Cronos TVL is over $2 billion, placing it above other famous blockchains.
Crypto.com Has Big Advertising and Sponsorship Moves
Crypto.com has already invested a lot of money to make a name for its brand and get new customers. For example, they had a global ad campaign starring Matt Damon.
In March 2022, Crypto.com became an official sponsor of the FIFA World Cup Qatar, which will definitely attract a lot of new customers. Other than these, Crypto.com has many sponsorship deals with different sports, including Formula 1 racing.
CRO Allows to Earn Decent Staking Rewards
Cronos offers lots of benefits for its stakes, especially for starters. At the beginning of staking, it is possible to earn high-interest rates on CRO and other crypto deposits represented on Crypto.com. Also, for better crypto rewards, it is possible to open a prepaid Crypto.com debit card.
Nevertheless, the awards aren’t eternal.
After Crypto.com announced that they would get rid of some staking rewards, the price of Cronos dropped dramatically. Because of this, they changed their mind and just reduced the rewards rates instead. It shows that the company can change its mind and terms at any time.
Cronos increased by over 850% In 2021
Cronos isn’t considered to be one of the top crypto performers in 2021. However, its price grew by over 850% and became the 21st biggest crypto by market capitalization.
Nevertheless, as with many other cryptocurrencies, 2022 hasn’t been an engrossing year for Cronos. CRO’s price fell by 60% this year, partly because of the changes that Crypto.com imposed to its reward structure that was discussed above. November 21, 2022, its price was $0.0635.
Cronos Isn’t Available on All Crypto Exchanges
It is widely known that it is some kind of a challenge to buy crypto exchange utility tokens because they are often not present on competitors’ platforms.
Cronos is available on:
- Coinbase,
- FTX,
- Crypto.com.
It isn’t available on:
- Gemini,
- Kraken,
- Binance.
It is best to buy CRO from Crypto.com, so first, it is suggested to open an account there. This way, more benefits will be earned. Nevertheless, it won’t be convenient for investors who want to have one place where they will be able to manage all their crypto assets.
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