Exchanges nowadays have embraced the idea of creating their own token, which most times majorly serves to power the exchange. It is the same idea that is behind the Crypto.com CRO coin. The exchange Crypto.com itself is an online network that enables investors, users, and traders to invest and trade cryptos including CRO tokens. Let’s see what’s so special about the Crypto.com platform as well as its native CRO token.
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What is Crypto.com?
Crypto.com exchange and payment network is where you can trade and invest in cryptos. Its major goal is to facilitate cryptocurrencies adoption extensively. The platform was founded in 2016 as a one-stop window for all your crypto needs irrespective of your trading level. It has over 90 cryptos available to those that reside in the U.S. to earn rewards and spend them. Another interesting feature of the website is that users can gain interest on their CRO crypto coin holdings.
The interest you earn can be spent using the prepaid Visa card offered by Crypto.com. Additionally, the Visa debit card allows you to spend from your token holdings on the platform. On the Crypto.com platform, the transaction fee structure is the maker-taker fee framework, which means that the amount of your transaction fee depends on whether you are a taker or a maker. Now that you understand what is Crypto.com let’s move on to its token system.
Crypto.com has two coins on its network and they are CRO and MCO. The MCO token was sold between May 18, 2017–June 18, 2017, to the public and it is utilized on the Crypto.com platform in the following ways.
- By staking MCO crypto coins, you can order metal Visa cards.
- Using the MCO-backed card will get you a 5% cashback in MCO tokens on every spending.
- By staking more MCO coins, you can upgrade your reserved MCO debit cards to a higher tier on the platform.
The other Crypto.com token is CRO cryptocurrency, which will be discussed in the following section.
How Does CRO Work?
The CRO coin is part of the dual token system of the Crypto.com exchange. It is also the native coin of the Crypto.com blockchain designed to make faster and cheaper payment and transactions possible. The CRO token was initially an ERC-20 token before it was announced that it would be moved to the Crypto.com native chain. The CRO coin has been gradually increasing in market cap since it was launched.
Crypto.com coin CRO is what drives the Crypto.com chain dubbed Cronos. Cronos’s goal is to offer a very accessible and affordable means of making payment online with CRO helping to make the payment easier. At the same time, crypto CRO aims to eliminate the traditional issues persistent with older blockchain like Bitcoin, which includes scalability.
CRO coin serves as the cross-asset intermediate token for the Cronos chain. The CRO token can be traded on around 22 global exchanges.
The key features of Crypto.com exchange, chain, and its CRO crypto coin include:
- It is EVM Compatible
The Cronos chain is built on Ethermint and that means it allows the swift porting of smart contracts and DApps from EVM-compatible blockchain and Ethereum itself.
- Highly Scalable with a focus on green energy
Cronos is designed to process more transactions per second than the Ethereum chain and it aims at going green by 2030.
It is interoperable using the Inter Blockchain Communications protocol to create a link between Cronos and other blockchains with the protocol feature like Cosmos Hub.
- It uses the Proof of Authority (POA) consensus
PoA is a more scalable and streamlined consensus mechanism that offers scalability while ensuring a high level of security.
The CRO coin has its own key functions like:
- Settling block transaction fees.
- Used to reward Nodes for their work on the network.
- Cross-asset currency settlement.
- Using CRO coins for transactions ensures smaller transaction fees.
- Buying cryptocurrencies with Crypto.com coin CRO attracts a 50% discount on the exchange platform.
- CRO coins can also get you access to the Syndicate, which is a fundraising program for crypto projects with the best potential.
Benefits of CRO coin
Is Crypto.com good? From our understanding of what is CRO crypto, these are some of the benefits of using Crypto.com along with its CRO crypto.
It offers immediate settlement at lower rates. The main aim of the CRO cryptocurrency is to facilitate a swift payment solution through the introduction of a scalable network. The aim is to be able to support up to 50,000 TPS, which is way higher than what we have on the Bitcoin and Ethereum networks.
There is improved merchant support as Crypto.com Developers have been working on ensuring it is very easy to integrate the CRO blockchain network. The recent release of CRO token’s dedicated software development kit (SDK) goes further to prove the point above. This release will allow merchants with little technical knowledge to integrate the solutions on the CRO blockchain network.
Moreover, secured against a single point of failure through decentralization by distributing its transaction confirmation and network activities across several nodes of computers, the platform makes it more difficult for data theft and hacking events to occur on the network.
Disadvantages of CRO coin
Presently, there is limited use for the CRO coin beyond the Crypto.com network. This disadvantage has a lot to do with the project still in its infancy. Also, new projects like the CRO cryptocurrency are susceptible to incomplete technology, low liquidity, and few use cases. However, as time goes on, Crypto.com token CRO could end up carving a niche for itself in the wider crypto industry.
What Makes Crypto.com Unique?
The Crypto.com blockchain is primarily focused on creating utility for the users of Crypto.com through the CRO coin. On Crypto.com, CRO token holders can validate transactions by staking their tokens to earn fees on transactions processed on the platform. In addition, the more CRO coins they stake, the more reward they earn.
You can also use CRO coin to pay for transactions on the Crypto.com exchange earning you 20% when you use the token to settle merchants within the Crypto.com Pay app. There is also 10% cashback when you use CRO to buy gift cards and carry out P2P transactions.
You can earn token rewards when you stake CRO for a selected token listing on the Crypto.com Application. Furthermore, staking your Crypto.com coins on a Crypto.com metal Visa card or Crypto.com exchange app can earn you 10-12% APY.
Perspectives of CRO
From the look of things, CRO’s future looks encouraging. Its utility is similar to Binance Coin. Judging by what experts are saying about the future Crypto.com Coin CRO price prediction, the price is expected to increase to $0.229 in just a year and that is according to Walletinvestor. GOV Capital states it could go beyond that to reach $0.4708 in just one year.
How to exchange CRO on Swapzone?
You can exchange your asset to CRO on Swapzone, in case you want to see how it works. For your convenience, follow this detailed guide:
- Open the Swapzone website.
- Now, in the “Select Pair” tab, choose Bitcoin (BTC) and enter the amount of BTC you want to exchange.
- In the “Get Up To” section, select Crypto.com coin (CRO).
- Once you enter all the above information, you should see the exchange rate and multiple offers displayed on the website.
- Here, you can sort the offers based on various parameters like price and transaction time.
- Choose the best offer you can find and click “Exchange”.
- Enter the relevant wallet details and click on “Proceed to exchange” to complete the transaction.
- Wait for the deposit to be processed by the exchange service and the exchange to be done.
- Don’t forget to rate the exchange partner and leave a review, so we can gather more information on the exchanges for future users.