Cronos (CRO) is the token that powers the Cronos blockchain and is used to facilitate payments on Crypto.com, a cryptocurrency exchange company based in Singapore.
The idea behind Cronos was to make payments in cryptocurrency a global norm, by partnering with as many companies and businesses around the world and to help provide them with payment solutions using cryptocurrency. In 2021, Crypto.com was able to secure a partnership with Visa, greatly expanding the reach of cryptocurrency payments with the issuance of its own cryptocurrency Visa card.
The Cronos blockchain was also designed to be able to handle transactions at a global scale, able to process as much as 50 million transactions per day, with each transaction costing less than a dollar.
Furthermore, Cronos is compatible with Ethereum and Cosmos, which means that it will be able to run smart contracts on decentralized applications (dApps) and be able to support decentralized finance (DeFi) and even non-fungible tokens (NFTs).
What is CRO for?
CRO is an ERC-20 token and has a number of utilities within the Crypto.com platform:
CRO can be used to receive cashbacks and rewards - Within the Crypto.com platform, users who settle payments using CRO can be entitled to cashbacks.
CRO can be staked to earn interest - Users can also stake their CRO on the Crypto.com exchange which provides different interest tier rates as well as other special benefits.
CRO can be staked to run a validator node - Cronos itself is a blockchain built on Ethermint, which is a Proof-of-Stake (PoS) blockchain. Users who wish to participate in the network need to stake CRO to run a validator node for processing transactions, wherein they can earn more CRO.
CRO is currently ranked as the 23rd most valuable cryptocurrency according to market cap, which stands at $2.85 billion as of July 2022. CRO has a maximum supply of 30 billion tokens of which 25 billion are in circulation. There were initially 70 billion more tokens available, but which were burned in 2021 to increase the circulating percentage and to make the token more decentralized by having as much of the entire supply in use.
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