After entering into the list of top 50 coins by market cap, CRO coin by Crypto.com is considered by many to be the next hidden gem. The speculation came right after the rise of Binance Coin BNB and WazirX WRX coin in the recent bull run.
Crypto.com is not just your ordinary exchange, it has expanded its ecosystem from just being a trading platform to a one-stop shop for all your crypto needs. It is at the forefront of promoting crypto adoption to the masses. If the said information interests you, it’s time to explore Crypto.com.
What is Crypto.com?
Crypto.com is an exchange and promoter of cryptocurrencies through its products ranging from crypto credit cards, wallets to a reward system by staking coins on the platform. Founded in the year 2016 by Kris Marszalek, Bobby Bao, Gary Or, and Rafael Melo, it has a mission to accelerate the adoption of cryptocurrencies around the globe.
Crypto.com has a user base of over 50 million customers
Crypto.com is known to charge the lowest transaction fee (for high volume trades) compared to any other exchange in the world. Its core offering i.e Metal Visa Card is a cryptocurrency card that can be used as a mode of payment on various platforms that includes access to Airport lounges, Free ATM withdrawal etc. With no annual fee, it offers upto 8% cashback on your spending.
Quick tour of Crypto.com products:
- Crypto.com Pay: An all in one payment solution for Merchants.
- Crypto.org: Open source blockchain designed by the company.
- Crypto.com Exchange: Buy, Sell or Hold cryptocurrencies.
- Crypto.com App: Mobile App to access Crypto.com services.
- Crypto.com Visa Card: Alternative to Fiat with no Annual fee and upto 8% cashback on CRO.
- Crypto.com Wallet: Crypto storage wallet
- Crypto Credit: Get a loan against the cryptocurrency deposited as collateral
- Crypto Earn: Stake coins on the exchange to earn interest on deposit.
What is Cronos CRO coin?
CRO coin or token is the native currency of Crypto.com ecosystem. Launched in 2018, CRO was originally an ERC20 token, which means it was created on the Ethereum blockchain. However, on March 25th, 2021 CRO made a shift to its own blockchain i.e Crypto.org where it will have a bigger role to play in fueling the Crypto.com ecosystem.
The key features of CRO include – payment, trading and financial services like loans by lending CRO tokens. Although CRO is bundled with numerous features, the company look at it as a normal mode of payment than just an investment token.
CRO has a total supply of 30 billion tokens
What is Crypto.org?
Crypto.org is an open-source, decentralized and permissionless blockchain that was built by the company to drive mass adoption of cryptocurrency through numerous use cases like DeFi, NFTs and payments. It is scalable with a processing speed of 50,000 transactions per second.
The primary reason behind creating Crypto.org chain is to get rid of Fiat money as a form of payment on the network which is largely controlled by the banks, most part of which is unfriendly to the crypto environment. The other reason is likely to promote the adoption of CRO tokens by integrating its use case on its blockchain.
Benefits of CRO:
Presenting the list of benefits provided by CRO token –
Transaction Fee:
CRO aims to provide the user with the lowest transaction fee every time he places a trade on the platform using CRO token. This feature is similar to the feature of BNB coin where a user gets a discount on the transaction everytime he uses BNB token to place a trade on the Binance platform.
Faster Execution:
After the Mainnet launch of Crypto.org, it is said to process a total of 50,000 transactions per second using CRO tokens on its network. That’s the fastest speed achieved by any blockchain, only behind Solana (SOL).
Merchant Support:
As mentioned earlier in the post, the aim of creating CRO token is to make it a form of currency on a large number of platforms. This vision has led to the development of CRO SDK (software development kit) i.e Crypto.com Pay, an easy to use payment gateway that supports CRO transactions with faster integration.
A merchant can therefore use CRO SDK to accept payments which work similar to accepting FIAT money against the products or services offered to the customer.
Powered by Crypto.com:
CRO token is powered by Crypto.com which is one of the most financially stable companies in the crypto industry. It has raised a total funding of $200 million of which $26.7 million has been raised in the ICO round in May 2017. With two acquisitions under its belt. The future of CRO tokens look stable than ever (Source: Crunchbase)
CRO Coin Burn Program:
In the beginning, there were 100 billion CRO coins, of which a large part (75% approx.) have been kept by Crypto.com as a capital reserve to support itself. During the first burn, a total of 59.6 billion CRO were destroyed by the company and another 10.4 billion will be burnt automatically as part of smart contract execution.
As we speak, there are 30 billion CRO tokens, of which 25 billion are in circulation and the remaining 5 billion are claimed by Crypto.com. The process is largely done to completely decentralized Crypto.org mainnet.
70 billion CRO burn is the largest token burn in the history of crypto industry
Crypto.com Pay vs Biconomy BICO coin:
Crypto.com pay is a one-stop payment solution offered by the company and Biconomy BICO coin is again a payment solution, designed for blockchain applications. Although the use case of both these payment gateways is similar, they are different from each other when it comes to core implementation.
| Comparison type | Crypto.com Pay | Biconomy |
|---|---|---|
| Designed for | Merchants | Decentralized Apps |
| Blockchain support | Crypto.org | Ethereum |
| Supported tokens | CRO | DAO, USDT, USDC |
| ERC20 token support | No | Yes |
| Native currency | CRO | BICO |
Crypto.com Reserve Unveiled:
After the fall of FTX exchange, there was pressure on exchanges to showcase their financial health by providing the total assets held in possession during the crypto winter. As such Binance, Crypto.com and several other centralized exchanges revealed their reserve. Here’s what we found out about Crypto.com reserve –
- Bitcoin – 31%
- Shiba Inu – 20%
- Ethereum – 17%
- USDT/USDC – 5% each
- Others – 20%
It was surprising to see SHIBA Inu meme token among the top holding of Crypto.com exchange.
Crypto.com CRO Coin Price:
Check the latest CRO Coin Price –
CRO Coin Price Prediction:
By now, you must have understood the use case of CRO coin. It won’t be difficult to predict CRO coin price when you have coins like Binance BNB and Wazirx WRX serving their respective exchange by offering similar set of benefits.
Comparing CRO with BNB may give you goosebumps when you compare the price points of both these coins. Compared to CRO, Binance BNB coin is dancing at a much higher price range. You may wish to put all your money into CRO given the rise in the price of similar coin. However, you have to keep in mind that Binance is the world’s largest crypto exchange and Crypto.com is still evolving.
The success of CRO token largely depends on the success of Crypto.com ecosystem which includes the adoption of crypto.org blockchain. Crypto.com has a long way to go when it comes to establishing a strong market presence and trust. It still lags in educational material and efficient customer support.
Moreover, rise in competition from Binance and other exchanges may delay its plan of faster adoption. Having that said, the foundation and the vision of the company is pretty solid. If all goes according to the plan, expect CRO to dance in the price range between ($1-$5) in the next bull run. That can be the best bet. But again invest after due diligence, research and draw your own conclusion before putting your money in the crypto markets.
Checkout ECOMI Coin with Secure Wallet and Crypto payment card
Where to buy CRO Coin?
CRO coin is available on the leading crypto exchange like Crypto.com and Bittrex Global. You can create your account and purchase CRO after KYC verification on the respective platforms.
Is Crypto.com CRO coin worth investing in?
Crypto.com has a clear mission statement. It aims to accelerate cryptocurrency adoption in mainstream businesses. All the products speak for the vision the founders have in mind. Ranging from creating Crypto Visa cards to launching its own blockchain, Crypto.com is about to take cryptocurrency adoption to the next level.
Since Crypto.com ecosystem is powered by its native CRO token. It’s not difficult to estimate the rise in CRO coin with the increase in the adoption rate of crypto.com products. Though the picture looks bright, there is a long road to travel before witnessing the desired outcome. Crypto.com is in the nascent stage of growth. It’s very difficult to say what’s going on behind closed doors.
Having said that, I am neutral on CRO. It all depends on your belief in the company and the product it is offering to the market. If you think the company has the potential and it’s worth investing in early. Then you can go ahead and park your money in the CRO token else explore other potential coins that match your interest.
This covers my review of Crypto.com CRO coin. In the next post, I will talk about Ethereum killer i.e Polkadot (DOT). Remember to do your research before investing in cryptocurrency markets. Please share the post and educate your fellow friends. Do remember to subscribe to my YouTube channel for more informative content, released every week.
DISCLAIMER:
Cryptocurrency is a highly volatile market. All the information shared in the post is for knowledge purpose only. By no means, it’s financial or investment advice. Readers are responsible for their own investment decisions and should only invest in cryptocurrency after proper research.
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Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.