Launched in 2016 as a cryptocurrency exchange to broaden the appeal of cryptocurrencies, Crypto.com has come a long way since then.
CRO coin is the native cryptocurrency of Cronos Crypto.org Chain, developed by Crypto.com as an open-source and permissionless blockchain.
We will look at the CRO coin, later on, let’s first know about the parent company Crypto.com.
In November 2021, Crypto.com acquired naming rights to the Staple Center in downtown Los Angeles, United States, for a whopping $700 million. Crypto.com Arena is now the new name of the stadium, home to the Lakers, Clippers, Kings, and Sparks. Also in March 2022, Crypto.com became a sponsor of the FIFA World Cup in Qatar.
For any cryptocurrency exchange, this was a new journey that marked its entry into the traditional branding space. As well as sponsoring events and funding sports teams, many crypto companies have followed in the footsteps of Crypto.com.
In addition to FTX, ByBit has also spent millions on Formula One advertising space.
Crypto.com’s work served as a stepping stone for reaching a wider audience. It has over 50 million users today and has taken out insurance of $750 million to protect its users in case of theft, a hack of exchange, or other losses incurred on its own chain.
Now let’s come back to the CRO coin
A native token of Cronos Crypto.org chain which boasts of being a fully decentralized network features offering high speed and very less to users trading on this platform.
The chain has been designed for the public good that helps drive mass adoption of blockchain technology through use cases like Payments, DeFi and NFTs.
The chain offers a key technology that powers the payment pillar and will later support our trading and financial services products.
The Cronos blockchain is the backbone behind the exchanges mobile payment solution and has the power to offer rich token utility across different use cases.
Currently, the chain is working on various use cases that include payments, NFTs, taxes, metaverse, DeFi offerings, crypto credit, certification, licenses, and insurances, among others.
Crypto.com in its whitepaper has also said that it is building the future of the internet – Web3, which it believes to be fairer and all have equal rights. Web3 will be owned by developers and users, which gives complete control of money, data, and identity to the community, instead of the company.
Crypto.com chain timeline
- Crypto.com announced its Crypto.com chain and CRO token in November 2018.
- In July 2019, it announced the first settlement agent and stable coin partner for its chain.
- In the very same year in September, it launched the onboarding of early-access validator partners.
- In March 2020, it revealed an incentive mechanism for its chain test net. In June launched its own explorer to check all transactions.
- In December it launched its chain’s mainnet dry run.
- In 2021, crypto.com launched chain mainnet and EVM chain test net, and finally, in November 2021 it launched Cronos Mainnet.
Security standards
Registered in Singapore, Crypto.com is the first cryptocurrency company in the world to have
Data Protection Trust Mark, PCI: DSS (Payment Card Industry: Data Security Standard), and other certifications.
The exchange currently offers payment services and has a partnership with Visa Card that is not acceptable in Singapore, the US, Canada, Brazil, and Australia. It has also received a Class 3 VFA License in Europe, Australian Financial Service License (AFSL), Electronic Money Institution (EMI) license from
the MFSA in Europe, and launched its NFT in 2021.
Founders of CRO coin
Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo founded Crypto.com as Monaco Technologies GmbH in 2016. In 2018, the company was renamed Crypto.com after it purchased the domain Crypto.com.
Bobby Bao is an alumnus of the University of Melbourne, NYU Stern School of Business, and the College of William & Mary and has worked in the M&A department of the China Renaissance investment bank before launching Crypto.com.
Gary Or holding a bachelor’s degree in engineering, and computer science from the University of Hong Kong is a software engineer and an experienced full stack developer. Before founding Crypto.com, he worked as a platform architect at Ensogo.
Kris Marszalek, an alumnus of the Polish Adam Mickiewicz University has founded three companies before starting Crypto.com, whereas, Rafael Melo, a bachelor’s degree in engineering from the PUC-Rio has a very long career in finance. Melo has worked with major companies in Asia and also raised millions in funding for the companies.
Market capitalization
Cronos (CRO) is now ranked under the top 25 crypto projects and has a market capitalization of over $4.33 billion. It has a total supply of 30.26 billion CRO coins, of which over 25.26 billion tokens are under circulation.
Cronos is also available on Cosmos and Solana blockchain platforms. As of 26 May 2022, CRO was trading at $0.17 per token with a 24 hours trading volume of over $43.82 million.
Within a few years, CRO adoption has increased as over 252,000 users are holding CRO coins. This growth shows that CRO is looking for huge adoption in the coming months after its GameFi and some new products and features will be live.
