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What Is Cronos [CRO]?
Cronos (CRO) is the native cryptocurrency token of Cronos (CRO) Chain — a decentralized, open-source blockchain developed by the Crypto.com payment, trading, and financial services company.
Cronos (CRO) Chain is one of the products in Crypto.com’s lineup of solutions designed to accelerate the global adoption of cryptocurrencies as a means of increasing personal control over money, safeguarding user data, and protecting users’ identities. The CRO blockchain serves primarily as a vehicle that powers the Crypto.com Pay mobile payments app.
In the future, Crypto.com plans to expand the reach of the Cronos (CRO) platform to power its other products as well.
CRO went live in November-December 2018.
Who Are the Founders of Cronos?
The Crypto.com company launched Cronos to “put cryptocurrency in every wallet.” Crypto.com was founded in June 2016 as “Monaco Technologies GmbH” by Kris Marszalek, Rafael Melo, Gary Or, and Bobby Bao.
Kris Marszalek, an alum of the Polish Adam Mickiewicz University, has founded and headed three companies before starting Crypto.com: consumer electronics design and manufacturing business Starline Polska, location-based service mobile app and platform YIYI, and the e-commerce firm BEECRAZY.
Rafael Melo earned his bachelor’s degree in engineering from the PUC-Rio. Over his more than a 15-year-long career in finance, Melo has worked with major companies in Asia and helped secure over 50 million AUD in funding for the Ensogo social commerce website.
Gary Or is a software engineer with over nine years of full-stack engineering experience. Before co-founding Crypto.com, Or worked as a platform architect at Ensogo and co-founded the mobile app development firm Foris. He received his bachelor’s degree in engineering computer science from Hong Kong.
Before helping launch Crypto.com, Bobby Bao worked in the M&A department of the China Renaissance investment bank. Bao has studied at the University of Melbourne, NYU Stern School of Business, and the College of William & Mary.
What Makes Cronos Unique?
CRO blockchain is mainly focused on providing utility to the users of Crypto.com’s payment, trading, and financial services solutions.
CRO owners can stake their coins on the Crypto.com Chain to act as a validator and earn fees for processing transactions on the network. Additionally, CRO coins can settle transaction fees on the Cronos Chain. Within the Crypto.com Pay payments app framework, users can get cashback of up to 20% by paying merchants in CRO and up to 10% by purchasing gift cards and making peer-to-peer transfers to other users.
When it comes to trading use cases, the Crypto.com App allows users to earn token rewards for select listings by staking CRO. Additionally, users can earn annual interest of up to 10-12% on their Crypto.com Coins by staking them on either the Crypto.com Exchange app or Crypto.com’s metal Visa Card.
Overall, CRO acts as an instrument that powers Crypto.com’s drive to increase the adoption of cryptocurrencies on a global scale. The company is continuously working on finding and developing new use cases that will allow users to leverage the cryptocurrency to enhance their control over their money, data, and identities.
Cronos Chain, an Ethereum-compatible blockchain, was recently launched to run in parallel to Crypto.org blockchain. This is comparable to Binance Chain and Binance Smart Chain (EVM-compatible). Cronos Chain’s mainnet beta went live on Nov. 8, 2021, built on the Cosmos SDK, utilizing a proof-of-authority (PoA) consensus mechanism. Ethereum Virtual Machine (EVM) compatibility means that the thousands of DApps built on Ethereum can be ported to the Cronos Chain. Furthermore, it also supports the Inter Blockchain Communications (IBC) protocol, which allows it to bridge to the Cosmos ecosystem of DApps.
Despite the recent launch, growth in total value locked (TVL) has skyrocketed, reaching a high of over US$2B in less than 3 months. This could be partly attributed to the Particle B $100M CRO EVM fund, which incentives developers to build on Cronos. $CRO token prices also rallied by over 350% since the launch, reaching a high of $0.96. A bridge between Ethereum and Cosmos is expected to come in the near future.