Cronos Price CRO

Cronos (CRO) is the native token of Crypto.com, a cryptocurrency exchange founded in Singapore in 2016 by Kris Marszlek, Gary Or, Rafael Melo, and Bobby Bao. Crypto.com aims to speed up the global transition to decentralised finance (DeFi), supports trading, investing, and staking, and offers its 10 million users the chance to buy and sell NFTs. The blockchain is fully decentralised and utilises the Cosmos SDK framework and Tendermint Core Byzantine Fault Tolerance consensus mechanism.

As part of its wider ecosystem, Crypto.com launched the Cronos Chain in November 2021, a layer 1 protocol that supports the porting of decentralised applications (dApps) and smart contracts from Ethereum and Ethereum Virtual Machine (EVM) compatible networks. Cronos, alongside the Crypto.org Chain – a public, secure, open-source, and permissionless blockchain designed to drive mass adoption of blockchain technology through payments, DeFi, and non-fungible tokens (NFTs) – is powered by the Cronos token.

Previously known as the Crypto.com Coin, CRO had an initial supply of 100 billion tokens, although it was announced in February 2021 that 70 billion of these would be permanently removed in the largest token burn in history. CRO is used for staking, payments, and settlement. Staking CRO on the Crypto.com Chain earns validators network fees, better interest rates on the company’s decentralised exchange (DEX), and discounts and rewards on Crypto.com’s extensive ecosystem of products, including Crypto.com Pay, Crypto.com Earn, and Crypto.com Credit.

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