Cronos (CRO) is the native token of Crypto.com and interoperated with two popular blockchains, namely that of Ethereum and of Cosmos. Now it runs on the Cronos Chain Cronos, which is still an Ethereum-compatible blockchain network but has some elements Cosmos SDK technology. The entire Cronos blockchain is open source, and scalable for web3, DeFi and GameFi applications. The chain focuses on fast transactions and low fees, making it faster than the current Ethereum blockchain. The company behind Cronos, Crypto.com, is known for its many sport sponsorships and will bring Cronos more into the limelight as time progresses.
CRO launched in 2018, but went live on its own Cronos Chain in 2021. The Cronos Chain is Ethereum-compatible and uses a Proof-of-Authority consensus algorithm.
The full supply of CRO is 30 billion and will be released to the blockchain in five different stages. So all CRO tokens have already been 'created' and no longer need to be 'mined'.
With CRO, Crypto.com aims to enhance the global adoption of cryptocurrency. On the platform, users can stake and use CRO through the crypto.com Visa card.
Cronos statistics from the last 24 hours
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CRO made a big price jump when it completed the Cronos Chain Beta and switched to the mainnet. At the transition, Crypto.com Coin was renamed Cronos. During this beta period, the Cronos Chain had 300 dApps running and 50 million transactions successfully completed. A successful beta! When it crossed over, the Cronos Chain was trending on crypto social media. As a result, the price surged and CRO's share price went x9. During the beta, the average price was around $0.10; after the successful transition to the mainnet, CRO hit its all-time-high at $0.96. A case of buy the rumour, sell the news, as it didn't take long for CRO to drop back to lower levels during the bear market.
It seems that the CRO price is also linked to the company Crypto.com, the major American exchange. The price went up when Crypto.com was doing big advertising campaigns during the Superbowl. However, during the bear market, the major exchange had some negative news to deal with. Layoff rounds and problems surrounding the Visa card did not do much good for the CRO price. However, Crypto.com has many upcoming sponsorships lined up. The biggest? The World Cup in Qatar. We are curious to see how the CRO token will move during the biggest sports event on the planet.