What is crypto.com coin (CRO)? Your ultimate guide
Crypto.com was launched to speed the uptake of crypto. What's the role of CRO, its native coin?
Crypto.com, founded in 2016, was set up to accelerate the uptake of crypto globally and “put cryptocurrency in every wallet”.
The Singapore-based company offers a wide range of financial products and features, including a crypto prepaid card, exchange services and brokerage services. CRO, the ecosystem’s native coin was launched at the end of 2018.
In recent months Crypto.com has gone on a massive promotional push. In October 2021 it launched a $100m advertising campaign starring Matt Damon called ‘Fortune Favours the Brave’, and the following month it struck a $700m deal to rename the Los Angeles Staples Center sports stadium, home of the LA Lakers basketball team, the Crypto.com Arena.
The stadium’s name change, which will last until 2041, is one of the richest naming deals ever, according to the LA Times, and will also see Crypto.com become the official cryptocurrency platform partner of the Lakers and the LA Kings hockey team.
But how does the CRO coin work? And what is the CRO coin used for?
What is crypto.com coin (CRO)?
Originally developed as a crypto payment product by Monaco Technologies, founded by Kris Marszalek from Poland, Rafael Melo from Brazil, and Gary Or and Bobby Bao from Hong Kong, Crypto.com is now a one-stop shop boasting an array of financial products.
It might be useful to think of Crypto.com as a crypto bank. It offers an exchange and a brokerage service, but it also allows users to gain rewards through staking CRO.
On top of this, Crypto.com offers users prepaid Visa cards to spend on different types of cryptocurrencies.
Range of Visa cards
The platform offers five different kinds of prepaid Visa cards which are accepted in all places that accept Visa. Different Visa cards are given according to how much the user stakes.
The Obsidian card, for example, offers the most rewards. Users earn 8% crypto back but to be eligible for the card they have to stake five million CRO. While this amount seems hefty there are other cards that provide lower rewards but require less CRO to be staked.
Crypto.com has several partnerships with big brands, meaning that if you buy gift cards with those brands you can earn rewards. Brands involved include Airbnb, Macy’s and Barnes & Noble.
Users can also earn interest by keeping money in their account. They get different interest rates depending on how much CRO they stake, how long they deposit it and the type of crypto they choose to stake.
One of the major features of CRO is its exchange. Users can spend, trade, store and save crypto on it. They can also exchange in CRO, the native coin of Crypto.com. The exchange offers a wide variety of cryptos to buy or sell at affordable rates. There are more than 60 cryptocurrencies available to customers across most of the United States.
Low fees are one the important features of the ecosystem. Users can deposit money into their Crypto.com account without paying any fees. They can then purchase cryptocurrencies at real cost. Crypto.com accepts more than 20 fiat currencies, including USD, GBP and EUR.
The exchange is accessible on both a desktop and mobile app, and users can also trade crypto via a DeFi wallet.
How does the CRO coin work?
Purchasing CRO coin gives access to a range of benefits and the more CRO you stake, the more rewards you can earn.
The total supply of CRO is now 30.2 billion coins – 70 million CRO coins were burned (removed from circulation) in 2021– and all were created when the blockchain went live, meaning you can’t mine CRO cryptocurrency.
Of the total supply, 30% went to secondary distribution and launch incentives, 20% to capital reserve and 20% for long-term developments on the network. The current market cap of CRO is $13.31trn.
The CRO price has performed well throughout 2021, surging at the end of November to record highs of $0.9698 on 24 November. More recently the price of CRO has dipped and the current price of CRO on 6 December stands at $0.5323.
Over the past year, CRO coin has risen almost tenfold in value, while over the past 30 days it has gained more than 60%.
The total supply of CRO is 30 billion coins. All the coins were created when the blockchain went live, meaning you can’t mine CRO cryptocurrency.
There are a variety of security features on the Crypto.com platform. Users can avail themselves of multi-factor authentication and anti-phishing measures. User security also includes password, biometric, email, phone and authenticator verification.