In this episode of BeInCrypto’s Video News Show, host Jessica Walker looks at Crypto.com’s CRO token.
Thanks to the increasing popularity of the Crypto.com app, CRO has become one of the standout crypto of the past few weeks, soaring nearly 58% in the past week alone. It now ranks as the No. 23 cryptocurrency based on market cap, and we decided to take a closer look at it and see why it keeps growing.
What Is Crypto.com Coin?
Crypto.com Coin is the native cryptocurrency token of Crypto.com Chain, the decentralized, open-source blockchain developed by the Crypto.com payment, trading and financial services company.
The Crypto.com 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 CRO platform to power its other products as well.
Who are the founders of Crypto.com Coin?
The coin was launched by the Crypto.com company as part of its vision of “putting cryptocurrency in every wallet.” Crypto.com itself was founded in June 2016 as “Monaco Technologies” 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 prior to 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 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 fullstack engineering experience. Prior to co-founding Crypto.com, Or worked as platform architect at Ensogo and co-founded the mobile app development firm Foris. He received his bachelor’s degree in engineering, computer science from the University of 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 Crypto.com Coin unique?
The CRO blockchain is mainly focused on providing utility to the users of Crypto.com’s payment, trading and financial services solutions.
Businesses that use the Crypto.com checkout and invoicing capabilities give their customers the ability to pay using cryptocurrencies. These businesses then receive their payments immediately in CRO, stable coins, or fiat currency. Since CRO is the native token for Crypto.com, it’s not surprising that many businesses choose it for their payments.
CRO owners can also 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 be used to settle transaction fees on the Crypto.com Chain.
Within the framework of the Crypto.com Pay app, 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. As such, the company is continuously working on finding and developing new use cases that will allow users to leverage the cryptocurrency to enhance the control they have over their money, data and identities.
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