CRO crypto. What is it?
CRO (Cronos) is a native token of Crypto.org, a public energy-saving blockchain developed by Crypto.com, a multifunctional cryptocurrency company to support its ecosystem.
Token holders receive a return of up to 14.5% on staking, discounts on exchanging cryptocurrencies into fiat money and other additional features. In addition, CRO cryptocurrency is the main tool for paying transactions in the Cronos blockchain due to which transactions can be carried out with lower trading fees.
The token was originally created on the Ethereum network using the ERC-20 standard, but Crypto.com soon generated its own open-source Crypto.org public chain and transferred CRO to it. This move was made to speed up crypto payments in various online stores through the Crypto.com Pay app, as well as to improve the user experience with other products of the company.
Cronos developers are committed to the global adoption of cryptocurrency as a form of money, so the Crypto.org network primarily powers the Crypto.com Pay mobile crypto payment application. Blockchain is characterized by high scalability and due to this transactions in the network are confirmed very quickly and they are not expensive.
How are CRO tokens distributed?
Now that you know what CRO is, let’s look at the token distribution policy: 20% is reserved as capital, another 20% is set aside for the long-term development of the blockchain, 10% is used for community needs, 20% is frozen for company grants and 30% is meant for the secondary market.
Overall, the issue is limited to 30 billion CROs and another 70 billion tokens were burned, making it the largest burn in the crypto industry’s history. There are 10.4 billion coins locked in smart contracts, which are planned to be burned monthly as they are unlocked.
Over the past year the Cronos blockchain token significantly increased in value (by more than 850%) and took 21st place in the cryptocurrency rating by market value. However, like many other digital assets, it sank by 60% in 2022. At the time of writing, CRO was trading at $0.1045.
Staking means blocking tokens in a blockchain to keep it running and secure. Users who stake their CRO tokens on the Crypto.com protocol are rewarded with additional funds. Those who block the largest number of assets get the opportunity to become a validator and add new transactions to the chain of blocks to receive newly minted tokens.
Additionally, participants have access to Visa Crypto.com cards with high annual interest rates. The cards offer cashback, transaction discounts and DeFi wallet benefits.
Since new blocks are added to the network every five seconds, rewards are also generated during this time. The reward percentage depends on the level of the user and it can reach 10-12%. Staking payouts occur every week. The platform does not limit the minimum amount of CRO for staking and the user can unlock his tokens at any time.
What is Crypto.com?
Crypto.com is a Hong Kong-based cryptocurrency company founded in 2016. It offers many products using blockchain technology. For example, it provides a crypto exchange, a mobile application for crypto payments in online stores, VISA cryptocurrency cards, crypto lending and also it develops in the NFT and DeFi sectors. Crypto.com is available in over 90 countries and has over 10 million users.