Crypto of the Week: Crypto.com Coin

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November 12 2021
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Crypto.com isn’t the only cryptocurrency exchange with its own coin, but there are a few things you’ll want to know before you think about adding any to your portfolio.

There are two kinds of crypto exchanges on the internet: those with their own token and those without one.

Crypto.com falls into the former, with the CRO token functioning as the backbone around the company’s growing trading ecosystem. The company doesn’t just want it to be the go-to website for those looking to start trading cryptocurrencies; it wants to be the one they ultimately stick with for the long run.

The CRO token is intended as a means of incentivising this kind of investing behaviour. If you’re trying to make sense of it, here’s where to start:

What is the Crypto.com Coin?

While Crypto.com is primarily known as a destination for those looking to buy, sell, hold and trade cryptocurrencies like bitcoin, the team behind the website is also looking to leverage their brand, expertise and user base to launch their own blockchain project and payments ecosystem.

The CRO token is the cryptocurrency that’s designed to make that happen. It’s the native token of the Crypto.com Chain, which is a blockchain primarily designed to facilitate online transactions.

The idea here is to create something as ubiquitous as PayPal but built on a decentralised blockchain. At the time of writing, Crypto.com Pay has partnered with 300 brands and is available in 30 countries.

The long-term prospects of this project are about accelerating the mass adoption of cryptocurrencies in general, which will then serve to grow Crypto.com’s own userbase and revenue streams.

Who made the Crypto.com Coin?

As the name might suggest, the Crypto.com Coin is a cryptocurrency created by Crypto.com.

The token was originally minted and traded on the ethereum blockchain. However, in March 2021, Crypto.com launched its own blockchain to go with the token.

What is the CRO token used for?

The main use of the CRO token is the payment of transaction fees made using the Crypto.com Chain.

It also serves to incentivise Crypto.com traders, as the site offers cashback on trades via the token. By buying, selling and spending cryptocurrencies via one of Crypto.com’s Visa cards, you earn CRO tokens.

In addition to being able to be bought and sold on the open market, CRO tokens can also be held and staked in exchange for rewards. This is somewhat similar to earning interest in a savings account, but it also plays a critical role in the upkeep of the blockchain.

Akin to green cryptocurrencies like Cardano, the Crypto.com Chain relies on a proof-of-stake model rather than the proof-of-work system seen in bitcoin. In addition to being less environmentally destructive than bitcoin, the Crypto.com Chain is also able to finalise transactions at a superior speed and volume.

In some cases, CRO tokens can even offer Crypto.com users unique perks and discounts on trading fees. This includes access to exclusive events where CRO holders can purchase selected cryptocurrencies at a discount.

How much is the Crypto.com Coin (CRO) worth?

As of 11 November 2021, CRO is priced at US$0.3276 per unit.

Tallied up at that price, the Crypto.com Coin has a market cap of approximately US$8.2 billion.

For comparison, bitcoin (BTC) has a market cap of US$1.3 trillion, while ethereum (ETH) sits in second place at US$540 billion.

Where can you buy the CRO token?

The CRO token is available from most major and mainstream spot exchanges. This list currently includes:

Bittrex
OKEx
Huobi Global
Coinbase
KuCoin
FTX
Gate.io

About the author

Fergus is a journalist for Momentum Media's nestegg and Smart Property Investment. He likes to write about money, markets, how innovation is changing the financial landscape and how younger consumers can achieve their goals in unpredictable times.

About the author

Fergus is a journalist for Momentum Media's nestegg and Smart Property Investment. He likes to write about money, markets, how innovation is changing the financial landscape and how younger consumers can achieve their goals in unpredictable times.

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