Introducing CRO
In a 2021 marked by the shower of all-time highs, CRO was among the main revelations. After that came the bear market and with it the -90% declines in many coins and tokens.
Crypto.com is one of the largest cryptocurrency exchanges, continually expanding after a disadvantaged start compared to its competitors. By now it has long held a place in the Olympus of such platforms.
This giant is characterized by two aspects:
- Full-bodied and aggressive investments in marketing, aimed at creating partnerships with a focus on the world of sports (most recently sponsorship with the Champions League).
- Technical improvements and increasingly comprehensive and curated service offerings.
On this last point, numerous elements have been added over time: the Crypto.org blockchain, Visa cards with excellent customer benefits, DeFi Wallet, Supercharger, and staking are a few . In 2021 it was the turn of Cronos, a blockchain designed with the intention of bringing decentralized finance to life in the Crypto.com ecosystem.
In all of this, what is the role of CRO?
The coin performs different tasks depending on the operations of each user. It can be limited to being an asset to hold, as well as become the currency through which gas fees are paid.
In this in-depth discussion we are going to learn specifically about each aspect of CRO: from history to use cases. So let’s start with the basics with a very brief look at the main stages experienced by the coin.
Index
History of the CRO coin
CRO was born in late 2018 as the ERC-20 token. The coin’s launch was part of a business plan to target expansion in the payments industry. In fact, the same year Visa branded Crypto.com prepaid cards landed in Asia; in 2019 it was the turn of the United States, and in 2020 it was the turn of the European Union and Canada.
The cards are divided into tiers with specific benefits for holders. Based on the number of CROs held and staked, one is entitled to apply for the relevant Crypto.com Visa Card.
Excluding the basic the Midnight Blue, each card offers certain benefits such as cashback on all purchases (with some exceptions), also paid for by the CRO coin.
Thus, in the early days, we ended up with a two-sided asset: on the one hand, the user had to keep a certain number of tokens in stakes to enjoy the benefits of the card; on the other hand, the cashback received became an amount that could be downloaded without much thought.
Overall, coin CRO still saw good growth. However, there remained some perplexities related precisely to the not entirely convincing intrinsic value. Things began to change as time went on.
Giving the first and powerful shove was the 70% burn of the entire supply in February 2021. Yes, that is spelled correctly: 70 percent. This news led the 6/7 cent coin in value to approach $0.25 in a matter of days. There followed an inevitable collapse to about 9 cents a piece, a figure still higher than the previous lows.
Shortly thereafter there was the launch of the mainnet.
In this case, no CRO explosion and related green candles stretched like violin strings. It was, however, the beginning of a steady increase in value that lasted throughout the rest of the year. By October, the token was in fact trading at 20 cents on the dollar, more than double the post-burn period in February.
The game changer for the CRO token bore the name Cronos Chain, launched in the early days of the penultimate month of the year 2021. Accomplice to a period of crypto madness, the price came close to $1. Following that, the bearish period led to a value of even less than 10 cents.
Why is Cronos so important for the CRO token? Simple: gas fees, though reduced, are paid in this very currency. With the immediate explosion of Cronos DeFi , demand for CRO went hand in hand.
Fast forward to today.
Crypto.com is investing millions in partnerships and sponsorships in the world of sports: Formula 1, LeBron James, Paris St. Germain, Serie A, and UFC are some of these players. In doing so, by leveraging the visibility of the world’s most watched athletes, teams and events, the Company wants to secure an increasingly leading position.
Not only sports: some time ago, Matt Damon became the face of the Company, invading the homes of Americans (and others) with an epic commercial.
The services offered by Crypto.com are growing and improving. It is no longer just a cryptocurrency exchange: electronic payment systems, credit cards, wallets, CeFi and Defi annuities make up a rich ecosystem. In all this movement, coin CRO can reap benefits:
- The more people who want the card? The greater the demand for CRO for the stake.
- Will DeFi continue its climb? More and more CROs will be needed to pay gas fees.
- Will the Company grow? There will be more investors interested in holding the coin.
- Will the use of Crypto.com Pay increase? Again, CRO benefits.
- Finally, NFTs: Crypto.com is also developing in this area.
None of these comments should be construed as financial advice: personal, in-depth research is imperative, not least because the coin’s performance is far from the glories of yesteryear.
What is the Cronos CRO coin?
Cronos CRO is the native cryptocurrency of the Crypto.org blockchain, also used as the main coin in the Cronos Chain. Originating as an ERC-20 token, it was later migrated after the final chain was published.
The original supply stood at 100 billion. The absolutely epic February 2021 burn cut it by 70 percent. The current supply is thus 30 billion. In contrast, the circulating supply is about 26.5 billion.
Cronos CRO coin price
Let’s talk a bit about the price trend.
The year 2021 was a breakthrough year for CRO, characterized by very strong growth not only in purely economic value but also in intrinsic value. The 2022-2023 bear market greatly downgraded its valuation, which is moreover shared by a great many cryptocurrencies. The future is unfortunately not predictable.
Where to buy CRO coin?
CRO is available on several exchanges. Obviously, the best choice lies in using the Crypto.com app or the Crypto.com Exchange directly.
You can also get CRO by swapping with another token on the many DeFi platforms of the Cronos Chain, as well as realities of the Cosmos world such as Osmosis.
Remember that on Cronos you will need CROs specifically to pay gas fees. So, if we do not have any available, this option is obviously not viable.
The TradingView CRO/USDC chart follows.
Strengths and applications of CRO: from cashback to stake
CRO’s intrinsic value is grounded in several services and applications already mentioned throughout the article.
First, Crypto.com branded Visa payment cards.
Different tiers (tiers) are available with increasing benefits for holders including cashback on purchases, enhanced annuities, discounts and lounge access at major airports around the world.
Midnight Blue is the only card that does not require any CRO in stake; at the same time, however, it does not offer any cashback. Instead, all others require a certain amount of this coin, locked in for at least six months, to be maintained in order to continue enjoying the benefits offered.
CRO also gains value through the Supercharger.
This is a feature that allows users to deposit this coin for a certain period of time (on average 15 to 30 days) with no strings attached. At the end, depending on the amount deposited, duration and overall participation, you receive a reward in other coins or tokens. The annuity rates are very attractive as well as the cryptocurrencies distributed, including Ether and Bitcoin.
In addition to cards and superchargers, CROs can be annuitized with the traditional stake at respectable APYs.
Cards affect annuities: the higher the tier, the higher the annual interest on all coins available for Earn function. What can I say…another reason to hold CROs.
What we have seen so far prompts many people to buy and hold the coin, contributing to the increase in overall value.
The arrival of Cronos provided a big boost to the purchase of CROs. It went from crypto to be held in stakes to enjoy benefits to a coin with which to pay for transactions on a blockchain. The moment a currency finds a more pragmatic utility, as in this case, the intrinsic value literally takes off.
Again thanking Cronos, the DeFi universe of the chain has come to life.
Coin CRO is ubiquitous in liquidity pools and farms, paired with platform tokens or other leading cryptocurrencies (ATOM, just to name one). Therefore, numerous investors buy CROs to take advantage of the returns offered by Cronos decentralized finance.
The bricks fit together perfectly and give this coin greater carat. There is every reason to hold CROs, and the modalities are varied, suitable for any need.
Finally, the last strength: the ecosystem. Yes because it is not enough to come up with lots of applications and uses: you need a solid, known and growing scaffold. On this point, the company has amply demonstrated its ability to work; will it be enough to return to the levels of the past?
CRO Coin: conclusions
Crypto.com has seen significant expansion on multiple fronts:
- On the business side, the Company has climbed positions and become among the leading cryptocurrency exchanges. Millions of customers choose the services offered daily.
- Supply has increased: more and more coins and tokens are available for buying and trading.
So what to expect in the future from coin CRO? Crystal ball question, but what is certain is the intrinsic value. Unfortunately, the much speculation that remains in the crypto world makes it difficult to see where such a coin might go.
Until next time!
