Cronos – CRO

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Cronos – CRO

8 minutes
Contract adress: 0xa0b73e1ff0b80914ab6fe0444e65848c4c34450b

Nowadays Crypto.com is indispensable in the crypto space. It reached mass popularity, due to huge marketing campaigns such as billboards and advertising worldwide at nothing less than the Superbowl NBA and their partnership with the FIFA World Cup. Heck, Crypto.com even managed to rename the Los Angeles Staples Center to the Crypto Arena.

But that wasn’t always the case when it launched in 2016 as ‘Monaco’ and for quite some time people would say it was a scam, a statement that many other cryptocurrencies had to endure as well.

Keep reading this report as we dive deeper in this and explain how you can request a Crypto.com Visa card which allows you to earn a percentage back with every purchase you make.

What is Cronos – CRO?

Crypto.com is known to be a popular decentralized crypto exchange where you can trade cryptocurrencies on different cryptomarkets. It directly competes with the Binance Exchange, Coinbase and other global crypto exchanges. 

Will it ever be number 1’s most popular crypto exchange? According to Statista, its exchange sits just within the top 20, meaning they still have a long road ahead.

Cronos – CRO is Crypto.com’s native token and it can be used for making purchases and earning a percentage back by using its digital or physicalVisa Card, staking and more. Further down this report we will take a closer look at how you can achieve this.

This review of Cronos – CRO was created for informational purposes. This article is not intended for promotion.

General info about Cronos – CRO

The Crypto.com Exchange supposedly reached over 10 million customers and offers more than 250 cryptocurrencies to trade with. Its main goal is to reach worldwide mass adoption of cryptocurrencies and expand their daily use case.

  • In 2016, Crypto.com was known as Monaco, with its native token MCO.  Monaco was co-founded by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo.
  • In 2018 the company renamed itself to Crypto.com.
  • In ovember 2021, CRO’s value hovered around $ 0.20 and reached an all time high of $ 0.88.
  • In 2022, Crypto.com rebranded the MCO token to Cronos – CRO.

 

Crypto.com also announced the launch of the Cronos EVM sidechain testnet. In short, this is the second part of Crypto.com’s native blockchain that is compatible with DeFi Dapps & Smart Contracts.

Smart Contracts are programs that run on the blockchain, mostly used to automate the execution of an agreement. These can be used in: property law, financial services, legal processes, crowdfunding agreements and more.

Sponsorships 

Crypto.com has quite a few sponsorship deals in the bag, to name a few:

 

The company has also partnered with none less than actor Matt Damon as Crypto.com’s brand ambassador. You might have noticed the viral advertising video with Matt Damon or its mega billboards with the slogan: “Fortune Favours The Brave”.

In November 2021, the Crypto.com company bought the naming rights to Los Angeles’s Staples Center and renamed it Crypto.com Arena. It is said that this deal is valued at $700 million. On their Crypto.com Arena.

 

In March 2022, Crypto.com announced on its Twitter page that it would become a sponsor for the 2022 FIFA World Cup in Qatar.

Needless to say, a partnership with FIFA is an enormous big deal and maybe even the biggest we have seen yet in the crypto industry. If there’s a way to reach mass adoption and to spark interest in crypto, it must be with advertising on a big scale like this.

 

Co-Founders 

Bobby Bao is Head of Crypto.com Capital with experience in investment banking, corporate development and investor relationship. He was named in Forbes Asia’s 30 under 30 in 2018. 

Previously he was head of Corporate Development at Ensogo, a social commerce website that offered its members a discount on daily deals at restaurants, hotels, retail products and more. The Ensogo company is no longer active. Bao was also investment banker at China Renaissance, Deloitte and Merrill Lynch.

Gary Or is Co-Founder of Monaco, later known as Crypto.com. He is an entrepreneur with skills in hacking, product design and engineering.

 

 

Kris Marszalek is CEO Crypto.com.

Marszalek built multiple companies. Previously he was CEO of Ensogo and founder of BEECRAZY, an Ensogo company providing internet publishing services.

 

Rafael Melo is CFO of Crypto.com.

Melo has 15 years of experience in finance, compliance and mobile payments in Asia.

 

 

If you wish to take a look at the other team members, make sure to visit the official website.

Whitepaper 

The official website does not share a whitepaper. For more information about how its protocol works, please refer to the whitepaper found on whitepaper.io 

Tokenomics 

In February 2021, 70 billion CRO tokens were burned of which 60 billion were burned right away to increase the circulating supply. The remaining 10 billion were locked in smart contracts and will be burned monthly as they get unlocked.

CRO has a block time of ~ 6 seconds. This refers to the amount of time it takes miners or validators to verify transactions within one block and produce a new block on that blockchain.

  • Circulating Supply: 25.263.013.692
  • Total Supply: 30.263.013.692
  • Max Supply:  30.263.013.692

Use case of Cronos – CRO

Crypto Visa Card

Crypto.com offers Visa cards, where you can pay with crypto with a physical metal crafted Visa Card. Recentlty Crypto.com sliced the staking rewards and cashback offering of the VISA Crypto card, leaving investors in Cronos and Visa card holders in agony. Please do your own ressearch before investing large amounts in CRO staking.

Whereas financial institutes charge a monthly or annual fee, Crypto.com doesn’t charge anything, not even a shipping cost for you to get the card.

 

How to apply for a Crypto.com Visa card?

  1. Sign Up by downloading the Crypto.com App and completing their KYC verification. Download the app on the Apple Store or Google App Store. The app is only downloadable on mobile devices.
  2. Apply – Go to the “Card page”, at the bottom right corner of the app.
  3.  Choose your preferred card tier and stake your CRO. You can check the staking rates here. There are 3 steps required:
    •  Accept the Terms & Conditions
    • Have sufficient CRO in your App wallet to stake them for a 180 days lock-up period. More information about staking CRO here.
    • Submit & confirm your delivery address.

    Afterwards you will receive a virtual card in the app, if your address documents are complete. A physical card is optional and can be requested to be delivered. Please refer here for more information on the virtual and physical cards in the EU/UK. Users from the US are limited. More info here.

  4. Shipment – When your Crypto.com VISA card is ready to ship, you will be asked to update the app and stake CRO, if they haven’t done this already. The shipping status will be updated in the app. In the UK & EU you can expect your card to arrive within 7-14 business days.

Crypto Pay

CRO tokens can be used for making small, large or daily payments with Crypto Pay. Please refer here to view its supported merchants, including some of the largest worldwide brands.

Just like multiple cryptocurrencies nowadays, CRO can be used to buy online gift cards. According to the official website they are linked to 300+ brands in 30+ countries with 300,000+ shops to buy from. A few well-known and popular brands are Netflix, Adidas, Apple iTunes and Starbucks.

You can also use CRO tokens to buy NFTs on the Crypto.com NFT Marketplace.

 

When using the Crypto Pay App to make purchases, it is possible to earn rewards if you stake 10,000 CRO tokens on the Crypto.com Exchange which at the moment would be the equivalent to somewhere around $ 4.000,00.

If you send crypto to friends (without transaction costs by the way) or buy gift cards. you also earn back 10%.

 

 

 

Crypto Earn

By using the Crypto Earn feature in the Crypto.com App, you can earn somewhere from 3% to 10%, varying from the prefered cryptocurrency. 

In total, 40+ cryptocurrencies and stablecoins are available on Crypto Earn.

Earn up to 10% on your stablecoins or 12,5% on Polkadot and Polygon.

A few supported coins are Ethereum, Bitcoin, Chainlink, Avalanche, USDC and more. Make sure to check out Crypto.com Earn to view the percentage rates.

Where to buy and sell Cronos – CRO?

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What do we think about Cronos – CRO?

We think that offering a physical Visa Crypto Card, that you can show and tell to your friends and family will make the crypto industry more genuine and credible for non-believers and the older generation.

Crypto.com is succeeding in reaching mass adoption in cryptocurrencies due to advertising on a huge scale. Yet there’s still a long road ahead if it wishes to become the most popular crypto exchange. Will it ever beat Binance and Coinbase? Time will tell.

In a larger time frame, this will undoubtedly benefit a whole lot of other crypto companies or newbies in the space.

Cronos – CRO conclusion

Crypto.com offers a mobile application and a Crypto Visa Card which unlocks ways to earn a percentage back when you make purchases or send crypto to a friend. The exchange is slowly reaching its goal, to reach mass adoption with the largest partnerships tied to their name from world’s leading sport brands like FIFA World Cup, UFC and NHL. 

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Disclaimer: Trading and investing in cryptocurrencies (also called digital or virtual currencies, altcoins) involves a substantial risk of loss and is not suitable for every investor. You are solely responsible for the risk and financial resources you use to trade crypto. The content on this website is primarily for informational purposes and does not constitute financial advice.

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