What is Crypto.com (CRO)?

Crypto.com is a decentralized blockchain platform that is run on an open-source network for the execution of various transactions including payment, trading, and other financial solutions. CRO is the native token for the company as its venture into the world of cryptocurrencies as a whole.

The mother company, Crypto.com has been providing a series of financial services to the world before the development of CRO, its cryptocurrency. The coin generally has three main functions which are for trading purposes, payments for other goods or services, and the overall provision of financial services. Crypto.com, after developing its own cryptocurrency, added advantages and incentives for participants that are already on the network. For starters, CRO coin holders will receive discounts on transaction fees, a higher potential for lending, and top priority service whenever required.  The platform also gives additional perks to individuals who hold crypto.com cards such as rewards and enjoyment of the airport lounge.

The interconnected nature of the platforms on the same blockchain allows for settlement later across a series of assets using the CRO coin. The design principle of crypto.com is the creation of several financial solutions to hasten its adoption rate, as CRO is just one of its lined-up products. The goal of its grand adoption is the promotion of personal control over money through cryptocurrency while enjoying the safety of assets and identity.

Currently, the CRO coin blockchain serves as an engine that powers the crypto.com mobile application platform. According to the company, it plans for a global expansion where the blockchain is used to power other products of crypto.com.

Who are the Founders of crypto.com (CRO)?

According to the crypto.com platform, the creation of CRO as a cryptocurrency is a step towards achieving its global vision of “putting cryptocurrency in every wallet”.

Crypto.com, the mother company was founded in June 2016 by Kris Marszalek, Rafael Melo, Gary Or, and Bobby Bao. At the time of its establishment, it was known as Monaco Technologies GMbH, which was coined by the group. CRO, as a tokenized platform on its own, went live in 2018.

Kris Marszalek is a successful entrepreneur with an education from the Polish Adam Mickiewicz University. Marszalek founded a total of three companies before the establishment of crypto.com. The companies were manufacturing business Starline Polska, a service mobile app that operated based on location, consumer electronic designs, and BEECRAZY, a major e-commerce app.

Rafael Melo is an alumnus of the department of engineering, PUC-Rio. Melo is a veteran in the world of finances with over 15 years of experience in the field. He has worked with several corporations over the years and has helped amass funding of over 50 million AUD for the Ensogo commercial platform.

Gary Or is a veteran full-stack engineer with over nine years of experience in the field of engineering. Before the establishment of crypto.com, he has worked in different fields including architecture and mobile development, among others. He holds a degree in computer science from the University of Hong Kong.

Bobby Bao is a well-read businessman with an education from the University of Melbourne. Before joining the crypto.com team, he worked with the Chine Renaissance bank.

What is crypto.com (CRO) used for?

Crypto.com is a platform with several facets. However, the platform is generally known for being a one-stop shop for several financial services.

The founding parties of crypto.com envision a future where cryptocurrency is considered a viable investment engine rather than a curiosity. Even though that vision is slowly becoming the reality of the current age, the company is still bent on actualizing its goal to the fullest. As such, the platform provides a series of financial solutions for its participants.

The solutions provided on the mother platform include a cashback Visa card which can be used for the purchase of goods and services like a regular credit card. The platform is recognized by major corporations all over the world including Spotify, Netflix, and several others. The platform also allows participants to earn income in the form of interest obtained from loaning cryptocurrencies to other people via a secured proof of stake process.

What Is the Unique Point of crypto.com (CRO)?

The principal focus of the CRO platform is the provision of utility functions to the participants on the crypto.com network in the form of payments, trading, and financial solutions.

Participants on the crypto.com network who hold CRO tokens can stake their coins to act as validators on the network and make earnings in fees by processing transactions on the network. The CRO coins are the same tokens used in the settlement of transaction fees on the crypto.com network.

Transactions executed on the crypto.com framework through the app have the opportunity to enjoy up to 20% in cash back by paying merchants in CRO tokens. They can also make up to 10% by executing peer-to-peer transactions and purchasing gift cards. For parties interested in trading, they can earn tokens by selecting listings with CRO being staked.

In total, the CRO platform is a mechanism used to power crypto.com’s dream of a global rate of adoption for cryptocurrencies. Due to this, the company is constantly working on the development of new operation modes which allow cryptocurrency users to leverage the currency to further strengthen their control over their money.

How many crypto.com (CRO) coins are in circulation?

The CRO platform has a total supply which is limited to 30 billion coins. This is after the 70 billion coins that were burned this year. CRO is a non-mineable cryptocurrency; of which the current amount is the leftovers from the total of 100 billion that was released after the launch of the platform.

The allocation of the total supply of CRO was split into five different parts. 30% of its total supply was released in batches daily as secondary distribution after the launch. The next allocation was a 20% reserve frozen until 2022; followed by another 20% reserve for long-term incentives on the network. The network also reserved another 20% for the future launch of the crypto.con chain minnet. The final allocation of 10% was dedicated to the development of the community as a whole.

Is the crypto.com (CRO) Network secured?

The design of the CRO tokens was built in accordance with the ERC-20 compatibility standard as stipulated by the Ethereum network.

The security protocol operated on the network is known as Ethash which is an Ethereum based mining algorithm that has a proof of stake security mechanism. The Ethash system was built with a major focus on protection from application-specific integrated circuits. The system also has several protective protocols in place, such as bricking which nullifies all hardware if it is connected to the network.

How do I buy crypto.com (CRO)?

Unlike several other cryptocurrencies, the CRO network already has a client base, making its adoption significantly less complicated than a new cryptocurrency. Buying CRO tokens is quite easy. The steps below provide the right direction.

  • Open an account with any crypto trading platform that offers CRO.
  • Transfer the specific amount of your fiat currency to the trading platform account.
  • Wait for your deposit to be confirmed and Buy CRO through the trading platform account.

Which Cryptocurrency Wallet Supports Сrypto.com (CRO)?

The PTPWallet platform supports many cryptocurrencies simultaneously such as crypto.com (CRO). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their Сrypto.com wallet because offers a simple and interactive interface making it easy for people to navigate its system.


More to explore

crypto tokenization

Tokenization of carbon credits

Article Overview What are carbon credits? What is tokenization? What is carbon credit tokenization? Differences between carbon tokens and cryptocurrencies Benefits of

accept crypto

Stablecoins: what are they?

Cryptocurrency quotes tend to show extremely high volatility. However, some types of cryptocurrencies – stablecoins – have a relatively stable exchange rate

Get on the VIP list!

Get company and PTPWallet updates and news sent straight to your inbox. No spam. Unsubscribe at any time. 

Get on the VIP list!

Get company and PTPWallet updates and news sent straight to your inbox. No spam. Unsubscribe at any time.