CRO Token: A Game-Changer in Everyday Cryptocurrency Use
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Chapter 1: Introduction to CRO Token
In 2017, the prominent crypto exchange Binance introduced its native token, Binance Coin (BNB), to offer discounts to users. Following this trend, Crypto.com launched its own proprietary token, named CRO, in 2018.
Kris Marszalek — the visionary entrepreneur behind Crypto.com — is on a mission to create a comprehensive platform for cryptocurrency transactions. The goal is to centralize activities such as purchasing, trading, and investing in digital currencies, with a key focus on attracting crypto enthusiasts through an innovative credit card.
Crypto.com operates across three main sectors: Payments, Trading, and Financial Services. Their strategy leverages payment solutions to enhance user acquisition while developing trading and financial services as primary revenue streams. A notable limitation is the lack of support for Google/Apple Pay; however, many users have found a workaround using the Curve card, which not only enables the addition of various cards to these payment platforms but also offers an additional 1% cashback.
This Is How You Can Add Every Card To Google/Apple Pay
Chapter 2: The CRO Token Explained
Previously, CRO existed as an ERC-20 token, which limited its scalability due to Ethereum's blockchain constraints. However, Crypto.com announced that on March 25, CRO would transition to its own blockchain, accompanied by a substantial burn program aimed at decreasing the token's supply. This move is anticipated to have a positive impact on its market value.
Why Choose CRO?
CRO's primary objective is to facilitate the everyday use of cryptocurrencies. As Crypto.com states, the focus is on transitioning from mere investment to practical payment solutions. With features like a credit card, wallet, trading services, and a crypto savings account via "Crypto.com Earn," the platform differentiates itself. Users can transact with cryptocurrencies as easily as with traditional fiat currencies, thanks to the card's widespread acceptance.
Incentives such as cashback rewards on popular platforms like Spotify and discounts with partners like booking.com provide additional motivation for users. The wallet currently supports over 40 cryptocurrencies for buying, selling, and trading, allowing users to manage their crypto assets effectively.
The unique integration of CRO in real-world transactions through the credit card has garnered significant attention. Despite the existence of similar initiatives, CRO stands out due to its innovative approach, linking digital currencies with lending and savings options. Additionally, the availability of various card models, from a no-cost option to more feature-rich alternatives, makes it appealing to diverse user segments.
CRO’s Burn Program and Market Response
Originally, 100 billion CRO were created, with a significant portion retained by Crypto.com for reserves and various initiatives. The first phase of the burn program saw 59.6 billion CRO destroyed, with an additional 10.4 billion set to be burned over the coming months through smart contracts. This will reduce the circulating supply to just 30% of the initial amount, allowing for greater market stability.
The largest token burn in history is positioned as a crucial step towards achieving a fully decentralized network by the time of the Mainnet launch.
The market reacted positively to these developments, with CRO's price surging over 100%, reaching an all-time high. This surge is fueled by the anticipation of CRO's entry into the burgeoning DeFi sector supported by its new blockchain.
The first video, "WHY THIS IS SO IMPORTANT FOR CRYPTO.COM! (CRO COIN PRICE!)", elaborates on the significance of recent developments for the CRO coin price.
The Future of CRO
From my perspective, the outlook for CRO appears promising. Like Binance Coin, CRO serves as a utility token with practical applications, aiming to bridge the gap between cryptocurrency and daily transactions.
The success of Binance Coin can be attributed to its burn programs, a growing user base, and the exploration of DeFi opportunities. However, Crypto.com, being a mid-sized exchange, faces challenges in competing with Binance. The future of CRO will largely depend on Crypto.com's ability to enhance trading volumes and cultivate an active developer community.
Looking ahead, March 25 marks a pivotal date with the anticipated launch of its blockchain. Crypto.com aims to establish a decentralized, open-source public chain with rapid transaction speeds and minimal fees, designed for Payments, DeFi, and NFTs.
It’s official: the Mainnet launch date is set for March 25, 2021.
The second video, "Crypto.com HOLDERS WILL BE REWARDED! (CRO COIN PRICE TODAY!)", discusses the rewards and benefits for CRO token holders in light of recent changes.
For the latest updates in the cryptocurrency world, consider reading articles like “What Has Happened in the Crypto World So Far in 2021?” for insights and news.