What Is Cronos – Is This Cryptocurrency Project Worth the Investment?

When Bitcoin (BTC) launched for the first time in 2009, no one would have ever imagined just how big the crypto market would become barely ten years down the line. Crypto is not only one of the fastest-growing asset classes, it has also become so mainstream that everybody wants a piece of it.

One company that is trying to level the playing field and provide global access to cryptocurrency is Crypto.com. It’s one of the biggest crypto exchanges out there and today, our post will focus on its renamed native token known as Cronos (CRO). We will look at the merits of this token, where it is going, and if indeed it’s an investment worth making.

What is Cronos (CRO)?

Cronos (CRO) is the native governance and utility token for the Cronos chain, an open-source blockchain that was developed by Crypto.com, one of the biggest cryptocurrency exchanges in the world. Cranos was previously known as Crypto.com but it is now rebranding.

Cronos is much more than a crypto asset. It is a robust ecosystem that hopes to include DeFi, crypto trading, and payment systems as well. The vision for Crypto.com is to make Cronos the primary driver for the global adoption of cryptocurrencies. So far, it seems the platform is succeeding in this goal.

What are the main features of Cronos (CRO)?

The Cronos chain has several key features that make it such a powerful and high-potential project. Here are some of the most notable ones:

Cronos As an Integrated Finance Company

As noted above, Cranos wants to offer more than just a digital currency. It is looking to create a fully integrated finance company that cuts across both centralized and decentralized financial systems. Also, Cranos is trying to incentivize people to get involved in crypto in several different ways.

It’s not just about buying and holding the CRO token which can be volatile. Cranos also allows users to participate in the Crypto Earn program, a staking option that can offer yields of up to 14.5%.

The project has also launched the Crypto.com card in collaboration with Visa. It is designed to help people pay using crypto and earn up to 8% in rebates as a result. In essence, Cranos wants to bridge decentralized payment systems with centralized ones. It wants to bring crypto to the center of global finance.

EVM Compatibility

The Cranos chain is built on Ethermint, something that gives the blockchain excellent versatility and EVM (Ethereum virtual machine) compatibility. This means that it is much easier for developers to rapidly deploy DAPPs and smart contracts from Ethereum and other blockchains that are also EVM compatible. This versatility makes Cranos more open to innovation and growth.

Highly Scalable and Interoperability

Cranos is a highly scalable and fully interoperable chain. It is also super-fast. In fact, early estimates show that Cranos is much faster than established blockchains, including Ethereum. It’s also associated with low gas fees and a lower carbon footprint.

Cranos is also compatible with The Inter Blockchain Communication protocol or (IBC). This provides a bridge between Cranos and other IBC capable networks, including the Cosmos hub.

Security

Cranos has also prioritized security based on the understanding that any integrated decentralized financial system must be safe for all people to use. In fact, just recently, the company expanded insurance coverage for its assets to $750 million.

This is one of the largest insurance coverages of any crypto company in the world. The aim is to inspire confidence and make users more comfortable using Cranos as a doorway to the crypto industry.

Should you invest in Cranos (CRO)?

Based on the features above, it is clear that Cranos (CRO) is a promising project. But there are additional reasons why it is so appealing to investors. We have highlighted some of them below:

Impressive Stats

Although the future of Cranos (CRO) looks good, the present and the past haven’t been bad either. The chain has some impressive stats that underline how fast it’s been growing. First, according to data released by the project, the total value locked or TVL as of February was slightly below $2.2 billion.

This was largely higher compared to previous months even though the broader crypto market was facing economic and geopolitical headwinds. Cranos (CRO) also reported over 12 million transactions in January alone and over 350, 000 wallet addresses during the same period.

Important Strategic Partnerships

Crypto.com, the firm behind Cranos, has made several key strategic partnerships that will have a significant impact on the growth of the CRO token. Just recently, the company announced it had bought naming rights for the Staples Center, the home of NBA franchise Los Angeles Lakers.

The Staples Centre will now be known as the crypto.com arena. This will bring more visibility and brand recognition to the exchange. The naming deal was worth $700 million. CRO also enlisted LeBron James as a brand ambassador and aired an extensive ad during this year’s Super Bowl. The hope is that these sports partnerships will bring Crypto.com in front of billions of users around the world.

Additionally, Crypto.com has announced that it is partnering with CyLab, an academic research, and development institution at Carnegie Mellon University. CyLab is also one of the leading blockchain research organizations in the world.

The ecosystem has also been attracting developers. Since its launch, over 75 DAapps and services have launched on Cranos. Most of these are DeFi apps but others are also in NFT and gaming.

Centralized Systems Meet the Blockchain

Cranos (CRO) is also one of the few projects that think centralized and decentralized payment systems can actually coexist and integrate.  The project is currently running incentive programs that allow people to earn rewards if they use crypto to pay for everyday stuff.

The aim is to broaden the utility of cryptocurrency in traditional payment systems. Although this may take time, Crypto.com is already leading the way in making all this happen.

Dedicated NFT Marketplace

Crypto.com has also launched a dedicated NFT marketplace as part of its ecosystem. The platform allows users to buy and sell NFTs. In 2021, NFTs exploded. The world of digital collectibles is however just starting.

NFTs will likely in fact mature into a unique industry that will be fully independent of crypto. Cranos sees this future. As such, the platform is positioning itself to be part of the inevitable NFT boom that will come in the future.

Conclusion

Cranos (CRO) is not by any means a new coin. But it still has so much potential. Global adoption of crypto is coming. But Crypto.com wants to make that adoption as fast as possible. The exchange is trying to lift all access barriers in crypto and generate enough awareness to bring more and more people into the decentralized ecosystem.

The strategic partnerships that the project has earned are also impressive. CRO has the potential of becoming the top 10 largest cryptocurrencies in the market. It has not only worked hard to create an advanced ecosystem. The platform has also earned public trust thanks to its brand visibility and state-of-the-art security. It is definitely an investment worth checking out.

* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.