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What Is Cronos?

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Nov 30, 2022
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4 min read
what-is-cronos

This blog post will cover:

  • About Cronos (CRO)
  • Where did Cronos (CRO) come from?
  • What are the advantages of Cronos (CRO)?
  • What are the disadvantages of Cronos (CRO)?
  • How to buy Cronos (CRO) on SimpleSwap?

About Cronos (CRO)

Cronos or CRO is an ERC-20 token launched by Crypto.com, a company that has a truly noble goal: to make cryptocurrency attractive for as many people as possible and promote its adoption by both individuals and organizations worldwide.The main advantages of using CRO are reaped when staking it to help add new transactions on the blockchain. CRO’s creators stimulate staking by reducing trading fees for Crypto.com users, giving out rewards for staking other cryptocurrencies, providing cashback opportunities and Visa Cards with additional benefits and rewards.

Where did Cronos (CRO) come from?

The ambitions of the Crypto.com team have always been strong: since its start in 2016, the company launched an app, exchange, DeFi wallet, started issuing Visa cards, managed to get Matt Damon as its ambassador, launched Crypto.org Chain, and even renamed a stadium after itself — Crypto.com never ceases to impress. It was only natural for the company to realize that most of its products would benefit from adding a utility token. CRO was launched under the name Crypto.com Coin in 2018. Since then CRO changed its name, amassed a long list of functions, and is now being bridged to Cronos, Crypto.org Chain’s successor, which is going through its beta phase and is set to go live in the second quarter of 2022.

What are the advantages of Cronos (CRO)?

  • Conducting lightning-fast transactions
    
    CRO facilitates the operation of Cronos, Crypto.com’s next blockchain project that plans to compute approximately fifty thousand transactions a second, each confirmed in less than a second. Add low fees (that can also be paid with CRO) plus discounts for big CRO stakeholders, and you get a recipe for a perfect blockchain project.
  • Building trust
    
    Trust is earned not just with one’s reputation, but also with strong partnerships. CRO’s creators joined forces with Formula One Racing, Ultimate Fighting Championship, and Gary White’s and Matt Damon’s project Water.Org. The latter might be an especially valuable connection due to the project’s non-profit humanitarian nature.

What are the disadvantages of Cronos (CRO)?

  • CRO is not the first token of the project
    
    Interestingly enough, CRO was not the only token used by Crypto.com. Before it was MCO, a token that was harshly and unexpectedly discontinued and merged with CRO with a swap rate of 1 MCO to approximately 27.6 CRO. This event shows poor communication with Crypto.com’s community, as no public opinions were taken into account. Some MCO holders were frustrated as they didn’t notice any loud public announcements made when orchestrating this change. It also led to CRO losing in value due to the sudden flood of swapped CRO, which to many may be a sign of poor decision making.
  • Accommodating or gatekeeping?
    
    Crypto.com’s pledge to make cryptocurrencies as widespread and easy to use as fiat currencies is commendable, but users are strongly directed towards holding and staking CRO. Those who steer away from staking and holding CRO tokens will have to pay higher fees and have access to fewer features. Having to purchase CRO at the very beginning seems like quite a steep onboarding journey that might scare off clients who just make their first steps toward cryptocurrencies.

How to buy Cronos (CRO) on SimpleSwap?

Has Crypto.com impressed you enough to consider using one of their products, or do you plan to purchase CRO tokens? You are welcome to SimpleSwap to get some crypto, just follow the instructions:

  • For example, you want to swap BTC for CRO. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  • Select CRO in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. CRO will be sent. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to CRO exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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