Most service providers in the digital assets sector eventually launch their own blockchain to leverage the power of this technology for their core operations. Major cryptocurrency exchanges such as FTX and Binance have successfully deployed their cryptocurrencies within their community. In 2018, digital asset trading app Crypto.com joined the market leaders with its own competitor.
The Crypto.org blockchain piggybacks off the success of the Singapore-based FinTech giant. It’s now the 15th largest cryptocurrency in the industry and is believed to be used by millions of traders on the company’s mobile trading app. Here’s a closer look at the token of the week.
Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo launched a mobile trading app for cryptocurrencies in 2016. Initially called “Monaco,” the app was designed to be user-friendly and jargon-free to attract new users of this innovative technology. Their launch was well-timed, as the boom in 2017 helped the team attract more talent and capital than ever before.
At the moment, the firm offers a wide range of decentralized products ranging from a NFT trading platform to an instant loan service. Its flagship product is a metallic credit card backed by payment giant Visa. The team claims to serve 30 million users spread across 90 countries.
What sets the company apart is its willingness to work with financial giants and pay hefty sums for aggressive marketing strategies. The company purchased the domain name Crypto.com for $12 million in 2018, signed up Matt Damon as brand ambassador and purchased the naming rights to the Staples Center in Los Angeles in 2021.
In November 2018, the team developed a new blockchain network called Crypto.org along with a native token called CRO. Since then, this token has been a critical part of all the products and services the company offers.
CRO is expected to serve as the native currency for all of the company’s products. Since the mainnet launched in March 2021, CRO has served multiple purposes across the ecosystem. It been used to offer staking rewards on the company’s mobile wallet, a means of exchange on the company’s NFT marketplace, a tool to reduce transaction fees on the company’s corporate payment processor and a way to offer rewards to users of the company’s proprietary Visa credit card.
According to the development team, the new blockchain is better than its peers for three reasons:
- It’s more secure because of a fault-tolerant design
- Offers instant & less expensive transactions coupled with minimal fees;
- Permissionless because the project is open-source.
CRO tokenomics are based on balancing the incentives of four major participants: customers, merchants, settlement agents and validators. While customers can expect rewards and discounts related to products, merchants can expect lower costs of doing business in a crypto environment. Validators and settlement agents can expect to generate revenue for securing the network.
CRO tokens reached an all-time high of roughly $1 in November, but are currently trading at just under $0.56. The ecosystem is worth $14.4 billion.