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Crypto.com aims to build solutions aimed at accelerating the global use of cryptocurrencies

source-logo  thecoinrepublic.com 04 November 2021 13:26, UTC
  • Crypto.com Coin is the native cryptocurrency token of the Crypto.com Chain, a decentralised, open-source blockchain created by Crypto.com, a payment, trading, and financial services organisation
  • Crypto.com intends to expand the CRO platform’s reach in the future to power its other businesses as well
  • CRO is based on the ETH blockchain and adheres to the ERC-20 compatibility standard, which means that the Ethash function is used to protect the network

CRO is the native cryptocurrency token of the Crypto.com Chain, a decentralised, open-source blockchain created by Crypto.com, a payment, trading, and financial services organisation. Crypto.com Chain is one of Crypto.com’s solutions aimed at accelerating the global use of cryptocurrencies as a means of enhancing personal control over money, preserving user data, and ensuring users’ identities. The CRO blockchain is primarily used to support the Crypto.com Pay mobile payments application.

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Crypto.com intends to expand the CRO platform’s reach in the future to power its other businesses as well. In November and December of 2018, CRO went live. The fundamental goal of the CRO blockchain is to provide value to users of Crypto.com’s payment, trading, and financial services offerings. CRO holders can stake their coins on the Crypto.com Chain to act as a validator and receive fees for processing network transactions. 

On the Crypto.com Chain, CRO coins can also be used to settle transaction fees. Users can gain up to 20% cashback by paying merchants in CRO and up to 10% cashback by purchasing gift cards and making peer-to-peer transfers to other users through the Crypto.com Pay payments app.

When it comes to trading, the Crypto.com App allows users to stake CRO to gain token payouts for certain listings. Users can also earn up to 10-12 percent annual interest on their Crypto.com Coins by staking them on the Crypto.com Exchange app or the Crypto.com metal Visa Card. Overall, CRO serves as a driving force behind Crypto.com’s efforts to expand worldwide cryptocurrency acceptance. As a result, the firm is constantly searching for and developing new use cases that will enable people to use cryptocurrencies to gain greater control over their money, data, and identities. 

CRO is based on the ETH blockchain and adheres to the ERC-20 compatibility standard, which means that the Ethash function is used to protect the network.

The Crypto.com Coin was created as part of the company’s objective of putting cryptocurrency in every wallet. Kris Marszalek, Rafael Melo, Gary Or, and Bobby Bao started Crypto.com in June 2016 as Monaco Technologies GmbH. Prior to founding Crypto.com, Kris Marszalek, a graduate of Poland’s Adam Mickiewicz University, developed and led three companies: consumer electronics design and manufacturing firm Starline Polska, location-based service mobile app and platform YIYI, and e-commerce firm BEECRAZY. 

Rafael Melo graduated from PUC-Rio with a bachelor’s degree in engineering. Melo has worked with large Asian corporations and helped achieve over 50 million AUD in investment for the Ensogo social commerce website throughout his more than 15-year career in finance. Gary Or is a full-stack software engineer with over nine years of experience. Or worked as a platform architect at Ensogo and co-founded the mobile app development startup Foris before co-founding Crypto.com. He graduated from the University of Hong Kong with a bachelor’s degree in engineering and computer science.

Tags: CRO, Crypto.com, blockchain, software, Coin

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