Crypto.com- The CRO token
Will it sky rocket or crash?
What is Crypto.com?
To many the very name crypto.com might seem confusing. Is it an app or a website? One of the founders managed to get this domain name and decided to stick with it. Which was actually a wise decision as its great for key-word search. Their native cryptocurrency coin is called CRO, a decentralized open source block chain. This token was launched with the aim to accelerate worlds transition to crypto currency and placing it in every wallet. Founded in 2016 and now has millions of users. With a total supply of 30 billion it was originally based on the ethereum network but later they developed its own block chain. This particular tokens rate has been on a roller-coaster ride.
We all have multiple questions when it comes to investing in cryptocurrency. CRO token by crypto.com is no exception. Questions like, What is the CRO token? How to stake in CRO? What is the best place to store CRO token? Our aim is to provide you with all the information which may further assist you in making a sound and secure decision.
The CRO Token achievement’s
CRO token provides several financial services such as buy/sell in numerous cryptocurrencies. They have partnered with Visa, booking. com, Aston Martin and the F1 team. They became one of the worlds first cryptocurrency companies to receive the ISO certification and have gold standard security. Which assures the users that there would be no sketchy business. They even landed a $360 million insurance cover for offline Bitcoin vaults.
Services and benefits
This is an all in one cryptocurrency platform offering services such as exchange, wallet, brokerage, debit/credit card, borrow/lend facility, payments and DeFi. The products and services it allows can be classified under 3 categories. Namely trading, payment and financial services. Coin holders enjoy benefits such as discounted fees, higher earning for lending and priority services. Card holders are entitled to additional perks such as airport lounge and rewards along with 5% cash back on food/drinks, 1.25 on travel and 2.5 on others.
To get your hands on this card purchasing CRO tokens and staking it for a minimum of 6 months is mandatory. Crypto.com pay allows its users to shop with online retailers along with an exciting range of 300 gift cards. Most people view crypto as an investments and not as a medium of exchange but by offering such features they gradually intend to change it. This was done by giving out cash backs. Crypto credit allows you to take out loans where 50% of the collateral could be borrowed. Users also earn an interest rate up-to 8.5 % on their deposits.
On the crypto.com app you store, buy/sell in over 100 cryptocurrencies. In CRO exchange the more you stake higher the allocation.
The CRO Token Burn
One day out of the blue crypto.com had slashed their MCO token and further replaced it with CRO. The swap rate is as follows 1MCO=27.6439CRO due to which many users felt cheated.
In Feb this year it was announced that they would burn 70% of the CRO token. This was seen as the largest token burn in history sending CRO to an all time high. One might wonder what compelled them to do so. The circulating supply of CRO would lead up-to 80% from the then current 24%. This token burn has been the widely debated and criticized. For some it was an artificial burn viewed as a clever marketing strategy. This created a positive price action for the coin and something like this couldn’t be done again as there wasn’t enough CRO now. So many speculate that once the excitement wears off it could cause the rate to drop. With that being said the reduced total supply of the CRO might also make it much more value and like many say sky rocket to the moon.
There is a ton of utility for CRO due to which crypto.com’s ecosystem continues to grow. Their constantly growing user base could break all time high making the future of CRO bright and promising.