- Holding CRO entitles users to benefits such as higher staking rewards and credit card rewards.
- CRO tokens can be staked to earn additional source of income. If a user stakes a minimum of 5000 tokens, the user is also entitled to lower fees while trading on the native Crypto.com exchange.
- CRO tokens can be used as collateral to apply for loans on the Crypto.com exchange.
- It allows users to earn up to 20% cash back while making payments to merchants.
- Did not experience much growth except in 2021 when the crypto market is in a historic bull run. It needs to prove its potential in a bearish market.
The Crypto.com Coin (CRO) is the native token of the Crypto.com exchange and provides many benefits to its holders. It provides lower fees and higher staking rewards with the ability to get access to new tokens launched on the Crypto.com exchange. It is an ERC20 token.
The CRO token is used for paying transaction fees on the network, for governance purposes and for staking. However, exchange tokens are generally not listed by big exchanges unless they can expand their use case beyond their own ecosystem. On the other hand, exchange tokens tend to deliver good returns because of the many benefits they provide inside the exchange ecosystem.
The CRO token was stagnant for a long time but has become a popular cryptocurrency and has delivered decent returns in 2021.
The initial total supply of CRO was 30,000,000,000 tokens and there was no pre-sale. Thus, the project is completely decentralised. There are plans to burn 70 billion CRO in the future which will further drive its growth.
The distribution mechanism is explained below.
Capital Reserve: 20 billion
Community Development: 5.5 billion
Secondary Distribution & Launch Incentives: 10.4 billion
Ecosystem Grants: 20 billion
Network Long-Term Incentives: 20 billion
Has CRO Token been audited and doxxed?
Yes. The CRO token was audited by CERTIK and has been doxxed. The team behind the CRO Token publishes regular documentation via press releases and is active on social media channels.
Trust & Fairness: 4
Exchanges & Swaps: 3
Overall Rating: 4
Detailed Review of Crypto.com Token (CRO)
The Crypto.com token is the native token of the Crypto.com exchange and provides many benefits linked to the Crypto.com ecosystem. Exchange tokens have a built-in use case and this makes them very popular. Almost all exchange tokens have delivered good returns for their holders.
The Crypto.com token’s developers have managed to establish some important partnerships with the Formula One team, Intel and Cosmos network.
The token is used for staking inside the network and the users can also get access to many other features simply by holding the CRO token.
Where and how to Buy Crypto.com Token?
You can buy CRO either through cash via P2P (peer to peer), credit or debit cards or through other cryptocurrencies.
If you already hold some crypto, then you can use the coins to purchase CRO directly through the supported decentralized exchange known as Uniswap. All you need to do is connect your wallet such as metamask and select the appropriate coin pair that you wish to use for purchasing CRO (for example ETH/CRO). The decentralized exchanges are a quicker and easier method that guarantees anonymity as you do not have to deposit fiat currencies or complete a KYC process before purchasing the Crypto.com token. You can also use CRO for purchasing other altcoins through the decentralized route as explained above.
What Can you do With the Crypto.com Token?
Decentralized Finance (DeFi): The CRO token provides better returns through the DeFi route if a user decides to stake CRO tokens. Holding CRO also provides access to many DeFi features in the wallet app.
NFT Marketplace: the CRO ecosystem supports NFTs including, art, certifications and licenses, collectibles, music industry and game items.
Hodl is a long-term investor: The developers of CRO have plans to include the token as a form of payment on adult NFT marketplaces all over the world. You could also simply hodl it and gain from its price appreciation in the long term. The token also generates passive income for its holders as it can be staked.
Receive airdrops: Holding CRO tokens also entitles users to receive free token rewards that are newly listed on the Crypto.com exchange and through Syndicate where new token launches are conducted.
Earn Rewards for providing Liquidity: Holders can receive bonus yield for providing liquidity with CRO tokens staked.
Visa Metal card: Holders can also reserve a metal prepaid card if they hold CRO tokens. Users can receive 10-12% per annum on staked CRO various cards.
P2P transfer and gift cards: If CRO is used for P2P transfers and for purchasing gift cards, the user can get cashback benefits of 10%.
Swap CRO to other ETH tokens: You can use CRO and directly swap to other altcoins on a decentralized exchange. The process is quick and simple and is described below.
How to Swap CRO to other altcoins
Simply head over to a decentralized exchange and connect your wallet. Then, select the amount of CRO you wish to spend (factoring in transaction fees) and swap for another crypto token. You will receive the tokens in the same wallet.
How to Buy CRO?
In order to buy CRO, you will need to use a centralized exchange or a decentralized exchange. Decentralized exchanges (DEXs) are simple and easy to use and do not require any registration. The process of token swap on DEXs has been explained above. The simplest method is to open an account on the native Crypto.com exchange to purchase the CRO tokens.
For purchasing CRO on a centralized exchange, you will need to register and create an account with the exchange and then deposit fiat currencies or crypto assets that can be used to buy CRO. You will need to complete the Know Your Customer (KYC) procedure to open an account on a centralized exchange.
Steps to open an account on a centralized exchange:
- Go to the exchange site where CRO is listed and click on the Register button.
- Then select your country of residence and proceed to the registration interface. Here, you will need to provide your email ID/phone number and a password that will be used to login into the newly created account.
- Click on the agree to terms and conditions button and wait for the verification mail or message.
- Clicking on the verification tab will take you to your new account. You will need to provide documentation such as a driving license, passport or other government issued IDs to confirm your identity and address. A utility bill and national ID may also be accepted in some cases. This process is known as the KYC regulation and it is in place to prevent the risk of fraud and to ensure that the site is safe for all users.
- Once this additional step is completed, the exchange will activate your account and you can deposit funds to start trading. You can select fiat currencies or cryptocurrencies supported by the exchange to deposit funds to buy CRO.
- Most exchanges support multiple payment methods including credit/debit card, bank transfer, third party payment processors and P2P transfer.
The CRO token has plans to launch an upgraded of its NFT marketplace that will incorporate the ability for its users to access and mint exclusive NFTs. The developers also plan to launch a global adult NFT ecosystem marketplace and the ability to mint NFTs. This will be an important breakthrough for the CRO coin and will help in generating more rewards for its users.
The Crypto.com ecosystem will also launch an upgraded version for its Syndicate platform where developers can launch their new tokens.