What is Crypto.com Chain?
Crypto.com Chain (CRO), formerly called Monaco, is the internal token of Crypto.com. CRO was created and operated by CRO Protocol Labs with the aim of enabling currency payments and has grown into a robust system within the Crypto.com ecosystem.
The project targets decentralization as a way to bring crypto payment to the mass. CRO is traded and is available to the community of users holding MCO tokens on the Crypto.com platform. In addition, the CRO is also used for platform and community development purposes.
Crypto.com Chain is oriented towards large organizations and individual users. Its goal is to provide financial institutions with an easy and reliable solution for cross-border payments. It is also used in Crypto.com's staking system, which offers token holders a way to gain passive income from their tokens.
What is the Purpose of CRO?
As the base currency of Crypto.com Chain, CRO token is mainly used to pay transaction fees on the network as block rewards. It is traded on many exchanges, so it can also be used as a P2P payment method.
In addition, since Crypto.com Chain is used by some of Crypto.com's partners, holders can use the CRO token to pay for products and services that partners' support. CRO tokens are also used as an intermediary between digital and fiat currencies when you want to swap assets with each other on the Crypto.com platform.
With the CRO token, the Crypto.com Chain team plans on making cryptocurrency transactions around the world more secure, safe, and budget-friendly. The intent behind CRO is to drive cryptocurrency adoption through use cases.
Additionally, Crypto.com Chain aims to replace traditional fiat payment which is no longer user-friendly by providing innovative yet simple payment options.
There are still numerous issues regarding the blockchain solution and Crypto.com Chain is working to solve these issues. For instance, the project focuses on improving the payment process and crypto scalability. The CRO token is used to obtain a Crypto.com MCO Visa debit card, which gives it built-in demand.
Over time, the project intends to integrate alternatives to existing payment systems, and allow people to use their cryptos like cash, anywhere that a Visa card is accepted. Crypto.com is creating tools to bridge the divide between the established financial system and crypto, and the CRO token is part of those efforts.
How Does CRO Work?
CRO token has several different functions within the Crypto.com ecosystem. It is powered by a proprietary blockchain and is meant to be used in applications that Crypto.com has built for its user base. It has a variety of use cases in the real world.
Users can use their CRO for staking purposes and earn passive income with CRO. Crypto.com also has a reward system for users to earn cryptocurrencies for every exchange they make using Crypto.com.
For people that use the Crypto.com exchange for trading, the CRO token can be used to drop the trading fees by a given amount, depending on how much CRO a trader has.
Crypto.com users can transfer money for free of charge to anyone in the world if the recipient is also a Crypto.com user. This system is called Crypto.com Pay. Recipients receive the transaction instantly and are able to spend the funds using their Crypto.com tokens.
Funds can be loaded onto the Crypto.com MCO Visa card using Bitcoin, Ethereum, bank transfer, and also with a deposit by debit or credit card.
Crypto.com's cashback initiative is also worth keeping an eye on. The CRO tokens that are given as a rebate can then be exchanged for Bitcoin or Ethereum using subsequent transactions. CRO is also used for paying merchants online. Users can also purchase gift cards with CRO for popular brands.