Cronos

Cronos

CRO
$0.12369099
-0.30%
$0.11416042

24H Price

$0.12663806


About Cronos

The Cronos price is $0.12369099, a change of -0.30% over the past 24 hours as of 3:22 p.m. The recent price action in Cronos left the tokens market capitalization at $3.30B. So far this year, Cronos has a change of 23.69%. Cronos is classified as a Currency under CoinDesks Digital Asset Classification Standard (DACS).

Cronos is an Ethereum Virtual Machine (EVM) compatible chain in the Cosmos ecosystem launched by the cryptocurrency exchange Crypto.com. CRO is a utility token powering the Cronos blockchain.

Previously, CRO was known as Crypto.com token before the company changed the token’s name to cronos in February 2022. Crypto.com is a Singapore-based cryptocurrency exchange that offers a mobile trading application, payment and lending service, and a crypto credit card.

Cronos price

CRO is the native token of Cronos, an open-source, decentralized blockchain developed for settling payments. Although CRO was originally developed as an ERC-20 token, Crypto.com launched its own Cronos blockchain in November 2021 on Cosmos. In addition to being used to settle transactions on Cronos, CRO holders enjoy benefits when using the Crypto.com suite of products, such as discounted fees, higher earnings for lending and priority services.

The Crypto.com ecosystem started out with monaco coin (MCO) as its native cryptocurrency but has shifted toward using CRO coin for all of its in-network functionalities. While MCO was first used to power the Crypto.com trading application, all Crypto.com users were asked to exchange the MRO into CRO on the Crypto.com app by November 2020.

CRO has a maximum total supply of 100 billion coins. The company has allocated the tokens in the following manner:

  • Secondary distribution/launch incentives: 30%
  • Network long-term incentives: 20%
  • Capital reserve: 20%
  • Ecosystem grants: 20%
  • Community development: 10%

The founders of Crypto.com decided to freeze 60% of the total CRO coin supply to ensure the project’s long-term viability. The two respective wallets for the capital reserve and network long-term incentive allocations will remain frozen until November 7, 2022.

In November 2021, CRO hit its all-time high of $0.97 but dropped over the subsequent months. In late January 2022, CRO had fallen to $0.34 but quickly rebounded up to $0.51 before trading between $0.35 and $0.50.

The token is supported on several centralized and decentralized exchanges, including Crypto.com, Coinbase, OKex, Huobi and Uniswap.

How does Cronos work?

The Cronos blockchain runs in the Cosmos ecosystem, which operates using a proof-of-stake consensus mechanism. The token standard on Cronos is CRC-20.

Cronos is also the first Ethereum-compatible blockchain network built on Cosmos SDK technology. Its Inter-Blockchain Communication (IBC) protocol enables interoperability and bridging to the Crypto.org Chain and other IBC-enabled chains (e.g., Cosmos Hub). Cronos was built to link the Cosmos ecosystem and EVM ecosystem.

Key events and management

Crypto.com was founded in 2016 as Monaco Technologies by co-founders Bobby Bao, Gary Or, Kris Marszalek and Rafael Melo. In 2018, the company was renamed to Crypto.com.

  • On November 7, 2021, Crypto.com announced the launch of Cronos’ mainnet beta.
  • In November 2021, it was announced that Crypto.com had acquired the naming rights to the Staples Center for a reported $700 million over 20 years. Effective December 25, 2021, the stadium was renamed the Crypto.com Arena.
  • To support the Cronos ecosystem, blockchain accelerator Particle B announced a $100 million CRO EVM Fund to support projects building on the chain. Particle B will grant up to $1 million per project to at least 100 projects committing to building applications, toolings and infrastructure on Cronos.

What is the current price of chronos (cro)

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