DeutschDue to the steadily growing popularity of digital currencies, more and more companies are venturing to introduce their own coins and tokens. The stated goal of a market launch is not always the highest possible profit or the procurement of fresh capital. Some providers are more concerned with eliminating typical problems of many existing formats. For example, in the case of Crypto.com Chain. The company was temporarily known as Monaco, as well as Monaco Coin. Most recently, there have been increasing reports about the in-house CRO Token in connection with the scandal surrounding the service provider Wirecard. Reason enough to take a closer look at CRO.
Historical Background of the CRO Token
Above all, the provider wanted to declare war on the long and complex execution of crypto transactions, which is still a dilemma for many currencies today. This was to be achieved by creating a (VISA) prepaid credit card with which users can conveniently pay at acceptance points of the said credit card company. There is also a separate mobile wallet from Crypto.com Chain as well as an offer for trading, a crypto lending model and other services that are intended to serve as an alternative to the classic banking sector. The credit card was developed so that holders can use digital currencies in addition to fiat money when making normal purchases. The original ICO of the Hong Kong company was supposed to take place as early as 2017. However, due to various problems and obstacles, the currency CRO was issued, but the token was not launched until the period from 18.05.2020 to 18.06.2020.
Interested parties could exchange Ethereum coins for the new currency. The token was brought to the market and sold in an order of magnitude of 26.7 ETH. The analysis platform CoinMarketCap lists the market capitalization of the token at just over two billion euros at the beginning of July 2020. Almost 18 billion CRO tokens were in circulation as of the cut-off date of 05.07.2020, with a total supply of 100,000,000,000 CRO on the market.
Origin of the CRO Token and Technical Approach
In the summer of the following year, there was a comparatively costly realignment, which ultimately led to the renaming to Crypto.com. CRO is intended to finally transfer cryptocurrencies more into the everyday life of consumers and other users. “Away from investment and towards normal means of payment”, that’s the motto in a nutshell. The fact that in addition to the MCO credit card, the wallet, the trading service and the lending format with Crypto.com Earn there is also a savings book counterpart for crypto fans is in a way a unique selling point of the token or service provider. Important to mention: Anyone who pays with cryptocurrencies by card is basically just as comfortable as with established fiat currencies thanks to the card acceptance.
Cashback rewards on platforms like Spotify or discounts and other incentives when using services from partners like Expedia are an interesting incentive for some users. The wallet currently allows the purchase and sale as well as the trading of more than 40 cryptocurrencies, with a handful of important fiat currencies such as the US dollar being compatible. Wallet and app allow the management of crypto assets. Extensive real-time analysis tools for a three-digit amount of cryptocurrencies are also part of the offer. By lending and saving with the CRO Token, commissions and interest rates are already beckoning from a low minimum stake.
Purpose of the CRO Token and Coin-Mining
The fact that CRO is being transferred into the real world and many sectors of the economy through the credit card function has brought the token some attention. Even though there are quite a few similar approaches for cryptocurrencies, the format is quite trend-setting with regard to the multitude of available coins and tokens. It is an important bridge and a transformation in the direction of applicability for normal payments outside the world of the Internet, which appeals to many potential users. Crypto.com Chain’s approach of combining digital currencies with savings and lending options is also innovative. The fact that the Crypto.com credit card is available in several versions is increasingly bringing various target groups into the boat, so to speak. From the card without costs to the offer with a more extensive range of services and elaborate design, users in spe can currently choose between five models.
An example:
Anyone who books the free Midnight Blue card receives cashbacks without any requirements for a minimum holding of CRO tokens. The remaining cards, on the other hand, require a certain token balance, but in return are characterized by some exciting extras.
Fast and Free Transactions in the Blockchain System
A special feature, as with many tokens, is that the CRO Token is a centrally operating network. Users therefore earn nothing through mining. The Crypto.com Chain of the company from the special trade zone Hong Kong is therefore fully in the hands of the operator. This one takes over the further development independently. The blockchain network for the native CRO Token is therefore not co-designed by token holders. In order to be able to use the credit cards, the use of the CRO Token and an associated deposit is obligatory. The same applies to the products “Crypto.com Invest”, “Crypto.com Credit” for lending in cryptocurrencies as well as the savings model called “Crypto.com Earn”. The latter is attractive for fans of “staking” in order to realize returns in the long term through crypto loans away from token trading. If CRO tokens are transferred internally between participants, this is not only fast. Transaction fees are also waived when funds are received or sent.
An Outlook for the CRO Token and its Price
The quite good potential so far is followed by further positive signals for CRO for the future in the forecasts of many analyses. The currency is appearing on more and more exchanges worldwide. Especially in Asia, more and more crypto fans are being convinced of the benefits of the token. Crypto.com Chain was able to gradually win over platforms such as OKEX. This development not only increases awareness. Also, holders can trade the currency more and more flexibly. The CRO Token is also gaining in importance outside of normal stock exchange places, on the so-called secondary market. The consequence is inevitably an increase in liquidity. For some time now, there have been increasing reports of an entry into the US market, which could and probably will increase the number of users, at the latest in the medium term. If more users discover the savings and lending options for themselves, this also supports token popularity. Purchase recommendations have recently appeared in many analyses.
- Cronos
(CRO) - Price $0.163
- Market Cap
$5.29 B
In addition, temporary setbacks in the CRO price can only partially conceal this. Especially some long-term CRO forecasts read extremely optimistic. If you look at the price movements these days (early July 2020), the price was able to increase by almost 30 percent. Acute entry opportunities could arise through the connection of Crypto.com and thus the token to the mentioned insolvent company and still member of the German stock index (DAX) Wirecard. The economic debacle is relevant insofar as the company, formerly known as Monaco Technologies, relies on the services of the Wirecard subsidiary Wirecard Card Solutions Ltd. for the credit card issuance. The same company handles the card issuance under VISA licensing. The dramatic developments at Wirecard could have a negative impact on the CRO Token price. This in turn can open up opportunities to the same extent. However, the current price developments do not suggest that CRO is suffering significantly from the crisis of the financial service provider.
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