Cronos (CRO) is the native token of the Crypto.com Chain. CRO is an ERC20 token on the Ethereum blockchain and provides users with access to numerous tiered benefits within the Crypto.com ecosystem. CRO can also be used as an intermediary currency or utilised to convert crypto into fiat at affordable rates..
A brief history
Founded in 2016, Crypto.com is a Hong Kong-based project that aims to accelerate the global adoption of cryptocurrencies by enabling merchants to accept crypto as a form of payment and customers to pay for goods and services with crypto using the Crypto.com Wallet app. While open for public consensus, the Cronos Chain uses 4 distinct roles for participants on its network: Customers, Merchants, Crypto customer acquirers, and Merchant acquirers. Customers on the chain can use the network to make payments using cryptocurrencies while merchants accept payments in cryptocurrencies for the services and products they provide. Customer acquirers manage the network’s crypto payments and are responsible for facilitating transactions on the chain. To qualify as an acquirer, a user must have a set amount of CRO locked up as collateral; and similar to customer acquirers, merchant acquirers manage transactions initiated from the side of merchants on the network. Merchant acquirers must also meet CRO minimums in the form of collateral.
CRO in practice
Acting as the native token for the Cronos Chain, CRO, is primarily used as an intermediary currency settlement tool. All users on the chain will need to fund block transaction fees using CRO, and tokens can be earned as rewards for processing and verifying transactions on the network.