Wondering how to buy Crypto.com Coin, Cronos (CRO)? You can buy CRO with on Coinbase and Crypto.com.
In November 2021, Crypto.com announced that the famous Staples Center, home of the Lakers and Clippers, would be renamed to Crypto.com Arena. This huge news for the crypto community pushed crypto further into the mainstream. On the day of the announcement, Crypto.com’s native token, CRO, climbed nearly 30% to reach new all-time highs.
On February 18th, 2022 Crypto.com announced a rebrand of their CRO token to "Cronos". In a medium article, they wrote, "Formerly known as “Crypto.org Coin”, CRO’s rebrand reflects the decentralization of the coin and tremendous growth of Cronos ecosystem". Is this just a marketing stunt, or the beginning of something much larger?
What Is Crypto.com's Cronos (CRO)?
While CRO was originally unveiled as an ERC-20 token based on the Ethereum blockchain, it eventually moved over to the become the native coin for Crypto.com's own EVM-compatible blockchain, Cronos. The coin, as the native asset of the chain, is primarily used as a form of payment. CRO can be used to stake on Crypto.com for interest, for payments and to earn rewards.
The Cronos chain hopes to make the crypto payment process seamless, powered by a variety of services. A unique service that the Cronos chain offers is a credit card. Users can obtain a credit card from Crypto.com that has a focus on cryptocurrency. Users can obtain cards with better rewards by staking their CRO position.
Another way Crypto.com is hoping to increase its versatility in payments is by making its blockchain transaction times quicker. This shift will increase the scalability of the chain and allow more transactions to be processed every second. Crypto.com hopes to create a system with instant confirmations that process up to 50,000 transactions every second.
Users can also earn rewards for using CRO as a form of payment. Users can earn up to 10% back when sending crypto to friends, Airbnb Inc. (NASDAQ: ABNB) or Expedia Group Inc. (NASDAQ: EXPE) booking, spending and even cash back on gift cards. However, these rewards are lower if CRO is not staked. If users stake their CRO position, rewards are higher. For example, to earn 10% cash back when sending CRO to friends, you have to stake at least 10,000 CRO and can only receive up to $5 a month. In addition to rewards on spending, users earn up to 6% APY when they stake their CRO.
Brief History of Crypto.com Coin Cronos (CRO)
Crypto.com was founded in 2016 by several prominent software engineers and businesspeople in Hong Kong. The project quickly gained steam and now supports more than 10 million users.
In March 2021, the project raised $200 million in a venture capital funding round. This money was largely used to fund marketing campaigns and helped increase the number of users on the platform.
The token hit an all-time high of over $0.53 on Nov. 17, 2021. This increase came after Crypto.com announced a $700 million deal that would give them the naming rights to the venue formerly called the Staples Center.
After the depegging of Terra in the summer of 2022, Cronos fell below a dollar and it’s lingering around 10 cents as of October 2022.
How to Buy Cronos (CRO)
Now that you are aware of how Crypto.com coin works, you may be interested in purchasing the token. Fortunately, the token is popular and easy to purchase.
- Open an online account.
The first step in purchasing CRO is to open an account on a supported trading platform. While you can find many platforms that support buying and selling CRO, a couple in particular stand out due to low fees, a focus on education and enhanced security.
Coinbase Global Inc. (NASDAQ: COIN) and FTX are both great options for those looking to purchase CRO. Opening an account on these platforms is fairly easy and requires an email and password. You then provide basic personal information to verify your account. After that, you can fund your account through a bank transfer. - Buy a crypto wallet (optional).
While centralized exchanges are the easiest way to purchase crypto, there are some concerns regarding security. On a centralized exchange, the exchange holds onto your funds and makes purchases on your behalf. Some worry that a hack could result in investors losing their crypto positions. A much safer way to store crypto is in a wallet. These wallets allow investors to have full custody over their funds.
- Make your purchase.
Once you have a funded account on a centralized exchange, you are ready to purchase CRO. Navigate to the CRO page on the exchange. Enter the amount you would like to buy and execute the trade. After the trade has completed, your CRO can be found in your account’s portfolio.
If you would like to store your CRO in a wallet, find the wallet address for the Crypto.com chain in your wallet. Then, enter this on the exchange and send the crypto. From there, your CRO will be held in your wallet.
Cryptocurrency Wallets For Crypto.com Coin (CRO)
Best Hardware Wallet: Ledger
- Best For:ERC-20 tokensVIEW PROS & CONS:securely through Ledger Hardware Wallet's website
Hardware wallets are a physical device that store the private keys needed to send or receive crypto. Ledger is arguably the most reliable manufacturer of hardware wallets. It currently offers the Nano S and Nano X models.
The Nano S is meant for beginner crypto users and only offers a few features for users. The Nano X is designed for more advanced crypto users and offers the ability to store a wider variety of assets.
Ledger offers multiple uses of CRO. Users can send and receive the asset to store in their wallet or stake the token to earn interest directly from the wallet. These dynamic uses, combined with Ledger’s security, make Ledger a great option for holding CRO.
Best Software Wallet: MetaMask
Software wallets allow users to have access to their crypto and hold the private keys online. These are less secure than hardware wallets but can be much easier to use. MetaMask is 1 of the leading software wallets and supports CRO. Users can receive, send and swap CRO through the wallet.
MetaMask can make your crypto investments safer. It also offers several decentralized finance (DeFi) features that can increase the amount of ways your crypto can be used.
Bonus Section:
Keep an eye out for new marketing campaigns from Cyrpto.com. These promos have driven price movements in the past and may continue to do so in the future.
Trade, Sell or Convert your Crypto.com Coin (CRO)
If you are looking to sell your CRO on a centralized exchange, navigate to your CRO position in your portfolio. Enter in the amount you would like to sell and execute the trade. Your position will be liquidated into fiat (USD).
To convert your CRO, find your position and hit the “swap” or “convert” button. From there, select the token you would like to convert your CRO to and execute the trade.
Current Crypto Prices
Every token in the crypto sector is still suffering after the depegging of Terra. While these tokens can recover some of their value, only time will tell how long it might take for the crypto sector to return to its former glory.
While there are valid arguments for both sides of the debate, no one knows where crypto prices will go in the coming weeks and months. If you want to see where crypto prices are right now, make sure to take a look at Benzinga’s price table.
Is Cronos (CRO) a Good Investment?
CRO’s price movements have largely been driven by marketing campaigns and hype. While these aspects provide an opportunity for short-term gains, the long-term outlook is less clear. Crypto.com is by no means the largest player in the crypto exchange space. If its marketing campaigns fail to provide positive results, the coin’s price may suffer. If current and subsequent marketing campaigns prove to be successful, CRO’s price may appreciate. Because Crypto.com is spending a great portion of its capital on marketing, these campaigns may be a make-or-break factor for the coin.
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About Caden Pok
Caden has been involved with crypto since 2018, when he began investing, trading, and mining tokens. He took part in undergraduate research studying cryptoeconomics at the University of Michigan, where he will graduate Phi Beta Kappa with a bachelor’s in economics in 2025. He is experienced with DeFi technology and multiple blockchains, currently investing in Ethereum and Bitcoin.