As one of the world’s major cryptos, many people are interested in when Cronos was first created, what it is exactly and the story behind it. It’s not nearly as old as Bitcoin, but it’s been around in one form or another for quite a few years.
The Cronos story starts in 2016 when a cryptocurrency exchange called Monaco was launched in Singapore by four innovative and crypto-passionate entrepreneurs. A native token called the MCO (Monaco token) was created alongside the platform. Users could buy the tokens and use them to stake for benefits on the platform. However, Monaco quickly rebranded to Crypto.com. In 2018, the MCO token changed its name to CRO, and ‘Cronos’ came into being.
What is Cronos?
Cronos is the first EVM-compatible blockchain network that has the capability to interoperate between both the Ethereum and the Cosmos ecosystems. It is powered by Etherpoint. CRO is its base settlement currency, a utility token native to the Crypto.org parallel blockchain, part of the Cronos crypto.com ecosystem.
There are a number of ways these tokens can be utilized. Users can pay fees on the Crypto.com system with CRO. Buyers can also stake the tokens for benefits, such as rewards on prepaid Cronos debit cards and preferential interest rates.
It’s even possible to bet with CRO, but this is only possible at a few crypto casinos. Even at these casinos, however, players can access a wide range of games. It may not be the most famous crypto around, but its growth predictions are certainly impressive.
Who created Cronos and CRO?
The Cronos EVM-compatible network and CRO utility token were created by the same people who launched the Crypto.com exchange system. This crypto exchange, founded by Gary Or, Bobby Bao, Kris Marszalek, and Rafael Melo, had a clear mission. The concept was for cryptos to become accessible more generally. The founders wanted cryptos to be available to everyone in society, not just the techies. The aim of the founders was to put ‘crypto in every wallet’.
How did CRO grow in value?
The CRO token currency remained fairly small fry for the first few years following the rebrand in 2018. However, in 2021, Crypto.com decided to ‘burn’ 70,000,000,000 CRO tokens. As part of this promotional activity, 5.9 billion CRO tokens were also distributed as rewards. By reducing the total amount of CRO by 70 billion, Crypto.com actually increased the circulation amount of CRO from 25% to 80%. This increased its value, and reputation, quite spectacularly.
What is special about CRO?
CRO is a crypto token, not a coin. It may also be referred to as a utility token. Because tokens work differently from crypto coins, they can be a good investment in unsettled times. A utility token is always native to one exchange, in this case, crypto.com. Sometimes, when crypto coins fall in value, utility tokens, such as CRO, can actually grow in value.
However, much of CRO’s growth since its launch was due to the burning of 70 billion tokens in 2021. In 2022, when all the world’s cryptocurrencies suffered a loss of value, it was no different for CRO. However, the future does look bright, with many financial speculators forecasting that CRO could increase by more than 300% in value by 2030. It’s even been associated with big names, such as Matt Damon, who fronts a marketing campaign for Crypto.com.
How do I get CRO?
The most obvious place to buy CRO is via the Crypto.com exchange. However, it’s also possible to buy CRO at FTX and Coinbase. Unlike major cryptos, like Bitcoin, there are many exchanges where you are not able to buy CRO. This includes Binance and Gemini. That’s because many exchanges choose not to deal in tokens from other competitor exchanges.
Can I bet with CRO?
Online gamblers can bet with CRO, although it is less commonly accepted than Bitcoin or Ethereum. This means there are only a small number of crypto casinos that accept this token. However, at casinos that do accept it, players will find a good choice of Provably Fair games, slots, and table games as well as live dealer games.
Another great reason to bet with CRO is that the Cronos network is more energy efficient than proof-of-work blockchains, such as Bitcoin. In fact, it uses 90% less energy than proof-of-work blockchains and comes with vastly lower fees as a result.
With a relatively short history that starts in 2016, CRO tokens have become hot property. The currency is a good choice for investment, but you can also use CRO to bet at crypto casinos.