What is CRO? Everything you need to know

What is CRO?

CRO is the main cryptocurrency used in the Cronos ecosystem, which includes Cronos EVM, Cronos POS, and Cronos zkEVM. These chains are built to support decentralised finance (DeFi), gaming, and the broader Web3 economy. 

At a basic level, CRO helps power almost everything on the Cronos blockchains. People use it to pay transaction fees, stake (or lock up) tokens to support network security, and access features like trading, and earning interest on their crypto. It also unlocks special perks in the Crypto.com App, such as lower trading fees and extra cashback when using the Crypto.com Level Up Programme.

CRO is designed to make crypto more accessible and useful in everyday life. Whether you're a casual user buying crypto for the first time or a more advanced user, CRO serves as your gateway into the Cronos ecosystem.

Cronos EVM and CRO benefits

Cronos EVM blockchain delivers numerous compelling advantages, positioning itself favourably within the cryptocurrency landscape. These benefits make CRO, the native token of Cronos EVM, appealing to both crypto enthusiasts and blockchain developers:

• Lower transaction costs
  Cronos EVM dramatically reduces transaction fees compared to Ethereum and similar blockchains. Lower transaction costs enable users to make frequent and smaller transactions economically, a vital feature for day-to-day crypto activities, trading, and decentralised finance (DeFi) operations.
  
• Enhanced scalability
  Designed for high throughput, Cronos EVM comfortably processes thousands of transactions per second. This capability helps maintain fast and reliable performance even during network spikes, avoiding the congestion and delays often experienced with other blockchain networks. Users benefit from speedy transactions, enhancing the overall crypto experience.
  
• Ethereum compatibility for developers
  Cronos EVM allows developers who already build applications on Ethereum to easily port or expand their decentralised apps (DApps) onto the chain. This compatibility significantly reduces the complexity of development and accelerates innovation, drawing in a robust community of talented blockchain developers.
  
• Seamless integration with Crypto.com ecosystem
  Users interacting through Crypto.com gain additional advantages when using Cronos chains. CRO holders enjoy exclusive rewards, higher staking returns, and discounted platform fees. This integration enhances CRO’s utility, encouraging platform engagement and adding tangible value for everyday users.

Combining cost-effectiveness, scalability, developer-friendly architecture, and a synergistic relationship with the Crypto.com platform, Cronos EVM establishes itself as an influential blockchain, consistently attracting interest and fostering sustained growth. Remember, as with all cryptocurrencies, CRO is subject to market volatility and price fluctuations. Always do your own research and consider your risk tolerance before making any investment decisions.

How to buy CRO

Buying CRO is straightforward, especially when using the Crypto.com App, known for its intuitive and user-friendly interface. This simple step-by-step process ensures even beginners can buy CRO:

1. Sign up for a crypto account
2. Complete your verification
3. Deposit money into your account
4. Buy CRO 

1. Sign up for a crypto account

Start by downloading the Crypto.com App, which is available for Android and iOS devices. If you're a new user, quickly set up an account by providing basic personal details. Existing users simply log in using their credentials, gaining instant access to their secure, personalised dashboard.

2. Complete your verification

To comply with regulatory requirements and ensure security, you'll need to complete the verification process. Within the Crypto.com app, you'll upload essential identification documents such as government-issued ID and proof of residence. Approval usually takes a short time, enabling smooth, compliant transactions.

3. Deposit money into your account

After completing verification, deposit funds directly into your Crypto.com account. Users can conveniently deposit via bank transfers, credit or debit cards, or even by transferring cryptocurrencies from another wallet. The variety of funding options ensures accessibility and flexibility tailored to your personal preferences.

4. Buy CRO 

Once funds are available, navigate within the Crypto.com App to CRO. Clearly specify the desired amount of CRO you want to buy, review transaction details, and confirm the purchase. Your CRO will then appear instantly in your Crypto Wallet, securely stored and readily available for your crypto activities.

How is CRO used? 

CRO is a versatile utility token with a range of real-world and ecosystem-specific applications. Its design supports both everyday users and blockchain-savvy participants engaging in DeFi and beyond.

• Payments and transaction settlements
  CRO can be used to pay for goods and services where crypto is accepted. Its fast processing and low transaction fees make it ideal for peer-to-peer payments and quick settlements, especially within the Crypto.com ecosystem.
  
• Rewards through the Crypto.com Visa card
  One of the most popular CRO use cases is earning rewards through the Crypto.com Visa Card. When you stake CRO, you unlock access to different card tiers, each offering various benefits, like up to 5% cashback on purchases to free Spotify, Netflix, and airport lounge access.
  
• Exclusive platform benefits
  CRO holders receive significant perks within the Crypto.com App and Exchange. These include discounted trading fees and increased annual interest rates when staking or locking up crypto assets.
  
• Participation in DeFi
  As the native token of the Cronos blockchain, CRO plays a key role in fuelling DeFi applications. Users can provide liquidity, stake CRO to earn yield, and engage with decentralised protocols built on Cronos. This ecosystem continues to expand with new projects and partners.

CRO’s utility continues to grow as adoption increases. Whether you’re spending, staking, or interacting with smart contracts, CRO provides a seamless bridge between the Crypto.com platform and the broader Web3 world.

What is the Cronos ecosystem?

The Cronos ecosystem includes three different chains: Cronos EVM, the leading Ethereum-compatible blockchain built on the Cosmos SDK; Cronos POS, a leading Cosmos chain for payments and NFTs; and Cronos zkEVM, a new high performance layer 2 network secured by Ethereum. The Cronos blockchains are decentralised, open-source networks designed to support the next generation of Web3 applications. 

As mentioned earlier, what sets Cronos apart is its compatibility with the Ethereum Virtual Machine, which allows developers to seamlessly port Ethereum-based smart contracts and DApps without having to rewrite them from scratch. This means projects built for Ethereum can run on Cronos EVM and Cronos zkEVM chains with minimal modification – making development faster, cheaper, and more accessible.

Cronos POS Chain focuses on fast, low-cost payments. While all chains contribute to the broader Crypto.com ecosystem, Cronos EVM is specifically optimised for decentralised finance (DeFi), NFTs, and the metaverse. It offers high throughput and low transaction fees, making it a practical choice for users and developers alike.

Another key technical feature is its use of the Cosmos SDK and Tendermint consensus engine, enabling fast finality and efficient processing. Cronos EVM also supports Inter-Blockchain Communication (IBC), which allows it to interact with other compatible blockchains in the Cosmos ecosystem – expanding the reach and interoperability of assets and applications.

In comparison to other major blockchains like Ethereum, Cronos offers a strong balance of speed, affordability, and developer-friendly tools. It provides the infrastructure needed to scale DApps and onboard new users without the bottlenecks often seen on more congested networks.

As the Cronos ecosystem grows, it continues to attract developers, DeFi protocols, NFT platforms, and community-led projects.

Cronos EVM vs other blockchains

When comparing Cronos to other leading blockchains like Ethereum, several key differences highlight its unique strengths.

Infrastructure and consensus mechanism

Cronos EVM utilises the Cosmos SDK and the Tendermint consensus engine, delivering fast transaction finality, robust security, and decentralisation. Additionally, Cronos EVM enables  cross-chain communication via the Inter-Blockchain Communication (IBC) protocol – a capability not natively available on Ethereum.

Development environment

Ethereum currently dominates blockchain development, but it also faces issues such as high transaction costs and scalability limits. Cronos EVM addresses these challenges by offering Ethereum compatibility (through EVM), allowing developers to easily migrate their Ethereum-based DApps without substantial rewriting. This streamlined process provides significant time and cost savings, facilitating rapid development and deployment.

Integration with Crypto.com

A key differentiator for Cronos is its integration with the extensive Crypto.com ecosystem. Unlike independent blockchains such as Avalanche or Solana, Cronos chains directly connect developers and users to millions of Crypto.com App and Exchange users. This built-in user base accelerates adoption and makes Cronos chains especially appealing for projects seeking mainstream exposure and rapid growth.

In short, while other blockchains may specialize in individual aspects such as transaction speed, development flexibility, or interoperability, Cronos EVM successfully combines these advantages and complements them with ecosystem integration.

How to store CRO

Storing your CRO securely is an essential step for managing your digital assets effectively. The most convenient and secure option is using the Crypto.com App, which offers built-in wallet functionality along with high-level security features.

1. Open the Crypto.com App

After downloading and installing the App on your device, log in with your verified account credentials. The app provides a user-friendly interface that makes accessing your wallet quick and simple.

2.  Navigate to your wallet

Once logged in, go to the ‘Wallet’ section within the App. Here, you can view all your assets, including CRO. The wallet is organized to give you visibility into balances, transaction history, and asset performance.

3. Deposit and secure your CRO

To store CRO, either buy it directly in the App or transfer it from an external wallet or exchange. The Crypto.com App uses advanced security protocols, such as multi-factor authentication and cold storage, to safeguard your coins.

Those looking for extra flexibility or control can also store CRO in external wallets that support the Cronos network, including non-custodial wallets (like Crypto.com Onchain wallet) and hardware wallets.

By securing your CRO in a reliable wallet, you ensure that your funds remain accessible yet protected – ready to be used, staked, or held for long-term value.

Cronos outlook

The Cronos ecosystem demonstrates strong community engagement, continuous technical innovation, and expanding adoption of blockchain technology. As more users and developers seek scalable, cost-effective alternatives to legacy networks like Ethereum, Cronos is uniquely positioned to capitalize on this momentum.

One of the most encouraging signs for Cronos is its rapid ecosystem growth. Dozens of DApps, including DeFi platforms, NFT marketplaces, and blockchain gaming have launched on Cronos EVM, thanks to its EVM compatibility and low transaction fees. This active developer community boosts user adoption and fosters ongoing innovation across sectors like finance, gaming, and the metaverse.

Strategic partnerships and integrations further bolster Cronos’s trajectory. Collaborations with leading blockchain projects and DeFi protocols help expand its reach and functionality. Additionally, Crypto.com among other exchanges provide support in accessing and trading CRO via their respective listings.

Although Cronos chains present strong utility and scalability, challenges remain, such as increasing regulatory scrutiny and competition from other layer-1 blockchains. 

That said, the outlook remains optimistic. With a strong infrastructure, growing utility, and a committed developer base, Cronos is well-positioned to become a major force in the next wave of blockchain adoption. For investors, users, and builders alike, Cronos offers a compelling platform with room to grow.

Important information: ​​This is informational content and should not be considered as investment recommendation or advice. Trading cryptocurrencies carries risks, such as price volatility and market risks. Before deciding to trade cryptocurrencies, consider your risk appetite. Rewards, fee reduction, and other benefits referenced in this article may be subject to eligibility requirements, token holdings, and may change in line with the applicable terms and conditions.