Cronos (CRO) token plummets: What's going on at Crypto.com ecosystem?

Highlights

• Cryptos were in a deep bearish phase as of writing, with total market cap falling under US$1.7 trillion
• Crypto.com includes a trading platform, a blockchain network Cronos, and a native CRO token
• Crypto.com has acquired rights which renamed famous downtown Los Angeles-situated arena as Crypto.com Arena

The cryptoverse is not about tokens like BTC and SHIB alone. Over the past some time, it has grown multi-fold to include a slew of products and services. For example, decentralized finance (DeFi) players are allowing users to avail loans by using cryptoassets as collateral. Separately, games like Axie Infinity are using blockchain tech’s underpinning alongside native tradable tokens.

Add to this crypto exchange services provided by Binance, Crypto.com and others. Exchanges too can have native tokens like Binance’s BNB. Today, let’s take a look at Crypto.com’s complete ecosystem.

What is Crypto.com ecosystem?

Crypto.com exchange shares some similarities with Binance, in that both allow digital asset trades and have blockchain networks and native tokens. Crypto.com, which availed the services of Matt Damon to promote its platform, offers a trading app, visa cards, an NFT marketplace, loans, and other services to its users.

Also read: Step App crypto surges 30%: What to expect from FITFI token?

The blockchain network, Crypto.org Chain, seems to compete with networks like Ethereum and Solana by highlighting its higher transaction speed and lower costs. Crypto.com’s Cronos Chain is said to have compatibility with EVM, acronym for Ethereum Virtual Machine. Cronos, it is claimed, can help port apps from Ethereum or other chains having EVM compatibility. Cronos’ bridging to Crypto.org Chain is also highlighted.

Aside from an endorsement deal with Damon, Crypto.com also entered into a deal last year that changed Staples Center to Crypto.com Arena. The arena is located in Downtown Los Angeles, and its popularity among the masses might help Singapore-based Crypto.com gain traction in the West.

Also read: 3 reasons why cryptos could be crashing

Cronos token (CRO)

Cronos token is a rebranding of Crypto.com token. The native token of Crypto.com’s ecosystem, CRO featured in the top 25 cryptoassets as of writing, according to CoinMarketCap.

The market cap of CRO was over US$7 billion, with per token price of nearly US$0.28. Similar to most other large caps like BTC, SHIB, and BNB, Cronos token also had a negative year-to-date (YTD). The 24-hour price movement was in red after over seven per cent decline, mirroring the trend in the broader crypto market.

While Binance exchange’s BNB is among top five assets by market cap, topped by BTC, Crypto.com’s CRO has yet to acquire that status.

Data provided by CoinMarketCap.com

Also read: PLA, CEEK and UOS: 3 metaverse cryptos under US$1

Bottom line

Crypto.com’s ecosystem covers many fields that some crypto tokens provide separately. For example, Rarible (RARI) is largely an NFT minting and trading platform. Polygon (MATIC) and Solana (SOL) are blockchain networks. Crypto.com has multiple products and services for cryptoverse enthusiasts. It, however, has yet to find place among top five or top 10 assets by market cap.

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