Ethereum and other leading blockchains have opened the door to decentralized finance (DeFi), NFTs, and Web3 innovation, but their growth has also highlighted a common challenge: scalability.
Users often face high fees, slower confirmations, and limited interoperability across networks. To solve this, new blockchains are emerging that combine speed, low cost, and cross-chain flexibility. One of the most notable is Cronos (CRO), designed to deliver faster transactions, broader app support, and seamless connectivity.
What is Cronos?
Cronos is a high-performance, EVM-compatible Layer-1 blockchain built on the Cosmos SDK by Crypto.com. It’s designed to support decentralized applications (dApps), DeFi, NFTs, gaming, and broader Web3 use cases with fast, low-cost transactions.
Cronos also integrates Cosmos’ Inter-Blockchain Communication (IBC) protocol, enabling cross-chain interoperability.
The History of Cronos
Cronos launched in November 2021 as part of Crypto.com’s strategy to expand its original Crypto.org Chain and provide a scalable foundation for decentralized applications.
Meanwhile, CRO began as an ERC-20 asset on Ethereum. In February 2021, Crypto.com conducted one of the industry’s largest token burns, reducing CRO’s total supply from 100 billion to 30 billion, with 5 billion allocated for validator rewards over the next decade. After the launch of Cronos, CRO became the network’s native currency.
CRO: The Native Currency
CRO serves multiple roles across the Cronos network and the broader Crypto.com ecosystem:
- Transaction Fees (Gas): CRO is used to pay for transactions on the Cronos chain, typically at a lower cost compared to Ethereum.
- Governance: CRO holders can participate in protocol governance, voting on upgrades and proposals.
- Utility Across Ecosystem: Beyond Cronos, CRO is integrated across Crypto.com’s ecosystem, including trading, Visa card rewards, DeFi apps, NFTs, and gaming platforms.
Buy & Sell Cronos (CRO) at iTrustCapital
For people wanting to buy and sell CRO, you can do so in a tax-advantaged Crypto IRA* or a non-IRA Premium Custody Account at iTrustCapital.
Click here to open an account today!
*Some taxes may apply.
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