Cronos is a blockchain network with interoperability between the Ethereum and Cosmos ecosystems. Crypto.com created the open-source parallel public blockchain, Crypto.org Chain, for a network of decentralized finance projects. CRO is the native token of Crypto.org’s chain and cryptocurrency platform.
CRO facilitates merchant crypto payments, as well as blockchain solutions and network security through staking. Through CRO, builders can instantly and affordably port apps and crypto assets from other chains.
The blockchain framework, Cosmos SDK, is powered by Tendermint. Transactions have fast finality on Cosmos and are much lower in cost when compared to Ethereum. In addition, digital assets can be transferred over instantly across layer 1 and layer 2 EMV chains through CRO on the Cosmos ecosystem.
CRO made headlines as the biggest token burn in history. In February 2021, Crypto.com burned 70 billion CRO tokens, sending the token to a new all-time high. CRO is now the main payment method on both Crypto.org and Cronos blockchains and adds benefits like higher lending rewards on top of rapid porting and interoperability.