Say goodbye to Crypto.com Coin and hello to “Cronos” – the popular crypto exchange’s new name for its CRO utility token. The token, which is native to the Crypto.org and Cronos EVM chains, will not see its ticker symbol or mechanics change.
A symbol of decentralization
Crypto.com announcement its rebranding in a medium blog post earlier today. He said the new name is meant to reflect the “decentralization of the coin and the tremendous growth of the Cronos ecosystem.”
Asked about the connection, the company said it pays tribute to the hundreds of independent dapp developers who build apps on Cronos. The majority of them are not “officially associated” with the exchange.
“The Cronos ecosystem represents the next major phase in the adoption and use of Web3 by hundreds of millions of users,” reads the announcement.
Cronos is a blockchain network spear by Crypto.com in November, which is compatible with Ethereum Virtual Machine (EVM). This means that it can easily integrate DeFi, GameFi and Metaverse applications that run on Ethereum into its protocol, while creating new ones. It also features interoperability with the Cosmos ecosystem.
The company assures users that there will be “no feature changes” for Cronos and that it “continues to support the Cronos Token (CRO) across all of its products and services.”
As of now, popular crypto price tracker CoinGecko has listed CRO under its new name. It is now ranked 17th, with a market capitalization of $11 billion. However, CoinMarketCap still lists the token as “Crypto.com Coin”.
Growth of Crypto.com and Cronos
Adoption of the Cronos channel has grown rapidly since its launch. It now contains more than 350,000 unique addresses on the chain, with a transaction volume of $15 million and $2.5 billion in TVL. This makes it the 10th ranked DeFi platform by value locked in about four months.
Crypto.com is now inviting more developers to apply for funding from its $100 million ecosystem fund at Particle B. There are at least 120 developers who have already built on the platform.
Last Sunday, Crypto.com featured a Bengals vs Rams ad superbowl game, featuring basketball legend Lebron James. The company has also recruited famous actor Matt Damon for promotional services, which is part of the exchange’s homepage announcement.
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