$CRO, Cro coin, or Cronos is the native token for Crypto.com. This token is designed to reflect the company and their performance. Crypto.com does not just focus on the cryptocurrency but they also host NFTs as their own blockchain. With $Cro throwing its hat in the ring as another blockchain powerhouse, will it rival others on the market such as Binance, Ethereum, or Polygon?
CRO coming to light
The native token on the Crypto.com blockchain is the Cro or $CRO token. This token was released in 2018 as an airdrop to mobile users on the crypto.com application. Tokens were locked-up for an additional year, accruing APY based on the amount you had in your wallet. Originally, it was called MCO. Crypto.com’s administration decided to nix the MCO token on August 2nd, 2020. Users who had MCO could exchange it for CRO at a rate of 1:33. However, it was not until 2022 that $Cro transitioned to Cronos. It was a move designed to highlight their blockchain. Given that Crypto.com’s aim is to accelerate mass adoption of cryptocurrency, it made logical sense for them to highlight their token as another blockchain as well. Owners of the Cronos or $CRO token can also stake an amount to unlock the Crypto.com Visa Card.
The CRO powered Visa
Crypto.com is the first exchange to offer a true Visa card powered exclusively by Crypto and Fiat currencies. This crypto visa card acts just like a secured debit card that can have funds added to it through either USD deposits or through Cryptocurrency sales. What makes it unique is the perks vary based on the amount in USD of $CRO staked on the crypto.com site or mobile. There are a total of 5 tiers with corresponding colors. Cyrpto.com offers a free card that can be applied for by any holder regardless of the amount staked.
The Ruby Red
Tier 1, is unlocked with a $500 USD of Cro staked and add a rebate of 100% back on Spotify memberships. Meaning, if you were to pay your monthly subscription to Spotify with your CRO visa, you would get the entirety of it back in $CRO.
Jade Green/Indigo Blue
Jade Green/Indigo Blue are Tier 2. This tier can be unlocked by having $5,000 USD of Cro staked. It adds the benefit of 100% rebate of Netflix subscriptions as well as access to select high end airport lounges. Additionally, it increases the cash back to 2%.
Icy White/Rose Gold
Next is the Icy White/Rose Gold cards in Tier 3. These unlock Amazon Prime Rebates, and Expedia rebates. Also, in this Tier, you get access to the Airport lounges as well as a welcome swag pack with 3% cash back. It requires a deposit of $50,000 USD in Cro to be staked.
Obsidian Black
Rounding out the table is the Obsidian Black Card. This is the end all, beat all card in the Crypto.com world. It includes Rebates from Netflix to Airbnb, airport lounge access and a guest, as well as Crypto.com private. Perhaps the most exclusive benefit in this tier, Tier 4, is the Private Jet access. That’s right, you get to flash your Obsidian Card and get access to the private jets provided by Crypto.com. Sounds too good to be true right? Well, it requires a huge $500,000 USD deposit to unlock these perks. Crypto.com also has high-end partnerships to help further promote mass adoption.
F1, UFC and More
The Cronos token has landed several big-name marketing deals with some of the top sports in the world. They have a 10-year deal with UFC that is worth 175 million dollars. Fighters have the logo on their shorts as well as the logo plastered on the octagon for all fights. Cronos also has European influence. They have a deal with F1 for 5 years’ worth 100 million dollars. This includes sponsorship of a select U.S race such as the Inaugural Las Vegas race in 2023. They also have a club deal with Paris Saint-Germain soccer team for 3 years’ worth 29.5 million dollars. Their most well-known deal was acquiring the Staples Center. Cronos/Crypto.com purchased the naming rights for the Staples center. Cronos has been branding itself to be a household name.
Cro to the Future
With the added benefits of the Crypto.com Visa enticing members to stake more to get higher perks to the sport marketing deals, Cronos is becoming a household name. The blockchain has started to make a big name for itself and is gaining global recognition. As it grows and gains more operating privileges in more countries, the growth of the token and blockchain is inevitable. Investing in any currency or stock is a personal choice and we at Crypto Christ hope we have given valuable facts to educate any future investor. Please invest responsibly.
