Cronos (CRO) is the native coin for the centralised Crypto.com exchange and the native currency for the decentralised Cronos blockchain. Cronos is an EVM-compatible blockchain that runs parallel to the Crypto.org chain and allows developers easily to port their Ethereum apps to Cronos.
Cronos started as an exchange coin but, after much growth, it has become the native currency for an ecosystem of services.
As it stands, CRO is used for a variety of purposes on Crypto.com's platform: to subsidise trading fees, boost rewards, and qualify for perks with the company's Visa crypto debit card.
This page takes a closer look at Cronos, how and where to buy it plus the reasons you might want to do so.
You can store CRO in several places depending on how frequently you intend to trade, how security-conscious you are, and how you intend to use your coins.
The first and most obvious place is your exchange wallet (associated with your centralised exchange account). If you intend to trade CRO intermittently, this is the best option.
If you intend to hold for a long period, then you’ll want to use a hardware wallet, also called a cold wallet. These wallets store your coins on a device that is disconnected from the internet. Hardware wallets are the safest form of storage but are not suitable for making quick trades.
Firstly, CRO unlocks cashback rewards, discounts on services like Netflix, and higher yields on staked assets. Aside from price appreciation, users of Crypto.com enjoy reduced service fees.
Crypto.com periodically runs bold marketing campaigns that catch the eye of news networks and potential users. As the exchange grows its users, the demand for CRO is likely to increase.
Also, CRO has a fixed supply of 30 billion coins, and Crypto.com runs a buy and burn program where they permanently remove coins from circulation every month until they dispose of 10.4 billion coins. This could have a positive effect on CRO’s price in the long run.
Finally, the Cronos blockchain requires CRO to pay for transaction fees. Cronos is the first EVM blockchain in a fast-growing ecosystem– the Cosmos ecosystem. Since its official launch in October 2021, its total value locked has grown to $1.64 billion, a sign that it's picking up steam.
As the blockchain continues to expand, the demand for CRO will grow, leading to an increase in price.
There's no way to know 100% when the right time to buy a coin is, but there are some indicators to look out for and different approaches to take.
If you plan to hold CRO for a relatively long period (1-4 years) or you wish to stake to enjoy the benefits of any of Crypto.com’s services, you won’t need to pay too much attention to the current price, provided the market isn’t at an all-time high. If it is, you may want to hold off until the prices cool off.
If you plan to buy and sell intermittently, then you’ll need to pay close attention to both price patterns and time frames. The time frame used should be consistent with how long you plan to hold tokens. For example, if you plan to trade CRO within a day, use the 4-hour time frame as an overview while focusing entry points on the 30-minute and 1-hour time frames.
So also, for a weekly horizon, use the 1-day time frame as an overview while focusing on the 4-hour and 12-hour time frames for entry and exit points.
Yes. You can make money from Cronos by:
Staking. All staking-enabled blockchains provide the opportunity to make more money by staking their native coin. You can stake CRO on the Crypto.com app for a 6% APR.
Another way to make more money from CRO is to get involved in its ecosystem on the Cronos blockchain. Defi apps like VVS Finance and MM Finance are two of the top decentralised exchanges on Cronos. By providing liquidity to their CRO pools, you can earn upwards of 15% per year in swap fees. Keep in mind that you also run the risk of impermanent loss.
Lastly, you can lend CRO tokens on money market apps like Tectonic to borrowers for a profit.
Every crypto has risks, no matter how impressive its technology is or how dedicated its developer community is. Some things to avoid when buying CRO include:
1. Marrying your bags. It’s common for staunch believers of crypto projects to hold on to their coins even when it's clearly sinking. This is called marrying your bags. CRO remains a good buy provided its ecosystem continues to grow and endure. If that changes at any point, it may be time to sell.
2. Buying the hype. Buying the hype is the same as buying when the market is high, which is usually when the hype/buzz around a coin crescendos. This is when you should be selling. When your friend who doesn’t own any crypto talks about how they heard that CRO is a good buy, know that it's time to sell.
3. Timing the dip. ‘Buy the dip’ isn’t always sound advice, especially during bear markets. It’s safer to buy when the market has started rising after a bearish period than right in the middle of a bear market.
CRO is the native coin for Crypto.com and the Cronos blockchain, placing it in a prime spot for growth provided its ecosystems perform well. There are several opportunities to make money from CRO aside from trading. You can stake or lend on Crypto.com or the Cronos blockchain.
The best time to buy CRO depends on what type of investor you are. Nevertheless, a general rule of thumb is to buy at the start of an uptrend. CRO is a good buy provided its ecosystem remains profitable and attractive to users. If that changes, you may want to sell your coins.
How high coin prices go depends on the market cycle, circulating and total supply, and price. CRO has a total supply of roughly 30 billion with 25 billion in circulation and is $0.17 as of writing, bringing its market capitalisation to about $4.3 billion.
If CRO were to double in price, then the market cap would be $8.6 billion. If CRO were to grow to $1, its market cap would be $25 billion. Now the question is, can Crypto.com and Cronos provide value that equates to $25 billion?
Maybe they can, but they’ll need time, so not in this market cycle. This framework helps you estimate how high coin prices can rise within a market cycle based on the value their ecosystems provide.
The cheapest way to buy Cronos is through a centralised exchange. Swap fees are cheaper on some centralised exchanges than on their decentralised counterparts because you don't have to pay extra costs like liquidity provider fees, slippage, and price impact.
Crypto.com is a financial institution that provides exchange, payment, trading, and staking services to people and businesses. While it utilises blockchain technology in many ways, at its core, it is centralised.
Cronos, on the other hand, is a public blockchain that is not controlled by anyone. It was built as an effort to support and scale Ethereum apps.
Yes. You can buy CRO on Coinbase in the United States.