Cronos (CRO) is the native token of Cronos Chain, a decentralized, open-source blockchain developed by Crypto.com. The primary function of the CRO blockchain is to facilitate the Crypto.com Pay mobile payments app. Cronos Chain is part of Crypto.com's suite of solutions that aim to increase global adoption of cryptocurrencies, enhancing personal control over financial assets, safeguarding user data, and protecting user identities. The total supply of CRO was established when the blockchain went live, making it a non-mineable cryptocurrency.

Cronos operates on a Proof of Authority (PoA) consensus mechanism, built on top of Ethereum’s (ETH) blockchain according to the ERC-20 compatibility standard. This means that its network is secured by the Ethash function. CRO owners can stake their coins on the Crypto.com Chain to act as a validator and receive compensation for processing transactions on the network. Additionally, CRO coins can be used to settle transaction fees on the Cronos Chain. Within the framework of the Crypto.com Pay payments app, users may receive compensation by transacting with merchants in CRO and by purchasing gift cards and making peer-to-peer transfers to other users.

Cronos aims to provide utility to the users of Crypto.com’s payment, trading, and financial services solutions. It is used primarily to facilitate the Crypto.com Pay mobile payments app, allowing users to receive compensation by transacting with merchants in CRO. In addition, CRO coins can be used to settle transaction fees on the Cronos Chain. The Crypto.com App allows users to receive token rewards for select listings by staking CRO. Users may also receive annual compensation on their Crypto.com Coins by staking them on either the Crypto.com platform or Crypto.com’s metal Visa Card.

Cronos was launched by the Crypto.com company in late 2018 as part of its vision of “putting cryptocurrency in every wallet.” Crypto.com was founded in mid-2016 as “Monaco Technologies GmbH” by Kris Marszalek, Rafael Melo, Gary Or, and Bobby Bao. The Cronos Chain hosts various decentralized applications (dApps) and has a total value locked (TVL) of a substantial amount, making it a notable EVM-compatible chain. It is a blockchain that enables interoperability between the Ethereum and Cosmos ecosystems. In early 2023, the Cronos team announced that its latest mainnet upgrade, “Galileo” (version 1.0), had been completed.

The Crypto.com Chain is a blockchain network that aims to facilitate transactions between customers and merchants globally. It is engineered to support the Crypto.com mobile wallet payment solution and the system's trading and financial services offerings. The platform utilizes the Cosmos SDK and Tendermint Core's Byzantine Fault Tolerance (BFT) consensus mechanism, striving to provide a functional, adaptable, and applicable solution. The Crypto.com Chain seeks to address aspects of efficiency, scalability, and security, using several foundational Design Axioms (DAs) to address certain inefficiencies within the payment network infrastructure. The Crypto.com Chain employs two distinct node types, Council Nodes and Community Nodes, to maintain consensus and overall security in the network. The Crypto.com Coin (CRO) plays a role in the chain's operation. It's used for transaction settlements, order arrangement of transactions, and non-monetary incentives. It's also used for verifying network transactions. The chain employs a mechanism called Proof of Goods and Services Delivered to monitor and verify interactions between payment merchants and customers.

CRO, the native token of the Cronos blockchain, serves multiple functions within the platform's ecosystem. It may be used for staking, granting users access to various benefits and rewards. CRO may also be used for payment within the platform's app and card ecosystem, enabling users to utilize their tokens at merchants that accept cryptocurrency payments. CRO's utility extends to the platform's lending platform, where it may be used as collateral, providing users the opportunity to obtain loans in other cryptocurrencies. CRO may also be used to participate in initial exchange offerings (IEOs), which are similar to initial coin offerings (ICOs) but are conducted on cryptocurrency platforms. The platform aims to provide users with access to a variety of cryptocurrency-related services and products. This includes the capability to exchange cryptocurrencies, as well as the opportunity to utilize cryptocurrencies at numerous merchants worldwide using the platform's Visa debit card.

A cryptocurrency Visa Card is a prepaid card that allows users to convert and spend their cryptocurrencies at numerous merchants worldwide. The card is linked to a cryptocurrency platform ecosystem, where a native token plays a part. Users may lock up native tokens to apply for different tiers of the cryptocurrency Visa Card, each with unique non-monetary incentives. The number of native tokens a user locks up corresponds to the card tier and the different non-monetary incentives. These incentives may include included ATM withdrawals and various purchase incentives. The native tokens are also used to pay transaction fees within the cryptocurrency platform ecosystem. Therefore, the native token is part of the functioning of the cryptocurrency Visa Card, allowing users to access a range of non-monetary incentives while promoting the use and circulation of the native token within the cryptocurrency platform ecosystem.

Crypto.com and CRO have established partnerships and collaborations with several entities within the crypto industry. They have signed a Memorandum of Understanding (MOU) with a number of charities in Singapore, with the intention of facilitating the acceptance of donations in digital assets. In addition, they have formed a partnership with a messaging platform to develop solutions related to digital assets across the Asia Pacific region. Crypto.com has also formed collaborations with various fintech companies and technology firms, with the aim of establishing itself as a recognized PYUSD exchange. Furthermore, they have signed an MOU with a gaming company to support cooperation on blockchain-based games. Crypto.com has also collaborated with a technology firm to improve the user experience for a specific smartphone model. They have also signed an MOU for NFT collaboration with a television production company. These partnerships strive to increase the use of digital assets, support blockchain technology, and improve the user experience.

Crypto.com employs a multi-layered approach to security, striving to safeguard user data and holdings from potential threats. The platform adheres to a Secure Software Development Lifecycle, incorporating security into every stage of software development. It also utilizes Multi-Factor Authentication (MFA) to protect transactions, necessitating multiple forms of verification before granting account access. Crypto.com implements withdrawal protection measures, such as withdrawal limits and mandatory whitelisting of external addresses through email verification. The platform also provides 24/7 customer support to assist users with any security concerns. Crypto.com's commitment to security is further demonstrated by its adherence to the National Institute of Standards and Technology (NIST) Cybersecurity Framework and Privacy Framework, adhering to the “Adaptive (Tier 4)” maturity level. Crypto.com maintains a 1:1 basis for customer holdings in institutional-grade reserve accounts, meaning holdings are responsibly maintained by Crypto.com and maintained for customer access. Users may review the platform's reserves and their holdings through the Proof of Reserves verification page, conducted by an independent third-party.

The platform has faced several challenges and criticisms in its journey. One of the significant issues was maintaining fiat on-ramps amidst a financial crisis in the crypto industry. The collapse of crypto-friendly financial institutions led to the platform losing its ability to accept U.S. dollar resources. The platform had to scramble to find a new financial partner after its prior provider had its accounts frozen by a Central Bank. This situation raised questions about its liquidity. However, the platform has strived to address these issues by finding reliable partners and ensuring the platform's stability. Another challenge was the accidental transfer of a substantial amount of ether to another platform in October 2023. This incident raised concerns about the platform's safety measures. However, the platform promptly acknowledged the mishap and ensured that all resources were returned, thereby demonstrating its commitment to user safety. The platform has also faced workforce reduction and concerns about its financial health, especially following the collapse of a rival platform. In response, the CEO of the platform reassured users about the platform's strong financial statement, zero financial obligations, and positive resource flow. He also emphasized that the platform does not engage in irresponsible credit practices or exchange customers' resources, thereby maintaining its trustworthiness in the market. Despite these challenges, the platform continues to strive for enhancement and user contentment, demonstrating stability and flexibility in the dynamic crypto industry.