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Cryptocurrency trading platform Crypto.com announced that it has changed its exchange token to Cronos, becoming the coin of the Cronos Chain blockchain.
On February 18, cryptocurrency exchange Crypto.com – a platform that emerged in 2021 with many “huge” sports cooperation deals – announced that their CRO token will now be known as the name officially known as Cronos (CRO).
CRO, formerly known as “Crypto.org Coin”, is the official coin of Crypto.com, released on the Crypto.org Chain blockchain in March 2021. Similar to other exchange coins such as BNB of Binance or FTT of FTX, CRO also has the function of paying transaction fees and participating in governance activities on Crypto.org Chain as well as sidechain Cronos – a blockchain compatible with Ethereum .
According to CoinGecko, CRO is currently the 17th largest cryptocurrency in the world, with a market capitalization of $11.3 billion and a 24-hour trading volume of $188.5 million.
Crypto.com said that removing the exchange brand from the name of CRO will demonstrate the decentralized nature of this coin, as well as recognize the growth of the Cronos ecosystem.
1/ We’re proud to announce the re-branding of https://t.co/hXMwt1fgmM Coin ($CRO) to Cronos ($CRO).
The rebrand reflects the decentralization of the coin and tremendous growth of Cronos ecosystem.https://t.co/iQBOoNgp1Z
— Cronos (@cronos_chain) February 18, 2022
Although it has only been available since November 2021, Cronos already supports an ecosystem of more than 120 diverse DeFi and GameFi applications that serve as the infrastructure for the metaverse of the future. The strengths of Cronos, like other layer-1 blockchains, are low transaction fees and fast transaction speeds – hitting Ethereum’s weak points – to attract both users and projects to build.
As of mid-February 2022, Cronos recorded over 200,000 transactions per day from approximately 350,000 regularly active addresses on the network, with a lockout value (TVL) of $2.5 billion – ranking 9th in the list. list of blockchains with the largest TVL at the time of writing.
This year, the Cronos community aims to be in the top 5 of the blockchains with the largest TVL, continue to expand the DeFi/GameFi ecosystem and metaverse, improve the system to further increase the transaction speed, and at the same time establish more cross-chain bridges to Ethereum and other layer-1 platforms.
Another blockchain, Binance Smart Chain, this week also announced a change of name to BNB Chain, for the same reason that it doesn’t want the exchange’s brand to be associated with the project in order to show decentralization. The BNB token will also no longer be known as the Binance Coin, but will instead become a “Build n Build” token.
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