Crypto.com CRO Rebranded To Cronos With Same Token Mechanics

Crypto.com CRO rebranded to Cronos in order to reflect the decentralization of the ecosystem but it will still use the same token mechanics as we can see furhter in our latest altcoin news.

The crypto.com CRO rebranded as the token of the crypto.com exchange changed its name to Cronos which is a well-known ecosystem already. The token that is native to the Crypto.org and Cronos EVM chains will not see its ticker symbol nor its mechanics change. The platform announced the rebranding in a medium blog earlier today and said that the new name is meant to reflect the decentralization of the coin and the huge growth of the Cronos ecosystem.

When asked about the connection, the company said it paid huge respects to the hundreds of independent dapp developers that are building applications on Cronos, and most of them are not formally associated with the exchange:

“The Cronos ecosystem represents the next major phase in the adoption and utilization of Web3 by hundreds of millions of users.”

Cronos is a blockchain network launched by Crypto.com back in November which is compatible with the Ethereum Virtual Machine which means it can incorporate Gamefi, DeFi, and Metaverse apps that run on ethereum while also creating new ones. It also features interoperability with the Cosmos Ecosystem and the company also ensures users that there will be no changes to functionality for Cronos and that it will continue to support the CRO token for its products and services.  The popular price tracker CoinGEcko listed CRP under its new name being ranked 17^th and with a market cap of $11 billion. However, CoinMarketCap still lists the token as the Crypto.com coin.

The adoption of the Cronos chain scaled fast since the last and now has over 350,000 unique addresses on-Chain with $15 million in trading volume and $2.5 billion TVL which makes it the 10^th ranked platform by value locked in about four months. Crypto.com is inviting more developers to apply for funding from the $100 million ecosystem fund at Particle B with about 120 developers that are already built on the platform.

Crypto.com showcased an ad at the Super Bowl match featuring basketball legend Lebron James with the company recruiting famous actor Matt Damon for the promotional services that are a part of the exchanges’ home page ad.

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• Source: https://www.dcforecasts.com/altcoin-news/crypto-com-cro-rebranded-to-cronos-with-same-token-mechanics/