Crypto.com has announced it is changing its exchange token from Crypto.com Coin to Cronos.
The Cronos platform, which went live three months ago, has grown tremendously in dapps and ecosystem and Crypto.com wishes to be a leader in the web3 space.
The coin ticker will remain $CRO and there are no swaps required at this time.
Like Binance’s BNB rebranding to Build and Build coin, Crypto.com is also taking steps to rebrand its token away from its exchange and turn it into something bigger and more decentralized.
Some cryptocurrency communities believe this rebranding of exchange tokens could be an indication of regulation changes to come.
Cronos is an Ethereum compatible chain which serves as an incubator and hub for decentralized applications. Cronos grew in popularity due to its similar structure as Ethereum but with lower fees for transactions due to less volume on the network.
The growth of the Cronos ecosystem can be linked to its compatibility with Ethereum applications. Built using Ethermint and using the Cronos SDK, Cronos has made it easy for Ethereum applications to deploy on the new blockchain.
More than 120 decentralized applications and 350,000 wallets have already been registered on the new blockchain.
Crypto.com has stated it wants to be the leader in web3, NFTs and GameFi and Cronos can help it accomplish that. Developers on Cronos can apply for grants and get funding to help with development.
The short-term roadmap for Cronos includes expanding its ecosystem with all types of applications including decentralized finance and NFT marketplaces.
Larger goals for this year include scaling the blockchain and attempting to achieve higher transactions per second. Currently users can utilize decentralized bridges to move their tokens from the Ethereum blockchain to Cronos.
One of the largest statistics for decentralized application growth on blockchain is Total Locked-in Value or TVL. The current TVL on the Cronos platform is around $2.5bn.
While this is a massive amount for the short period the blockchain has been live, it is still dwarfed by Ethereum’s $80bn TVL. Cronos has stated it aims to be the leader of TVL and hopes to achieve this goal by the end of the year.
Currently holders of $CRO do not need to worry about their tokens changing or needing to swap but it is always wise when a change like this happens to stay tuned to the latest announcements.