Crypto.com is one of the largest crypto exchanges today, with huge market caps. It made headlines in 2021 for striking a partnership deal allowing the network to rename Staples Center to Crypto.com Arena. The partnership is predicted to have an immense effect on the growth of the Crypto.com network.
Crypto.com came into the financial scene in Hong Kong, back in 2016. The exchange currently trades over 160 cryptocurrency assets, with millions of users. The Crypto.com network offers a wide collection of services from trading, exchange, borrowing lending, and NFTs. Moreover, it has its own native coin dubbed the Crypto.com coin($CRO). $CRO powers different activities of the network and it has several other use cases which we will discuss in this article.
What is CRO?
$CRO is the native currency of the Crypto.com network, which leverages the Crypto.com chain. The exchange’s coin and blockchain are elements that enable it to help merchants transact using digital currencies, and hence increase crypto mass adoption. $CRO was also developed when the exchange launched.
The people who brought forth the coin and the launch of the Crypto.com exchange includes BEECRAZY founder Kris Marszalek, software engineer Gary Or, and University of Melbourne alumni Bobby Bao.
CRO Use Case: Online Shopping
One of the best use cases of Crypto.com coin and network is online shopping. Crypto.com offers a payment wallet that allows you to settle for purchases using crypto.
The tool is called Crypto.com Pay, where you can pay for retail goods using cryptocurrencies. According to their web page, the tool supports over 30 crypto assets, including the CRO token. Currently, several retailers accept payments via the Crypto.com Pay tool.
One such platform is Travala. Travala is an online travel booking platform, lists Crypto.com as one of the payment options. It allows you to book accommodations and travel tickets using Crypto.com Pay.
Another platform is Shopping.io, an online network designed to buy products from brands like Amazon, and eBay. Like Travala, Shopping.io allows people to use Crypto.com Pay when shopping. There are other multiple networks, including BTC Wine, Time Magazine, and many others.
Of course, the CRO token is one of the main tokens to use when paying for services. Crypto.com benefits anyone who uses CRO to pay for retail services, including hotels. Hence, the primary use of this coin is as a payment asset.
CRO Use Case: Borrowing and lending
Borrowing and lending is another service offered in the Crypto.com network. For a long time, bank lending faced lots of issues. One of the issues is the inaccessibility of loans to the average person. A person must fill out many forms and wait for a long time to get the loans. Crypto loans provided by Crypto.com are highly accessible to anyone.
This tool functions like bank borrowing and lending features. An investor can get loans from the network by using other crypto assets as collateral. The Credit tool allows you to hold crypto coins and receive USDT, TUSD, PAX, and USDC loans. According to the website, you can only ask for a loan that is 50% of your collateral.
So, how do you use the CRO token in lending? You can collateralize the CRO token to get stable coins in return. Additionally, persons lending their assets out will earn interest of 8% per annum.
CRO Use Case: Purchasing Airtime
Another known use case of the Crypto.com token is adding airtime to your phone. Like other payment options, the add airtime option is available under Crypto.com Pay.
The feature launched in 2020 allows you to buy airtime in more than 100 countries. This feature allows you to buy airtime using any of the following assets: BTC, CRO, XRP, ETH, and LTC.
However, there are advantages to using CRO tokens to top up your phone’s airtime. The primary advantage is getting 2.5% to 5% cash back for using CRO mobile top-ups. You can access the airtime payment tool by clicking the Pay icon in Crypto.com App.
CRO Use Case: Paying for Gift cards
Another use case of the Crypto.com network is in the NFT space. The NFT culture has been gaining momentum in the crypto space recently. In 2021 alone, many artists have made fortunes by leveraging the NFT space.
The Crypto.com network decided to introduce NFT services, starting with a marketplace. People can leverage the marketplace to buy and sell different NFTs. You can use different currencies, including the CRO, to buy NFT in the marketplace.
Crypto.com offers investors the easiest and fastest way to buy NFTs. Currently, the marketplace supports over 30 tokens.
CRO Use Case: Buying NFTs
You can also use the CRO token to buy gift cards. The App allows users to buy gift cards from different applications and networks.
According to Crypto.com, you can buy gift cards for different services. The services include food and beverage, taxi, groceries, games, fashion, telecommunications, entertainment. There are also gift cards for services in hotels and airlines: gas, diesel, and retail shops.
You can pay for those gift cards using a wide array of tokens and coins available in the network. However, using CRO can also enable you to get cashback, which you can use to purchase gift cards. Among the platforms supporting CRO gift card purchases include Starbucks, Adidas, and Airbnb.
CRO in Crypto
As mentioned earlier,Crypto.com is a network designed to offer investors crypto trading and lending services. The platform’s native coin, CRO has a wide collection of use cases within and outside the network.
Popular use cases of CRO include lending and borrowing, shopping, airtime purchase, and NFT. There are multiple networks that allow the use of Crypto.com in different services, giving it a viable use case in many markets.