Crypto.Com Coin: Is It A Smart Investment Move?

Crypto.com is a cryptocurrency exchange that supports trading, investing, staking, wallets, NFTs, and more. Crypto.com offers its own coin, CRO, which is the native cryptocurrency of both the Crypto.com blockchain and the Cronos EVM chain. Crypto.com has gained traction in the market, with over 50 million users and is available in more than 90 countries. Investing in cryptocurrencies is risky and considered highly speculative, so it is important to do your own research and only invest what you can afford to lose. With that in mind, is Crypto.com coin a good investment?

Crypto.com's CRO coin price predictions for 2024 and beyond

Crypto.com's CRO coin has had a turbulent history since its launch in 2018. The coin's value has fluctuated, with significant increases and decreases over the years. As of August 2024, the price of CRO is around $0.09. So, what do the experts think about the future of this cryptocurrency, and is it worth investing in?

Crypto.com CRO Coin Price Predictions for 2024 and Beyond:

According to various sources, here are the predicted price ranges for CRO for the rest of 2024 and beyond:

• August 2024: $0.0910 - $0.0960
• September 2024: $0.0881 - $0.0985
• October 2024: $0.0893 - $0.0947
• November 2024: $0.0928 - $0.1000
• December 2024: $0.0944 - $0.1020
• 2025: $0.1322 - $0.1629
• 2026: $0.2001 - $0.2265
• 2027: $0.2983 - $0.3489
• 2028: $0.4258 - $0.5109
• 2029: $0.6250 - $0.7299
• 2030: $0.9327 - $1.1000

It is worth noting that these are just predictions, and the actual prices may vary significantly. The cryptocurrency market is highly volatile, and it is challenging to predict exact price movements.

Some experts believe that CRO is a promising investment option, particularly if Crypto.com continues to expand its ecosystem and maintain its technological edge. The platform offers a range of services, including a payment system, a cryptocurrency wallet, a Visa card, an application, and an exchange for trading. With a growing user base and new developments, CRO could see increased demand and appreciation in value.

However, it is important to remember that the cryptocurrency market is highly volatile, and prices can fluctuate drastically. There are risks associated with investing in cryptocurrencies, and it is crucial to do your own research and invest cautiously.

Overall, while CRO may have potential, it is important to carefully consider your investment goals, risk tolerance, and conduct thorough research before making any investment decisions.

Crypto.com's history and future prospects

Crypto.com, initially founded in Hong Kong in 2016 as "Monaco", is a cryptocurrency exchange company based in Singapore. It offers various financial services, including an app, exchange, and noncustodial DeFi wallet, NFT marketplace, and direct payment service in cryptocurrency. As of June 2023, the company reportedly had 80 million customers and 4,000 employees. Crypto.com's user base increased from 10 million users in early 2021 to 80 million by mid-2023. The company has also been associated with several notable sponsorships and marketing activities, including actor Matt Damon as a brand ambassador and collaborations with the soccer club Paris Saint-Germain F.C.

Crypto.com has experienced both successes and setbacks in its history. In November 2022, the partnership exchange's token, Cronos (CRO), lost approximately $1 billion in value due to concerns and fraudulent behaviors surrounding the collapse of FTX. In the same year, Crypto.com was also the victim of a hack, resulting in stolen Ether worth US$15 million. Additionally, the company laid off a significant number of employees due to the downturn in the cryptocurrency market.

Despite these challenges, Crypto.com has continued to expand its services and partnerships. In December 2020, the company acquired The Card Group Pty Ltd, securing an Australian Financial Service License. In May 2022, they partnered with Shopify to allow businesses to accept cryptocurrency payments. Crypto.com has also entered into agreements with the Aston Martin Cognizant Formula One Team, the UFC, and the Philadelphia 76ers, becoming their official jersey patch partner.

Looking ahead, the future prospects for Crypto.com and the broader cryptocurrency industry appear promising but nuanced. The future of cryptocurrency is expected to be driven by technological advancements, regulatory shifts, and increasing mainstream acceptance. Crypto.com's native token, Cronos (CRO), is the native cryptocurrency of the Crypto.com blockchain and the Cronos EVM chain, which run parallel to each other. The Cronos EVM chain is the first Ethereum-compatible blockchain built using the Cosmos software development kit, offering low transaction fees and permissionless transactions.

In terms of regulatory clarity, while the landscape is currently ambiguous, efforts like the FIT21 bill in the US aim to define the roles of regulatory bodies in relation to digital assets. Institutional adoption is also expected to increase with regulatory clarity, injecting significant liquidity into the market and potentially stabilizing prices. Central Bank Digital Currencies (CBDCs) will further familiarize the public with digital assets, potentially making them more receptive to cryptocurrencies.

Technological advancements, such as the Lightning Network, will enhance the utility of cryptocurrencies as payment methods, increasing their value proposition and driving adoption. Additionally, the integration of artificial intelligence (AI) will play a larger role in crypto trading, portfolio management, and security.

However, there are also challenges and risks to consider. Regulatory uncertainty and government scrutiny, particularly in the US, could hinder growth. Environmental concerns, especially around energy-intensive proof-of-work validation systems, may lead to further restrictions and negatively impact cryptocurrency prices. Long-term security concerns, such as ensuring adequate incentives for miners, are crucial to address to maintain network security and confidence.

In conclusion, Crypto.com has experienced rapid growth and expansion since its founding in 2016, becoming a prominent player in the cryptocurrency exchange space. While the company has faced setbacks and challenges, its future prospects appear positive, driven by technological advancements, regulatory shifts, and increasing mainstream acceptance. However, navigating regulatory landscapes and addressing environmental and security concerns will be crucial for the industry as a whole to reach its full potential.

The risks of investing in cryptocurrency

Investing in cryptocurrency is highly speculative and involves a significant degree of risk. Here are some of the key risks associated with investing in cryptocurrencies:

Volatility and Price Discovery

Cryptocurrency is a young and emerging market, with many projects still in the stage of explosive price discovery. This results in unusually high price volatility compared to other asset types. The 24/7 nature of the crypto market, driven by a global community, and the high degree of automation with many programs running nonstop, contribute to dynamic price movements. As a result, cryptocurrency prices can swing dramatically, resembling roller-coaster rides.

Regulatory and Tax Landscape

The regulatory landscape for cryptocurrency is still evolving, with governments and regulatory bodies worldwide examining how to revise tax laws and guidance. This creates uncertainty about how tax laws apply to various crypto activities, and individuals must ensure they comply with their tax obligations. The lack of regulation also means that cryptocurrencies are not insured or protected like traditional currencies or stocks.

Cybersecurity Threats and Scammers

Cryptocurrency exchanges face cybersecurity threats, and there is a risk of losing your crypto assets if your exchange is targeted. Additionally, cryptocurrency holders are often targeted by scammers and tricksters, including fake websites and phishing emails. It is crucial to practice good digital hygiene, enable two-factor authentication, and keep software up to date to mitigate these risks.

Technical Complexity and Human Error

Sending and receiving cryptocurrencies involve complex technical processes, and it is not uncommon for even experienced users to make mistakes. Transactions on the blockchain are irreversible, so sending funds to the wrong address can result in permanent loss.

Centralization and Governance Risk

While blockchains and cryptocurrencies are often decentralized, the business entities issuing them may not be. This means that some cryptocurrency projects rely on a trusted entity to act in the best interests of the project. There is a risk of mismanagement or malicious team members acting against the network's interests.

Lost Crypto Wallet Keys

Cryptocurrency holdings are secured through private keys, which function as verification mechanisms. Losing access to your private keys or crypto wallet, such as through hardware failure or misplacement, can result in the loss of your crypto assets.

Crypto.com's unique selling points

Crypto.com is a cryptocurrency exchange that supports trading, investing, staking, wallets, NFTs, and more. Here are some of its unique selling points:

Extensive List of Supported Cryptocurrencies:

Crypto.com offers support for more than 350 cryptocurrencies, including popular assets like Bitcoin and Ethereum. This wide range of supported currencies provides users with a vast array of options for trading, investing, and diversifying their portfolios.

Competitive and Transparent Fees with Discounts Available:

The platform offers competitive trading fees of up to 0.75%, with additional discounts for users who hold a significant stake in their native coin, CRO. This flexibility in fees can be beneficial for high-volume traders and those willing to use and hold CRO.

Support for an Ecosystem of Cryptocurrency Products:

Crypto.com goes beyond just buying and selling cryptocurrencies. It supports cryptocurrency trading, staking, and swapping. Additionally, it offers its own credit card, crypto wallet, and an NFT marketplace. This comprehensive ecosystem makes it a one-stop platform for users looking to actively engage with their crypto assets.

Security Measures and Compliance Monitoring:

Crypto.com prioritises security by employing various measures such as multi-factor authentication (MFA) and whitelisting. They also focus on compliance monitoring and store customer deposits offline in cold storage to prevent hacks and losses. This commitment to security and compliance enhances user trust and confidence in the platform.

Global Reach and Local Currency Support:

Crypto.com serves users in 90 countries and supports multiple fiat currencies, including the Australian dollar (AUD), Canadian dollar (CAD), euro (EUR), pound sterling (GBP), US dollar (USD), and Brazilian real (BRL). This global reach, along with local currency support, makes the platform accessible to a diverse range of users worldwide.

These unique selling points position Crypto.com as a versatile and feature-rich platform for those looking to actively engage with their cryptocurrencies and access a wide range of crypto-related products and services.

Crypto.com's competition

Coinbase, for example, is known for its user-friendly platform, making it more accessible to beginners. It offers fewer tradable assets than Crypto.com (242 vs. 350+) and charges higher trading fees (0.60% vs. up to 0.75%).

Binance, on the other hand, is one of the largest crypto exchanges, offering low fees, a wide range of coins, and high trading leverage. Kraken is also mentioned as one of the safest places to buy and trade crypto, with an "obsession with security" and over 50 coins available.

CEX.IO, another competitor, celebrated its 9th birthday with a trading competition, giving away cash prizes to participants with the highest scores based on the number of transactions, turnover growth, and the number of markets traded.

Frequently asked questions