The Future Of Crypto.Com Coin: Is It Worth Investing?

Crypto.com Coin (CRO) is the native cryptocurrency of the Crypto.com blockchain and the Cronos EVM chain. Crypto.com is a cryptocurrency exchange that supports trading, investing, staking, NFTs, and more. It offers over 350 currencies, reasonable fees, and discounts for large holders of CRO. Crypto.com has grown rapidly and claims to have over 50 million users.

The Cronos EVM chain is the first Ethereum-compatible blockchain built using the Cosmos software development kit. It is open-source and permissionless, meaning two users can transact without needing permission from a central authority. The Crypto.com blockchain was developed to speed up global crypto adoption while safeguarding user data and privacy.

Crypto.com Coin has surged in value, outperforming the broader crypto market. In 2021, it rose over 1,000% to $0.80, giving it a market cap of around $20 billion. This surge was attributed to Crypto.com's $700 million naming rights deal for the Staples Center in Los Angeles, which will be known as the Crypto.com Arena from December 25. This deal is expected to boost brand recognition and attract new users to the platform.

Crypto.com Coin owners can stake their coins, acting as validators of transactions and earning fees. Users can also earn annual interest of up to 10-12% by staking CRO on the Crypto.com exchange app or their metal Visa Card. Additionally, the Crypto.com payment app offers cashback of up to 20% for payments made using CRO.

However, investing in cryptocurrencies is highly speculative and carries significant risk. Crypto.com Coin is extremely volatile, and its value can fluctuate rapidly. Before investing, individuals should carefully consider their risk tolerance and conduct thorough research.

Crypto.com's history and future prospects

Crypto.com is a cryptocurrency exchange company based in Singapore. The company was founded in Hong Kong in 2016 as "Monaco" by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo. In 2018, the company was renamed Crypto.com after purchasing the domain from cryptography researcher and professor Matt Blaze.

Crypto.com offers a range of financial services, including an app, exchange, non-custodial DeFi wallet, NFT marketplace, and direct payment service in cryptocurrency. The company's token, Cronos (CRO), is one of the largest cryptocurrencies by market capitalization. Crypto.com has also engaged in various promotional activities, including signing actor Matt Damon as a brand ambassador and securing naming rights for the Staples Center in Los Angeles, now known as the Crypto.com Arena.

In terms of future prospects, Crypto.com has experienced rapid growth in its user base, increasing from 10 million users in early 2021 to 80 million by mid-2023. The company has also expanded its services and received regulatory approval to operate in several countries, including Singapore, South Korea, the United Kingdom, Cyprus, France, and Australia. Crypto.com has also made strategic acquisitions, such as purchasing The Card Group Pty Ltd to obtain an Australian Financial Service License and acquiring stakes in a US futures exchange and a binary trading group to offer derivatives and futures to US customers.

However, Crypto.com has also faced challenges, including a hack in January 2022 that resulted in the loss of US$15 million in Ether. The company has also undergone layoffs due to the downturn in the cryptocurrency market, with over 2,000 employees let go between May and October 2022. In June 2023, Crypto.com announced plans to shut down its institutional exchange in the United States due to low demand from large financial institutions.

Despite these setbacks, Crypto.com remains one of the largest and fastest-growing crypto exchanges, offering access to a wide range of tokens and coins worldwide. The company's future prospects depend on the continued growth of the cryptocurrency market and the regulatory environment in the countries it operates. Crypto.com's ability to navigate the changing landscape and adapt to customer needs will be crucial for its long-term success.

CRO coin's price history and predictions

CRO Coins Price History and Predictions

The Crypto.com Coin (CRO) is the native cryptocurrency token of the Cronos Chain, a decentralised, open-source blockchain developed by the Crypto.com payment, trading and financial services company. The Cronos Chain is one of the products in Crypto.com's lineup of solutions designed to accelerate the global adoption of cryptocurrencies. The CRO blockchain primarily serves as a vehicle that powers the Crypto.com Pay mobile payments app.

Price History

CRO went live in mid-December 2018, when it was worth about $0.0153. The coin's value then rose to $0.103 on 15 March 2019, before stagnating until the spring of 2020, when its value started to grow steadily. Between 14 March 2020 ($0.03187) and 31 August 2020 ($0.1785), the token's value rose more than fivefold. These gains could have been due to the launch of the Crypto.com wallet in late March.

The next big gains for CRO came at the start of 2021, when it responded to a bullish market and jumped by around 285%, from $0.06362 on 4 February 2021 to $0.2452 on 15 April 2021. The cryptocurrency then slid down but staged a comeback in the autumn, reaching an all-time high of $0.9005 on 23 November 2021. After that, the price drifted back down and closed the year at $0.5575.

Predictions

As of 20 December 2022, several predictions have been made about the future price of CRO. It is important to note that price forecasts, especially for something as volatile as cryptocurrency, are often wrong.

CoinCodex predicted that the coin could fall to $0.050730 by 25 December 2022, with a potential recovery to $0.057184 by 19 January 2023.

CoinsKid predicted that CRO could close 2023 at $0.0562, reach $0.1192 in December 2024, trade at $0.1226 by the end of 2025, and potentially reach $0.1913 in December 2026.

DigitalCoinPrice predicted that the coin could be worth $0.068 in 2022, $0.13 in 2023, $0.19 in 2024, and around $0.25 in 2025. By 2027, their forecast suggested the coin could reach $0.30, before reaching $0.41 in 2028 and potentially closing the decade at $0.57. They also predicted that CRO could trade at $0.80 in 2030 and reach $1.08 in 2031.

Wallet Investor, however, struck a far more bearish note, suggesting that the crypto could face a torrid time and drop to a mere $0.0127 by December 2023.

Crypto.com's customer service and security

Crypto.com is committed to providing its customers with industry-leading security and data privacy. The company believes that these two elements are the foundation of achieving mainstream cryptocurrency adoption. Crypto.com follows a Zero Trust, Defence in Depth security strategy across its systems and platforms, with data privacy assessments built into its processes to safeguard personal information. The company also invests heavily in ongoing security and privacy awareness training for all staff.

In terms of customer funds, Crypto.com adheres to the principle of least privilege, with strict controls on access rights to funds in both cold and hot wallets. The company holds all customer assets deposited on its platform in institutional-grade reserve accounts on a 1:1 basis, meaning funds are responsibly backed by Crypto.com and accessible at customers' convenience. Users can verify their funds through Crypto.com's Proof of Reserves verification page, conducted by an independent third-party.

Crypto.com also employs best-in-class security features, following a Secure Software Development Lifecycle. The company's software is peer-reviewed and uses a combination of static and dynamic source code analysis tools. Accounts are protected by the latest security advancements, including passkeys, HSMs, and FIDO2, as well as MFA methods like passwords, biometrics, and authenticator codes.

Additionally, Crypto.com provides 24/7 live customer support to ensure a positive user experience. The company has also engaged globally recognised security consulting and auditing firms, such as Kudelski Security, to stress test and audit its core blockchain systems. Crypto.com also has a bug bounty program on the Hacker One platform, encouraging responsible disclosure of security vulnerabilities.

While Crypto.com has strong security measures in place, it is important to note that there was an incident in 2022 where the company lost $30 million in a hack, affecting 483 users' digital wallets. The company did reimburse customers for their losses and has since implemented additional security protections.

Crypto.com's fees and discounts

Crypto.com is a leading cryptocurrency exchange with a wide range of product offerings. Its app allows users to buy, sell, store, send and track cryptocurrencies at competitive rates. The platform is based in Hong Kong and has over 50 million users.

Crypto.com's fees vary based on several factors, including the type of trading and services used, and the user's 30-day trading volume. The platform aims to stay away from fees as much as possible and to offer some of the lowest fees in situations where they are unavoidable. Deposits on Crypto.com are free, while withdrawal fees may apply.

Trading Fees

Crypto.com's trading fees range from 0.04% to 0.20%, depending on the type of trading and services used. The platform offers a maker fee of 0.04% to 0.20% and taker fees of 0.10% to 0.20%. Crypto.com's maker-taker fee schedule is based on the user's 30-day trading volume, which is categorised into nine different tiers. As a user's trading volume increases, the exchange offers more discounts.

Credit/Debit Card Fees

Buying crypto with a credit or debit card incurs a 2.99% fee. Crypto.com offers a 2% deposit bonus on crypto deposits, paid in CRO.

Bank Transfer Fees

SWIFT deposits and withdrawals have varying bank transfer fees, while ACH and SEPA transfers are usually free.

Crypto-to-Crypto Exchange Fees

Crypto.com applies a spread on crypto-to-crypto exchanges, which can vary based on market conditions.

Visa Card Withdrawal Fees

Visa card withdrawal fees depend on the card tier. There are no annual or monthly fees for using the Crypto.com Visa Card. However, fees may apply for ATM withdrawals above the free limit, and foreign transaction fees may apply for currency exchange.

Crypto Earn Feature Fees

Crypto.com does not charge explicit fees for using the Crypto Earn feature. However, the interest rates vary depending on the type of cryptocurrency, the amount, and the length of the term.

Crypto Staking Fees

Crypto.com does not charge direct fees for staking cryptocurrencies. However, staked coins are locked for a set period, and early withdrawal can lead to a loss of accrued interest or rewards.

Crypto Credit Feature Fees

When using the Crypto Credit feature, users are charged interest on the borrowed amount. The interest rate varies depending on the loan-to-value ratio and the duration of the loan.

DeFi Wallet Transaction Fees

When making transactions with the DeFi wallet, network fees will apply. These fees will be paid to blockchain miners, not Crypto.com.

Fiat Deposit and Withdrawal Fees

Crypto.com does not charge fees for fiat deposits. However, fees may apply for fiat withdrawals, depending on the method used and the user's bank policies.

Crypto.com Incentives

Crypto.com offers several user incentives to encourage more trades. The platform has a tiered fee schedule, so when users make more trades, they pay less. Other incentives include:

• 20% to 100% rebate on margin rates and trading fees when paying or staking with CRO.
• Up to 10% per annum interest paid daily when staking CRO for 6 months.
• 50% discount on coins during Syndicate events when particular participation requirements are met.
• Daily interest for crypto holdings in exchange accounts, called "soft staking".

Crypto.com's competition

For example, Coinbase is known for its ease of use and the ability to invest directly with USD, while Kraken is one of the original crypto trading platforms with a good selection of coins and margin trading capabilities. Uphold offers a simple solution for trading multiple assets, and Binance provides one of the largest crypto exchanges with low fees and a vast selection of coins.

Crypto.com also faces competition from traditional financial institutions and investment platforms that offer crypto investing as part of their services. These include banks, brokerage firms, and online investment platforms that provide users with access to a range of investment options, including stocks, bonds, mutual funds, and cryptocurrencies.

Additionally, Crypto.com competes with other forms of investing and saving, such as traditional savings accounts, stocks, bonds, and other asset classes. Investors have a wide range of options when it comes to allocating their capital, and Crypto.com must differentiate itself in this competitive landscape to attract and retain users.

The crypto market is highly dynamic and rapidly evolving, with new competitors and innovations emerging frequently. To maintain its position, Crypto.com needs to stay agile, adapt to market changes, and continue providing value to its users through innovative features, competitive fees, and a secure platform.

Frequently asked questions