We often discuss utility when looking at different projects. Many coins offer gimmicks, but no use case, or great technology with no real demand. But some projects are built as a solution to a problem, and create their own demand which is enough to build sustainable growth and value.

Cronus, (CRO), is second or third generation cryptocurrency that has quickly gained traction since its launch by Crypto.com in 2018. It is a payment focused coin which has a key function on their platform, operating as their native utility token. This is by no means unique, but Crypto.com has done well by encouraging the use of CRO through their various products and partnerships.

So, let's examine the origins of Cro, its pros and cons, real-world utility, and future outlook.

About Crypto.com

To understand CRO, we have to begin with Crypto.com, its parent and native platform. Crypto.com is a cryptocurrency focused hub founded in 2016 that has played a major role in CRO's adoption and growth. The company aims to accelerate the world's transition to cryptocurrency through the following products and services:

• Crypto.com Exchange - A trading platform allowing users to trade hundreds of cryptocurrency pairs against CRO and other major coins. Traders receive significant discounts on trading fees when paying with CRO.
• Crypto.com App - A mobile app enabling users to buy, sell, store, send, and track cryptocurrencies. The app also offers prepaid visa cards that provide up to 8% cashback paid in CRO.
• Crypto.com NFT Platform - A marketplace where users can mint, buy, auction, and re-sell non-fungible tokens (NFTs). Creators pay fees in CRO to mint NFTs.
• Crypto.com DeFi Wallet - A non-custodial DeFi wallet supporting CRO and thousands of other crypto assets. Users can connect to dApps through the Cronos sidechain.
• Crypto.com Cronos Chain - Crypto.com's EVM-compatible sidechain enables developers to build decentralized apps that integrate CRO payments.
• Crypto.com Capital - A $1 billion fund that invests in promising crypto startups expanding cryptocurrency innovation and infrastructure.
• With headquarters in Hong Kong, Crypto.com has over 4,000 employees and 50+ million users worldwide. The company's rapid growth and array of popular crypto services has been a key driver of CRO's real-world adoption.

They have shown a level of professionalism and commitment which has kept their project alive and provided increasing utility, even during downtrends within the market. Though no project is without missteps or immune from criticism, Crypto.com and CRO have weathered the storm and outlived many competing projects. This sets them apart from many others.

History of CRO

Crypto.com created CRO with the goal of promoting cryptocurrency adoption and developing their platform of products and services. The Hong Kong-based company kickstarted the project in 2018 with an initial coin offering (ICO) that raised over $26 million.

Unlike proof-of-work cryptocurrencies like Bitcoin, Cro uses a more energy-efficient proof-of-stake consensus to validate transactions. This was an incentive for investors to hold funds on their platform, and CRO is largely an encouragement for holding, with many benefits on their platform awarded at certain thresholds of accumulation. But it is not without meaning. CRO powers Crypto.com's decentralized app and is used for payments, trading fees, rewards, and governance, creating its own utility. However, it would not have the same features of later exchange based tokens such as Binance's BNB. This is considered either a benefit or detriment, depending on ones personal opinion.

Crypto.com aggressively marketed CRO and incentivized users to buy and stake CRO for special rewards. The company also purchased the naming rights to the Staples Center in Los Angeles, rebranding it as Crypto.com Arena, dramatically boosting CRO's profile. Though many consider it a waste of funds on dubious marketing, it does establish them as something of a central figure in the space.

Pros

• Backed by a major company promoting crypto adoption
• Staking rewards and discounted fees incentivize usage
• Rapidly growing ecosystem of products integrated with CRO
• Listed on most major exchanges for ample liquidity

Cons

• Highly centralized compared to most cryptocurrencies
• Vulnerable to regulatory risk as a company-issued token
• Complex array of staking programs can confuse users
• Could be volatile since speculative trading drives much of its value
• Utility and Adoption

CRO has seen rising utility as the native token for all Crypto.com services:

• Crypto.com Exchange - CRO discounts on trading fees
• Crypto.com App - Used for remittances, card payments, and earning rewards
• Crypto.com NFT Platform - Pay platform fees and buy/sell NFTs
• Crypto.com Cronos Chain - Required for dApp transactions and gas fees

Though these are all good, most with exposure to CRO will be familiar with their crypto based Visa Debit Card, a product which allows for users to spend funds through automatic exchange of held tokens to fiat. Several debit cards exist, and the Crypto.com offering is perhaps the best, though its top reward tiers will require significant staking of CRO.

Major companies using CRO include Travala, an online travel booking platform, and Oveit, an event management platform. It is not clear how well CRO is integrated, or how successful its adoption has been, but this at least represents additional use cases which put it above many coins and tokens with zero utility. It also shows a dedication by the team as they build out their community. As Crypto.com's ecosystem expands, CRO aims to become a widely used cryptocurrency like Bitcoin or Ethereum, but with an underlying technology which is better suited for fast and cheap transactions.

CRO's market cap reached an all-time high of over $15 billion in late 2021, making it a top 10 crypto asset. However, 2022's bear market has since brought CRO's market cap down to around $2.5 billion. Trading volume fluctuates between $100 million to over $1 billion daily.

Future Outlook

CRO's success is tied to Crypto.com's growth as a leading brand in crypto services. With over 50 million users and new products on the horizon, Crypto.com's bullish expansion plans suggest an active future for CRO. If regulatory hurdles or reduced incentives diminish CRO's utility within Crypto.com, however, CRO may struggle to thrive as an independent currency.

CRO competes against other payment-focused cryptos like XRP, Stellar, and Nano, and though it may lag technically behind some of them, provides better utility with its use in products on Crypto.com. CRO differentiates itself through Crypto.com's aggressive incentives and marketing, which has proven something of a model for other projects. To stand out further, Crypto.com plans additional functionality like expansions of NFTs and metaverse integration for CRO.

As the company cements strategic partnerships and grows its userbase, especially in developing nations where effective payment methods are lacking, CRO may establish itself as a dominant, stable cryptocurrency. Indeed, it may be able to lock down certain markets, becoming the primary choice for payments or transfers. But CRO currently lacks utility and value outside of Crypto.com's ecosystem, and cross-chain support remains a point of contention.

In this regard, many smart contracts which have allowed for the exchange of CRO on various platforms were poorly implemented, and have resulted in losses of coins through theft or negligence. Not a unique problem, it remains an issue for undereducated investors who acted in good faith but lost tokens. Improving cross-chain support and liquidity will likely make CRO a better option for investors and speculators.

My Final Thoughts

In just a few years, CRO has rapidly grown from an ICO token to a top 10 cryptocurrency with impressive adoption. Though, at the time of writing, it currently stands at 30th according to market cap, it has shown strength and resilience, even far from its high of $15 billion. Crypto.com's meteoric rise and focus on turning CRO into a multipurpose digital currency bode well for CRO's future. While regulatory concerns and competition from other cryptos persist as risks, CRO's foundation is strong. If Crypto.com can deliver on its lofty vision while maintaining user trust, CRO could cement itself as a leading cryptocurrency for real-world transactions.

I make use of the Crypto.com Visa Debit Card, and hold a small amount of CRO. I am happy with project. Though I have not agreed with every move made, and feel that their price has fallen more than it should, it is still a solid project with actual use. I will continue to use it, and continue to earn CRO. I might even top it off if prices remain where they are.