Blockchains 101: Crypto.com

2 min readDec 20, 2020

Crypto payment solutions

Introduction

Cryptcom (CRO) is the cryptocurrency of the payment processing platform crypto.com providing payment solutions, trading and financial services.

Crytocom position itself as bringing together merchants and crypto users on a public blockchain capable of supporting instant, cost-efficient and secure transactions between them.

Description

CRO launched in November 2018 as an ERC20 token built on top of the Ethereum blockchain.

The company uses CRO to promote its crypto banking services through referral programs, locking periods, rewards, affiliate programs, lending/borrowing and other related services. CRO can be converted for cash (as for other cryptocurrency) directly on the platform and spent using the cryptocom visa card.

Migration to mainnet

The token should be migrated early 2021 to a dedicated chain built out of the COSMOS SDK (ATOM) and designed to be the main payment network of the Cryptocom ecosystem and aiming to offer instant payment confirmations with a scalability compatible with an increasing number of transactions.

As built on COSMOS, the PoS chain should allow scalability, usability, coin interoperability (cross-chain) combined with staking rewards. Cosmos’ inter-blockchain communication (IBC) module allows cross-chain asset transfers that provide strong support for DeFi solutions, a core element of Crypto.com’s product roadmap.

The confirmation time on the Crypto.com Chain is announced at less than one second, while the platform promises to support up to 50,000 transactions per second.

The 17th December 2020, Cryptocom announced the launch of its Crossfire mainnet.