What Is Crypto.com?
Crypto.com is a centralized exchange that has developed its blockchain solutions, namely the Crypto.org Chain and the Cronos chain.
Background
Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo founded Crypto.com in 2016, originally called Monaco. The company transitioned to its new name, Crypto.com, in 2018.
How It Works
The Crypto.com Chain powers Crypto.com Pay, a mobile payment app for easy crypto transactions, while the Cronos chain, an EVM-compatible, IBC-enabled blockchain, runs parallel to it. CRO, the native currency of both chains, is used to pay gas fees and has other utilities across the Crypto.com ecosystem.
Crypto.com Chain aims to be permissionless, low-cost, fast, and secure. In contrast, Cronos runs on the Cosmos SDK and uses a proof-of-authority consensus mechanism. It’s built using Ethermint, which allows for rapid porting of apps & smart contracts from Ethereum and other EVM-compatible chains.
Key Takeaways
- Crypto.com is a centralized exchange with its blockchain solutions, the Crypto.org Chain and the Cronos chain.
- The Crypto.com Chain powers Crypto.com Pay, a mobile payment app for crypto transactions.
- Cronos is an EVM-compatible, IBC-enabled blockchain that runs parallel to the Crypto.com Chain.
- CRO, the native currency of both chains, is used to pay gas fees and has other utilities in the Crypto.com ecosystem.
