The Cronos (CRO-USD) blockchain is a cryptocurrency platform that powers Crypto.com’s mobile payments app. It hopes to become a major force in that arena, although it is becoming increasingly crowded with many other cryptos. Cronos Chain is one of the products in Crypto.com’s lineup of solutions. They want to accelerate the use of crypto technology to help people gain control over their money, safeguard user data and protect users’ identities.
On Feb. 18, 2022, “Crypto.org Coin” was renamed to Cronos and the “CRO” symbol. It hopes this rebranding reflects the decentralization of the coin and the “tremendous growth of Cronos ecosystem.” They say this recognizes the utilization of Web3 by hundreds of millions of users.
Web 3.0 is the new type of decentralized finance app, especially in the payments and staking arena. It essentially means that there is no middleman taking fees for financial transactions. Web 3.0 apps like Cronos leverage blockchain technology to bring verifiable, trustless, self-governing, permissionless, distributed and robust technology to apps.
Rising Number of Cronos Wallets Shows Growing Value
The huge growth in CRO blockchain can be seen in the upward trend in unique addresses (i.e., digital wallets) that use Cronos in various transactions. This information is published at Cronoscan.com. It shows that the number of unique addresses (wallets) has risen from 255,380 on Dec. 31 to 752,802 as of May 9.
This implies that the underlying value of Cronos has risen almost 2x (i.e., 2.948). However, the CRO token price has fallen from 58.53 cents at the end of the year to just 23.58 cents, down 59.7%. As it stands, CRO-USD now has a market capitalization of $5.2 billion. But that is down from $14.79 billion at the end of 2021. It also peaked at over $22 billion in mid-Nov. 2021.
Once markets regain their footing, it is possible that Cronos crypto could rebound significantly. The market will start to reflect the increasing number of transactions in Cronos digital wallets.
On the date of publication, Mark Hake did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.