Unlike most of the other cryptocurrency giants, Crypto.com aims at the globalization of cryptocurrency. By this, the company also plans to establish and spread the use of cryptocurrency as the most preferred mode of every payment. Hence, the final goal also remains to globally formalize the endless potential of cryptocurrency to power every front and backend payment as well.
Over a relatively smaller period of existence of 4 years, Crypto.com has tried every aspect of payment ease and majorly succeeded. For example, the revolutionary payment and trading firm’s tryst with the reward cards, a plethora of debit cards, mobile payment apps, and also the website based trading and exchange access.
The main pillar of Crypto.com rests rather on its integral nature than simply being an exclusive feature. For instance, the wallet provided by the household crypto name holds native to almost every major cryptocurrency. These include namely the initial revolutionary Bitcoin, the largest established and growing cryptocurrency Ethereum, and the other champs of the trade.
Preamble of Establishment
The initial setup for the company was rather different from its present existence. The firm came into the reckoning by the name of Monaco Technologies GmbH. After going on the hunt in 2016, it took further 2 years for the firm to attain the domain name of crypto.com. The story about it is a whole different saga discussed a bit later.
On the initial front, the company idea originated from a single mind and resonated with a team. The most prominent name that emerges behind the foundation of MCO is that of Kris Marszalek. The man had a large amount of experience rearing behind his portfolio before subsequently establishing Monaco Technologies.
His variety of efforts ranged from being the CEO at Ensogo, which also happened to be the number one established discount retailer for the whole Asian region. Kris was also engaged with big names before, such as the iBuy and BeeCrazy group. All this led the man to envision a broader and more versatile application for cryptocurrency. The other prominent names in the initial setup of the Monaco Technologies constituted of Rafael Melo, who took up the leadership role of being the Chief Financial Officer, Bobby Bao, assigned with the critical task of Head of Corporate Development, and Gary Or, who happens to be the visionary and futuristic flag bearer of the Chief Technology Officer.
Migration to Crypto.com
The whole saga behind the migration of the Monaco Technologies to the domain name of crypto.com is no less than a thriller story. Back in the day, when hardly anyone recognized cryptocurrency, let alone utilizing it, a cryptology professor by the name of Matt Blaze had registered the domain for crypto.com under his authority. This happened around the early 1990s, so it hardly needs an explanation of how long the man held on to it. Naturally, as cryptocurrency progressed and reaped rewards for the organizations, the domain for crypto.com came under the fire for being acquired by the big shots. However, Matt refused to budge from his stance to let go of the name.
According to the University of Pennsylvania researcher, the idea was to protect the sanctity of the crypto. His idea was to keep the identity of cryptography distinguished from that of cryptocurrency for the betterment of both. However, in the year 2018, after a lesser expected turn of events, Matt sold the domain name to Monaco Technologies. Since then, there have been no official statements about the price or the ideology agreed. The financial experts estimated the price for the domain to be in the range of $10-$15 million at the given time. Monaco thanked the professor on their official website and began the journey onwards and upwards.
The Backdrop of Two Coins
The initial outburst for the MCO started with the MCO token. Monaco also included an array of features and benefits for the people connecting through. However, the later introduction of CRO token and the crypto chain complicated things a little bit for the novice ones to understand. The unfolding of the events can be simply understood in a chronological order
Upon establishment, Monaco Technologies let loose of its initial cryptocurrency form token, the MCO coin. The company upheld the sale for a month between the periods of May 2017 to June 2017. The initial try saw the company raising a further amount of almost $27 million, for subsequently investing it in marketing strategies and research growth. The listing of the token on the platform of Binance happened a couple of months later, which first saw MCO token being readily introduced for the purpose of exchange and trading. Subsequently, by the end of the year, MCO was already at a billion+ revenue and a strong market position.
Through MCO token, the company aimed to introduce and back the features of:
- Attractive and rewarding payment cards in a variety of names and listings
- Provide international card for direct vendor payments
- Introduction of the mobile app to facilitate the exchange and use of MCO token
However, with the subsequent migration of the company to the domain of crypto.com, the idea shifted a bit. Crypto aimed to foresee the MCO as a retaining token for the dedicated and involved users. Through this, they furthered the belief of higher rewards and returns for customers through exchange and payment, and hence the Crypto.com token (CRO) came into existence.
Working on the ERC-20 token set of parameters and standards, the CRO token is the newest weapon in the artillery of Crypto.com. The CRO token is the intended result of a token requirement for the user’s front end payment woes. The firm aims to utilize and circulate CRO for all sorts of vendor and service payment media and aims to establish it as the frontrunner or replacing all the fiat currencies.
The CRO token works on the native blockchain of the Crypto.com and provides a plethora of options to the users. The firm started to and subsequently executed the airdrops of the CRO token to the clients retaining the MCO. The token is available for exchange, trading, investment, and spending through all the digital payment tools, apps, pre-existing cards, and the other options already provided by the Crypto.com.
The Ideology and Execution for CRO Token
In all of its efforts to date, Crypto.com has cleared the air on one and primary goal, which is to establish cryptocurrency as the leading and revolutionary method of every payment through every mode and bill desk. CRO token was the brainchild of Crypto.com that was launched and distributed on a strategic basis. With a worth market of over $400 million at the given time, the airdrop of the CRO tokens was to the users who held to the MCO token.
Through this, the MCO became the retainable option. Users received credit cards and also other attractions to offers to go ahead and indulge in trading and spending of the CRO. The drops took place subsequently for a period of over 12 months and found a significant increase in the market share of the CRO token as well. The frequency of the token volume was estimated up to almost 170 million in a given time frame of 30 days during the drop execution.
With the drop out of the picture and the retention period done and dusted, CRO became the preferred mode of exchange operating on the custom crypto chain for the organization. The network for the distribution and transactional freedom was decentralized right from the start. The ledger system took care of the security aspect and every transaction subsequently remained as an imprint on the blockchain blueprint.
Certain outright features and advantages that Crypto.com provided through the promotion of CRO token was:
- A major collaboration with VISA: The credit cards were with the understanding and collaboration together with VISA. This enabled the exchange to be conducted universally and through every bearer’s payment tool.
- Inclusiveness of the App: The app provides the freedom to hold, trade, invest, and exchange a variety of major cryptocurrency options as disclosed earlier.
- Retention Structure: Through the initial retention structure, the firm has ensured a steady value of growth for the CRO token. This entitles the users to steady growth of the benefits too.
- Holding interest: The firm has offered to extend an 8% interest through the holdings of the token and the indulgence in the trading subsequently.
Future Significance and Market Share
The maximum supply cap for the CRO token has been set at a limiting value of 100 billion. The present value still rests on a market cap of around 18 billion. A typical assessment of the market value by volume shows a share of around $45 million and variable price which presently stands at a value of $0.11 (at the time of writing). The highest return user prospects include holding a net value worth of $200,000 for the CRO tokens that can enable the user to be a recipient of the Obsidian Black card.
Crypto.com looks to efficiently integrate all the potential users at every end of the paradigm into its chain. The list includes the potential end-users, retailers, merchants, crypto traders, acquirers, and others too. An effective scan and pay method for every transaction at every outlet is the way to go. The firm aims to replace every fiat currency through its card swap or bar code scan, establishing cryptocurrency-based payments and exchanges as the real futuristic method of the modern world trading practices.