February 18, 2021 — Crypto.org today announced that “Crypto.org Coin”, also known as "Crypto.com Coin" ($CRO), has been re-branded to Cronos ($CRO). The new name recognizes the growth of the Cronos ecosystem which went live on November 2021. Cronos is the first EVM-compatible chain interoperable with the Cosmos ecosystem, meaning DApps and smart contracts can be rapidly ported from other EVM-compatible chains and is able to communicate with the Cosmos ecosystem via IBC (Inter Blockchain Communication).
Cronos aims to scale DeFi, NFT and Metaverse applications massively and to facilitate frictionless access by end-users.
Cronos has seen explosive growth since it's Mainnet launch with user adoption surpassing expectations reaching more than 350,000 unique wallet addresses. There are over 120 DApps already built on Cronos with over 15+ million in transaction volume and US$2.5 billion in TVL (Total Value Locked). As more developers choose to build on Cronos, this could mean potential upside to their Coin.
The rebranding to Cronos is a strategic move to promote and separate the exchange from the network and coin, following the recent footsteps of Binance which has renamed their Binance Coin and Chain to BNB and BNB Chain. The launch of Cronos may see $CRO's value increase similar to Binance when they launched their Binance Smart Chain back in Sept 2020. During the launch, BNB was trading at roughly $32 CAD and is currently sitting at roughly $500. As of February 19th 2022, $CRO is trading at roughly $0.55CAD.
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