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Crypto.com Introduces Cronos to Scale DeFi

UTC by Oluwapelumi Adejumo · 2 min read
Crypto.com Introduces Cronos to Scale DeFi
Photo: Cronos / Twitter

Crypto.com revealed that the testnet got around $100 million from Particle B and it would also have access to the over 10 million users on the crypto exchange platform. 

Crypto.com has announced the introduction of its new testnet, Cronos, which is running parallel to the Crypto.org EVM Chain. According to the press release, the testnet is focused on scaling the decentralized finance ecosystem and ensuring the portability of applications from Ethereum and EVM-compatible chains.

This means that developers would be able to move applications between the two ecosystems as Cronos depends on Ethermint. Ethermint “allows rapid porting of apps & smart contracts from Ethereum and EVM-compatible chains. Cronos base settlement currency will be CRO, the native currency of the Crypto.org Chain.” The testnet would also be utilizing a Proof of Authority (POA), a more streamlined and scalable consensus mechanism.

Crypto.com revealed that the testnet got around $100 million from Particle B and it would also have access to the over 10 million users on the crypto exchange platform.

Co-founder and CEO of Crypto.com, Kris Marszalek, while speaking on the development, said the project is geared towards enabling easier portability of Dapps, and stressed their readiness to support partners building on the Cronos.

He stated:

“We are going to provide full support for developers building on Cronos: technical, funding, marketing— everything you need to turn your idea into reality. Combined with easy dapp portability, I’m confident we will see an explosion of activity on Cronos.”

The Cronos testnet, an open-source project, will be utilizing an Inter Blockchain Communication (IBC) protocol, which enables interoperability and bridging to the Crypto.org Chain with decentralized, open-sourced energy efficiency, high speed, and lower transaction fees features.

Apart from its effort towards helping the crypto space grow, Crypto.com, in recent times, has entered into various partnerships that are aimed towards improving its popularity and the acceptance of its brand worldwide.

The crypto exchange has partnered with sporting brands like Formula 1, Ultimate Fighting Championship (UFC), and a host of other top brands. This has led to its logo appearing in strategic positions during the events held by these organizations.

Altcoin News, Blockchain News, Cryptocurrency news, News
Oluwapelumi Adejumo

Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.

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