The utility of CRO for payments gets a significant lift with the recent announcement that Crypto.com Pay is now compatible with all wallets supporting the ERC-20 standard. This platform is an initiative from the Crypto.com exchange ecosystem. Crypto.com—an innovative cryptocurrency exchange .
The CRO token is experiencing a tremendous surge, boasting over a 500% rise this year alone. Additionally, the platform is facilitating a token exchange, transitioning from MCO coins to CRO tokens.
Initiating CRO Transactions from Any ERC-20 Wallet Made Simple
The company announced the news via a blog post A press release last week on the company’s website heralded the news. According to this announcement, users of Crypto.com Pay can conduct transactions with CRO from any compatible ERC-20 wallet.
With approximately 30 million ERC-20 wallets in existence, this strategic move potentially broadens the reach of CRO payments globally. As merchants such as Ledger and Travala.com engage with Crypto.com Pay, the expansion to include all ERC-20 wallets suggests that transactions with CRO coins may become incredibly straightforward.
An excerpt from the blog post reads:
This development marks a significant advancement in the utility of CRO and represents a critical move towards widespread acceptance. Users with any ERC-20 wallet can now deal with Crypto.com Pay merchants like Ledger, BC Vault, and Travala.com, allowing these merchants to tap into the expansive user base of over 30 million ERC-20 wallets, irrespective of the wallet choice.
Typically, using Crypto.com Pay for transactions incurs no fees, thanks to its zero transaction fee policy. A minimal settlement commission of 0.5% means users save roughly 80% on costs.
The broadened scope of CRO payment capability could significantly alter the landscape of crypto rebates. Even when not utilizing the Crypto.com App wallet, using CRO for payments already garners Pay Rewards cashback.
Crypto rebates are progressively emerging as practical gateways for welcoming new cryptocurrency adopters. Platforms such as Plutus and Lolli are striving to ease the complexity of earning rewards and loyalty points integrating cryptocurrencies into everyday retail transactions.
Crypto.com Token Price Still on a Tear
News of Crypto.com Pay extending to all ERC-20 wallets gave a positive jolt to the CRO token price. Over the past five days, CRO has climbed by 12.5%, consistent with its impressive upward trend since the year's onset.
Following the recovery from the mid-March Black Thursday price drop, the CRO price has grown almost 600% . At present, the Crypto.com token has reached a record high valuation of $0.18.
Beyond the favorable price metrics for CRO, the year 2020 has been bustling with activity for Crypto.com, marked by numerous advancements. As Blockonomi previously highlighted, June 2020 saw the platform rolling out new improvements, paving the way for crypto derivatives trading opportunities.
