Leading cryptocurrency exchange Crypto.com has launched a new decentralized open-source public blockchain referred to as the Crypto.org Chain.
Within an announcement today, the cryptocurrency exchange outlined that it had launched its Crypto.org public blockchain after over two years of continuous research and development, two testnets, and a mainnet rehearsal with 275 Mln transactions reportedly processed within a month. The blockchain’s native token will be the Crypto.org Coin [CRO].
Last month, Crypto.org burned more than 70 Bln CRO – roughly $10 Bln at the reporting time – beforehand of the mainnet launch. The new chain has already processed over 7,000 transactions at the time of publication, which Crypto.com added was aimed towards “payments, DeFi and NFTs.”
“Decentralization matters,” added Crypto.com CEO, Kris Marszalek. “Today, you’re faced with bad options. You’ll use Blockchain A and pay high fees in a slow, congested, but decentralized environment. OR, you’ll use Blockchain B, fast, low cost, but known to be completely centralized.”
With over 10 Mln users, the cryptocurrency exchange has made significant offerings this month with the launch of a nonfungible token, or NFT, a platform with exclusive content from artists. Additionally, the firm recently joined the Visa network to expand the reach of its cryptocurrency credit card.