Wrapped CRO is a wrapped token version of the CRO cryptocurrency of crypto.com. Wrapped tokens are essentially the crypto tokens pegged or attached to the value of another crypto. These are called wrapped because the original crypto is put in a wrapper, a kind of digital vault that permits the wrapped version to be built on another blockchain. Therefore, WCRO is not CRO but rather a separate token designed to track CRO’s price.
According to the whitepaper, the website was created on the idea that every person must have control over their money, identity, and data. The project believes that decentralization holds the key to empowering every person worldwide to safeguard their rights in a better way. This intends to accelerate the transition from traditional currency to cryptocurrency adoption.
The vision of the project is to provide cryptocurrency in every wallet. The project intends to democratize blockchain technology and redefine how fiat currency is moved, spent, and stored. The key challenges while adopting the cryptocurrency are user experience, complexity in understanding, theft, and fraud. Therefore, the project has come into the picture to address these challenges.
The project claims to have offered various products to encourage the adoption of crypto. A user can trade, pay, take financial assistance, and enter the metaverse via the project. The project works on its native blockchain “crypto.org chain”. This native blockchain powers the payment pillar and supports the trading and financial services of the project through the mobile application.
WCRO is the native cryptocurrency of the project with ERC-20 token standards. WCRO is a utility token and intends to power all the project’s products. Users can use WCRO for payments to merchants and earn yield. A user can also use WCRO to transfer peer-to-peer. A user can also stake WCRO and earn a fee as an incentive. WCRO is also used to settle transaction fees on the native chain.
