CRO payment utility has been given another boost following the latest news that Crypto.com Pay now supports transactions for any ERC-20 compatible wallet. Crypto.com Pay is the payment merchant developed by cryptocurrency exchange platform Crypto.com.
Meanwhile, the CRO token is continuing on its upward trajectory and is up by over 500% year-to-date. The company is also facilitating a token swap that will see MCO coins replaced with the CRO tokens.
CRO Payments Now Possible from All ERC-20 Wallets
The company announced the news via a blog post posted on its website last week. According to the press statement, Crypto.com Pay users can now initiate transactions with CRO tokens from any ERC-20 compatible wallet.
Given the about 30 million ERC-20 wallets currently in use, the move potentially opens up CRO payment utility to more users across the world. With merchants like Ledger and Travala.com interfacing with Crypto.com Pay, the expansion to cover all ERC-20 wallets could mean seamless transacting with CRO coins.
An excerpt from the blog post reads:
This is a big milestone in CRO utility, and a major step towards widespread adoption of CRO. Now, anyone with an ERC-20 wallet can transact with Crypto.com Pay merchants such as Ledger, BC Vault, and Travala.com. Those merchants will benefit from a large customer base using 30M+ ERC-20 wallets, regardless of which wallet customers choose to use.
Transacting on the Crypto.com Pay platform typically comes with zero transaction fees. Payment settlements only attract a 0.5% commission meaning that users enjoy savings of up to 80%.
The expanded CRO payment field may also offer profound implication for the crypto rebate arena. CRO payments already attract Pay Rewards cashback even when not facilitated from the Crypto.com App wallet.
Crypto rebates are reportedly becoming a viable channel for onboarding more cryptocurrency adopters. Companies like Plutus and Lolli are simplifying the process of earning rewards and loyalty points for using cryptocurrencies in retail payments.
Crypto.com Token Price Still on a Tear
The CRO token price also reacted positively to the news of the expanded functionality of the Crypto.com Pay service to cover all ERC-20 wallets. Over the last five days, CRO has seen a 12.5% rise in keeping with its positive price performance since the start of the year.
Since recovering from the Black Thursday price crash in mid-March, the CRO price has grown almost 600%. As of the time of writing, the Crypto.com token is trading at an all-time high of $0.18.
Apart from the positive price performance for CRO, 2020 has also been a busy year for Crypto.com with numerous developments occurring throughout the year thus far. As previously reported by Blockonomi, the exchange unveiled a suite of new platform enhancements back in June 2020. At the time, the protocol improvements were part of the upgrade plans to launch crypto derivatives trading.