Cryptocurrency exchange Crypto.com has launched a fully decentralized open-source public blockchain, the Crypto.org Chain.
In an announcement today, the crypto exchange said it had launched its Crypto.org public blockchain after more than two years of research and development, two testnets, and a mainnet dry run with 275 million 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 billion CRO — roughly $10 billion at the time — in advance of the mainnet launch. The new chain has already processed more than 7,000 transactions at the time of publication, which Crypto.com said was aimed at “payments, DeFi and NFTs.”
“Decentralization matters,” said Crypto.com CEO Kris Marszalek. “Today, you are faced with bad options. You can use Blockchain A and pay high fees in a slow, congested, but decentralized environment. OR, you can use Blockchain B, fast, low cost, but known to be completely centralized.”
With more than 10 million users, the crypto exchange has made significant offerings this month with the launch of a nonfungible token, or NFT, platform with exclusive content from artists. In addition, the firm recently joined the Visa network to expand the reach of its crypto credit card.