Crypto.com Pay Now Powers CRO Payments From Any ERC-20 Wallet (2024)

Enables merchants to expand reach to 30 million + crypto wallets

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28 Aug, 2020, 10:18 ET

HONG KONG, Aug. 28, 2020 /PRNewswire/ -- Crypto.com today announced that Crypto.com Pay -- the company's payment solution for online merchants -- will now support CRO payments from any ERC-20 wallet. This evolution of Crypto.com Pay will help merchants expand their reach by giving customers more wallet options to spend CRO and increase transaction volume.

There are an estimated 30 million+ ERC-20 wallets in use throughout the global crypto industry, representing a massive market for merchants seeking to attract crypto users. Today's enhancement of Crypto.com Pay allows merchants to drive broad acceptance of payments from all ERC-20 wallets.

Kris Marszalek, Co-founder and CEO of Crypto.comsaid: "This marks an important milestone in CRO utility and a major step towards widespread adoption of CRO. Now, any user with an ERC-20 wallet can transact with Crypto.com Pay merchants. Those merchants will benefit from a large customer base using 30M+ ERC-20 wallets, regardless of which wallet customers choose to use."

Benoît Pellevoizin, VP of Marketing at Ledger, said: "As one of the most prominent crypto industry players. It is Ledger's duty to stimulate crypto adoption for all comers. At Ledger we are convinced crypto mass adoption will be brought by new services enabling regular digital usage such as ecommerce payments. Ledger is very glad to partner with Crypto.com by supporting CRO tokens on Ledger Live. From now on, Ledger's users will be able to pay in CRO ERC-20 tokens with Ledger Live on ecommerce websites supporting this new Crypto.com Pay feature."

Alen Salamun, CTO of BC Vault, said: "This is what blockchain is all about in the first place! It is always nice to see a company as Crypto.com provide more and more real-world use cases for their token (CRO). Since BC Vault hardware crypto wallet supports all ERC-20 tokens in existence with the launch on Crypto.com Pay system now BC Vault users are able to pay directly from within the BC Vault desktop application to any merchant supporting Crypto.com Pay on-chain payment. Our valued customers will also be able to pay for their BC Vault hardware crypto wallet in our online store using any existing ERC-20 wallet holding CRO tokens. Now you can even buy BC Vault with BC Vault!"

Steve Hipwell, Co-Founder and COO of Travala.com, said: "We are the world's largest blockchain-based online travel company, which means it's critical that we offer Travala.comusers flexible payment options in crypto. By accepting CRO payment from any ERC-20 wallet, Crypto.com Pay opens up crypto payments to millions more wallets, making it easier to pay for bookings and bringing us one step closer to widespread crypto adoption."

Since launching in 2018, Crypto.com Pay has helped merchants such as Ledger, Coinzilla, as well as platforms such as WooCommerce and Oveit tap into the global cryptocurrency economy and accept crypto on their website. Crypto.com Pay features zero transaction fees and only 0.5% for settlements - an 80% saving on fees compared to typical payment processors - with low volatility and easy integration for merchants. Merchants interested in offering Crypto.com Pay to their customers can sign up here.

For users, all payments made in CRO are entitled to CRO cashback, known as Pay Rewards, which are collected in the user's Crypto.com App. Until Sept 30th, 2020, customers paying with wallets other than Crypto.com App can also enjoy the 2X Pay Rewards privilege enjoyed by App users with 10,000 CRO staked in Exchange or with an active 3 Months Earn term, which is up to 10% of Pay Rewards. If the email provided by the customer does not belong to a Crypto.com App account, the Pay Rewards can still be able to be collected if the someone uses that email to sign up at Crypto.com App and verified within 90 days.

More details about Pay Rewards can be found here. For more details, please visit our FAQ page here (for merchants) and here (for retail customers).

About Crypto.com

Crypto.com was founded in 2016 on a simple belief: it's a basic human right for everyone to control their money, data and identity. Crypto.com serves over 3 million customers today, providing them with a powerful alternative to traditional financial services through the Crypto.com App, the Crypto.com Card and the Crypto.com Exchange.

Crypto.com is built on a solid foundation of security, privacy and compliance and is the first cryptocurrency company in the world to have ISO/IEC 27701:2019, CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance. Crypto.com is headquartered in Hong Kong with a 500+ strong team. Find out more by visiting https://crypto.com

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SOURCE Crypto.com

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Crypto.com Pay Now Powers CRO Payments From Any ERC-20 Wallet (2024)

FAQs

What is the difference between ERC20 and CRO? ›

Native CRO is the native currency of the Cronos POS Chain, which enables near-instant CRO transactions with minimal fees. ERC20 CRO tokens are created and hosted on the Ethereum blockchain, where ETH network fees are required to carry out crypto transactions.

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What is a CRO payment? ›

CRO is the primary currency used for paying transaction fees on the Cronos network and facilitating seamless asset transfers between Cronos dApps without having to swap into multiple tokens.

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Is crypto com a ERC20 wallet? ›

*** For WTC/VEN/ICX/BAND/GLM/ONE/THETA/ZIL, please note that Crypto.com DeFi Wallet supports the ERC20 version.

What is cro in crypto wallet? ›

CRO is a multi-network Token supported by Ethereum's ERC20 and Cronos Chain. Click here for more information on Cronos Chain. For additional information regarding Cronos Mainnet, please refer to this article.

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What is an ERC-20 wallet? ›

An ERC20 wallet is either a software or hardware tool for managing Ethereum-based tokens, facilitating transactions, and engaging with decentralized applications on the Ethereum network. Written by: Anatol Antonovici | Updated March 15, 2024. Reviewed by: Mike Martin. An ERC-20 wallet stores Ethereum and ERC-20 tokens.

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How do I know if my coin is ERC-20? ›

The ERC-20 Contract Address deployed through Remix can be found in Testnet Explorer. After accessing Testnet Explorer, you can check tokens by selecting 'Token > Tokens List'. Find the name of the token entered when creating the ERC-20 contract, check the Contract Address, and copy it.

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How do I cash out my CRO? ›

You withdraw crypto to fiat on Crypto.com by opening the Crypto.com app, tapping on ''Accounts'', selecting ''Fiat Wallet'', then tapping ''Sell Crypto'', selecting the crypto you'd want to convert to fiat, tapping the ''Cash'' button, entering the amount you wish to convert to fiat, and then confirming the transaction ...

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What does a CRO actually do? ›

Initially, CROs primarily concentrated on overseeing clinical trial site operations and data management. However, their scope of services has significantly broadened, now covering the entire research process, from drug discovery to clinical trials and beyond.

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Who pays a CRO? ›

To summarize, that's essentially the difference between a Sponsor and a CRO. Who can pay for a CRO? Basically, anybody who has a clinical trial. Typically a lot of biotechs have been using CROs recently because they don't have much expertise in managing studies or submitting studies to the FDA for review.

How to cash out ERC-20? ›

Choose the ERC20 token that you want to withdraw, then enter the withdrawal amount manually or select Max to withdraw the entire balance of this token available in your wallet. When prompted, select Approve to approve the new spending cap for the selected token.

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What happens if you send CRO without memo? ›

Both an address and a tag/memo are required to receive cryptocurrency. If you send funds without a tag/memo or with an incorrect Tag/Memo, your funds cannot be credited to your account.

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How long does a ERC-20 transaction take? ›

CoinList waits for 30 confirmations to consider an ETH or ERC-20 transaction final. Although typically this should only take about ~ 5 minutes, this can take anywhere from 5 minutes to 4 hours. Especially during periods of high network congestion, the transaction can take longer.

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What network is CRO on? ›

Managing CRO

If you want to send CRO using the Cronos chain, you will need to use a '0x' address. If you want to send CRO using the Ethereum mainnet chain, you will also use a '0x' address, but on the Ethereum network.

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Is CRO worth anything? ›

The current value of 1 CRO is $0.09 USD.

What is cronos used for? ›

Powered by Ethermint, the Cronos blockchain allows for rapid porting of apps and smart contracts from Ethereum and other EVM-compatible chains.

Is cronos network ERC20? ›

The Cronos POS Chain Mainnet is a different blockchain network than the existing CRO (ERC20) on Ethereum. This is the reason why the action of migrating your funds is necessary. For staking CRO on Cronos POS Chain, you need to stake with native CRO.

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What type of token is CRO? ›

Cronos (CRO) is the native cryptocurrency token of Cronos Chain — a decentralized, open-source blockchain developed by the Crypto.com payment, trading and financial services company.

Can I send an ERC20 token to an ETH address? ›

ERC-20 tokens are digital assets built on the Ethereum blockchain, following a specific set of standards that allow them to be shared, exchanged, or transferred to any Ethereum address.

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Is crypto.com on the Ethereum network? ›

Crypto.com offers a user-friendly platform to buy ETH and engage with the Ethereum ecosystem.

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