Crypto.com deploys Ethereum Virtual Machine chain testnet dubbed 'Cronos'
The Crypto.com chain testnet “Cronos” allowing projects built on Ethereum to transfer over to its ecosystem from chains compatible with Ethereum Virtual Machine went live.
In a blog post, Crypto.com announced the launch of the testnet for its Ethereum Virtual Machine (EVM) chain called Cronos, running in parallel to the Crypto.org chain.
The chain aims to provide developers the ability to move projects from Ethereum and EVM-compatible chains to the Crypto.org ecosystem, giving users greater access to DeFi features like smart contracts.
“We are going to provide full support for developers building on Cronos: technical, funding, marketing — everything you need to turn your idea into reality,” said Crypto.com CEO and co-founder Kris Marszalek. “Combined with easy dapp portability, I’m confident we will see an explosion of activity on Cronos.”
The native token of Crypto.org, CRO will be used for settlements on Cronos. The token is currently ranked 30th out of all cryptocurrencies on CoinMarketCap, with a market capitalization of more than $2.6 billion.
The company said that developers could get benefit from startup accelerator Particle B providing $100 million in capital to projects contributing to the Crypto.org blockchain.
Cronos, running on a proof-of-authority consensus algorithm, is powered by Ethermint, a proof-of-stake chain interoperable with Ethereum and EVM-compatible chains.