Native CRO Network on the Crypto.com Exchange And the Benefits
The Crypto.com Exchange is now supporting CRO transfers on the native CRO network (also known as the Cronos Chain Mainnet).
Cronos Chain is a public, open-source and permissionless blockchain - a fully decentralized network with high speed and low fees, designed to be a public good that helps drive mass adoption of blockchain technology through use cases like Payments, DeFi and NFTs.
Cronos Chain has the following key-value propositions:
Learn more about the Cronos Chain.
Prior to the Mainnet launch, all CRO transfers on the Exchange are processed on the Ethereum network called ERC20. ERC20 CRO tokens are created and hosted on the Ethereum blockchain, where ETH network fees are required to carry out crypto transactions.
The Benefits of native CRO network:
Customers have the option to withdraw native CRO on Cronos Chain which features a lower transaction fee than the Ethereum network. Additionally, the Cronos POS Chain is featured with a faster processing time than the Ethereum network, and this allows you to deposit and withdraw your Cronos Coin quicker than CRO (ERC20).
We highly recommend the existing CRO holders to transfer to the native CRO network as soon as possible to enjoy the benefits of the Cronos Chain.
How can I differentiate a wallet address registered on the Cronos Chain Mainnet?
A native CRO address on the Cronos Chain Mainnet starts with “cro…”. Also, a memo is required for sending native CRO to a centralized wallet.
An ERC20 CRO address on the Ethereum network starts with “0x…”
See Native (Mainnet) CRO vs ERC20 CRO comparison table below for more information.
How do I deposit and withdraw native CRO on my Exchange account?
The same way you would currently deposit and withdraw funds on the Crypto.com Exchange, simply follow the steps below:
Native CRO vs ERC20 CRO
Difference | Native CRO | ERC20 CRO |
Chain | Cronos Chain | Ethereum |
Address Format | Starts with “cro…”
The memo is required for sending native CRO to a centralized wallet | Starts with “0x…” |
Withdrawal Fee | In CRO: ~0.001 CRO (~$0.0002 USD) | In ETH: ~100 CRO (~$20 USD) |
On-Chain Confirmation | 10 seconds | 5 to 30 mins depending on the ETH network traffic and fee tier |