Crypto.com Launches New EVM Chain Testnet
- The Cronos testnet will be open-source, enabling developers to provide feedback to Crypto.com.
- Once fully launched, the Cronos chain will enable developers to rapidly port apps from Ethereum and other EVM Chains to Crypto.org.
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Cryptocurrency exchange Crypto.com has introduced a new testnet for Cronos, its upcoming EVM-compatible chain. According to a blog post published on 20 July, the Cronos testnet will be open source, enabling developers and the rest of the Crypto.com community to provide suggestions on how to strengthen the network.
Cronos is the Ethereum Virtual Machine (EVM) chain running in parallel to Crypto.org that aims to scale the network’s DeFi ecosystem. The chain enables developers to rapidly port apps from Ethereum and other EVM-compatible chains and access the 10 million-strong user base of the Crypto.org ecosystem. Developers that decided to port their applications to Crypto.org also have the ability to access Particle B’s $100 million EVM fund.
The Inter Blockchain Communications (IBC) protocol enables interoperability and bridging to the Crypto.org Chain and other IBC-enabled chains such as the Cosmos Hub.
“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 Kris Marszalek, the Co-Founder and CEO of Crypto.com. “Combined with easy dApp portability, I’m confident we will see an explosion of activity on Cronos.”
- Crypto.com has once again expanded its regulatory achievements with the acquisition of a major payment institution license for digital payment token services in Singapore.
- The license, for which the company received an in-principle approval last June, enables the exchange to provide a greater range of payment services in Singapore.
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- Crypto.com CEO Kris Marszalek addressed customer concerns during a live AMA session today, claiming that the exchange had a strong balance sheet.
- He also clarified that Crypto.com had sent $1 billion in stablecoins to FTX over a the past year to fulfill order liquidity, and that it had only $10 million exposure to FTX when it fell.
- Part of the investment will support the establishment of a new Crypto.com European headquarters in the capital city of Paris.
- Funds will also be alocated to hire new talent in the region, and advance the exchange’s brand presence in Europe through customer engagement and education.