Crypto.com provides its test network for the Ethereum Virtual Machine Chain

The Crypto.com Chain Test Network enables projects based on Ethereum to migrate from currently active Ethereum Virtual Machine-compatible chains into its ecosystem.

In an announcement on Tuesday, Crypto.com said it had launched a test network for the Ethereum Virtual Machine, or EVM, a chain called Cronos that runs in parallel with the Crypto.org chain. The chain is designed to give developers the ability to migrate projects from Ethereum and EVM compatible chains to the Crypto.org ecosystem to give users better access to DeFi features such as smart contracts.

“We will offer full support to developers built on Cronos: engineering, financing, marketing – everything you need to make your idea a reality,” said CEO and co-founder of Crypto.com founder Kris Marszalek. “Combined with the simple Dapp migration, I am confident that we will see an explosion of activity on Cronos.”

The native CRO token from Crypto.org is used for billing on Cronos. At the time of publication, the token is currently ranked 30th of all cryptocurrencies on CoinMarketCap with a market capitalization of over $ 2.5 billion. The company reports that developers can benefit from the Seed B startup accelerator, which provides $ 100 million in capital for projects that contribute to the Crypto.org blockchain.

Cronos runs on a proof-of-authority consensus algorithm and is operated by Ethermint, a proof-of-stake chain that is interoperable with Ethereum and EVM compatible chains. Testnet is open source.

Connected: Crypto.com Reveals EVM Blockchain Functionality and Associated Funds

Crypto.com, which first appeared on Crypto.org’s blockchain mainnet in March, claims to have a user base of over 10 million people. That year, the project launched a non-fungible token platform and joined the Visa network to expand the scope of crypto credit cards.