Token Description & Project Background

Cronos (CRO) is the native utility token of Crypto.org chain and the Cronos EVM Chain.

Cronos Chain is an interoperable, EVM compatible blockchain built using the Cosmos SDK. Its sister, the Crypto.org Chain, plays host to a mobile payment solution, Crypto.com Pay, as well as various DeFi-related offerings.

The APs consist of Kris Marszalek (CO-Founder & CEO), Rafael Melo, CPA (Co-Founder & CFO), Gary Or (Co-Founder) & Bobby Bao (Co-Founder & Head of Crypto.com Capital).

Cronos also acts as the primary means of settlement for the Cronos Chain and the Crypto.org Chain. All transaction fees on both networks are paid using CRO. 

Risks of CRO

Like an investment in other crypto assets, there are some general risks to investing in CRO. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in CRO is subject to the following specific risks:

• CRO is crypto.com’s native token. Any potential success is reliant on the underlying platform’s functioning and widespread adoption.

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with CRO. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The CRO community and core crypto.com team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of CRO have no recourse to crypto.com’s core team or Uphold if CRO declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing CRO on the Uphold Platform, Uphold performed due diligence on CRO and determined that CRO is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

• The creation, governance, usage, and design of CRO, including ensuring the source code being open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
• The supply, demand, maturity, utility, and liquidity of CRO.
• Marketing materials put forward by the CRO social team including, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• Material technical risks associated with CRO, including any code defects, security breaches and other threats concerning CRO and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
• Legal and regulatory risks associated with CRO, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of CRO. 

General

Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

Uphold users should read the Risks Specific To Holding Digital Assets statement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.  

Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following link. Please also review the Uphold Canada – Crypto Risk Statement for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and Risks Specific To Holding Digital Assets statement. 

Last updated on June 2, 2023.