Cryptophyte

(botany) A plant that produces buds either underwater or underground on corms, bulbs, or rhizomes.

The noun has one meaning:

Meaning #1: common in fresh and salt water appearing along the shore as algal blooms
  Synonym: cryptomonad

The term cryptophyte can mean:

• a plant which survives the unfavorable season underground or underwater in the Raunkiær plant life-form classification
• Cryptomonad, a single-celled organism of the phylum Cryptophyta, most of which are photosynthetic

References

• cryptophyte, dictionary.com

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