Crypto.com is building products to help accelerate crypto adoption – including a crypto & NFT exchange, VISA cards, blockchain and digital wallet solutions

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Bitcoin and Crypto Market Watch Wednesday, February 23, 2022 - 19:38

The future of the internet - web3 - will be powered by cryptocurrencies. It is likely to be fair and equitable, owned by the builders, creators and the users. To aid in this future, Crypto.com seeks to put cryptocurrencies in every wallet via its payment, trading, and financial solutions. Let’s learn how.  

Crypto.com: An Introduction

  • Crypto.com was built to accelerate crypto adoption via its wide spectrum of services, including:
  • A prepaid Visa card that offers 5% value back in Crypto.com’s native tokens, along with other benefits
  • Digital wallets - software-based solutions that store users’ payment information and passwords
  • A platform/exchange for buying and selling cryptocurrencies

A recently launched NFT marketplace

Besides the above, its chain - the Cronos chain - is the decentralized open-source blockchain that hosts the Cronos Pay mobile payments app and its Cronos (CRO) token. It is one of the many products developed by Crypto.com to accelerate crypto adoption globally to help people lend greater control over their money, safeguard their data and user identities.

Illustration

In 2021, Crypto.com  bought the naming rights to a Los Angles arena, home to NBA’s Lakers and other pro sports teams, previously called Staples Center, in a $700 million deal in November 2021. Crypto.com is also creating waves with its new ad campaign featuring Matt Damon called “Fortune Favours the Brave”.

CRO token

CRO is the native token of the Crypto.com exchange. It was rebranded last week from Crypto.com Coin to Cronos. It is a versatile token intended to be used in payments. Cronos token offers the businesses accepting the token the perk to receive payments in stablecoins or fiat, eliminating the volatility risks associated with crypto. Cronos token holders can get discounts while trading on Crypto.com. They can also stake their Cronos tokens to earn a 10% interest and even get a premium Visa card.  The current circulating supply of the Cronos token is over 25.26 billion, while its total supply is hard-capped at 30.26 billion.

Short Term Technical Analysis

CRO token is priced at $0.417 today with a 8% gain. It is currently a top 20 cryptocurrency with a market cap of more than $10 billion.

CRO is trading within a broadening wedge it has formed since December, and may be coming up for another retest of the confluence of resistances from the wedge’s edge and the .236 retracement of its recent drop (at $0.47).

CRO chart

Source: TradingView, Huobi

Another rejection here could send it on its way to a potential double bottom at $0.32.

Future Potential

CRO token was a top performer among cryptocurrencies in 2021. It nearly cracked $1 with an all-time high of $0.96 in November last year. The sell-off at the end of 2021 damped its prospects as it continues to slide in 2022. Despite the decline, Cronos is likely to cross the $1 mark in 2022, given the fact that Crypto.com continues to grow its userbase. It is currently the 9th largest crypto exchange globally by trading volume with a user base of over 10 million.  

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Disclaimer: This article was authored by Giottus Cryptocurrency Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.

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