CRO Dumps by 6% Daily Despite This Major Partnership: Details Here

TL;DR

• A new collaboration aims to give American investors additional options to gain exposure to CRO.
• Despite the disclosure, the token’s valuation is down 6% for the day, coinciding with the broader decline of the digital asset market.

The Deal’s Specifics

The popular cryptocurrency exchange Crypto.com shook hands with the investment management firm Canary Capital to establish the Canary CRO Trust.

The financial vehicle is designed explicitly for eligible individual and institutional accredited investors in the United States and will provide them with exposure to CRO – the native token of the Cronos network. 

Steven McClurg, CEO of Canary Capital, praised Crypto.com for its efforts to “set the bar for what it means to bring institutional-grade access to crypto markets.” He thinks the initiative will increase the demand for CRO and “will reflect the broader success” of the platform. 

Eric Anziani, President and COO of Crypto.com, said that providing traders with additional options to engage with the digital asset sector is “central” to the company’s vision. 

“We are incredibly excited to partner with Canary Capital to enable more investors in the U.S. to contribute to the Cronos journey ahead,” he added. 

CRO Heads South

Despite the announcement, the price of CRO remains in red territory on a daily scale. Currently, it trades at around $0.09 (per CoinGecko’s data), representing a 6% decrease on a 24-hour scale.

One likely reason contributing to the downtrend is the overall decline of the entire cryptocurrency market observed in the past several hours. Recall that bitcoin (BTC) surged past $107,000 but was violently rejected and was pushed south to under $102,500. Ethereum (ETH), Solana (SOL), Cardano (ADA), and many other leading altcoins also dropped, registering even bigger daily declines than the largest cryptocurrency. 

It is worth noting that CRO’s price reacted much more positively and spiked by double digits following Crypto.com’s previous partnership, inked in March. Back then, the company teamed up with Trump Media and Technology Group (TMTG) – the media company whose majority owner is US President Donald Trump. 

Their goal is to launch certain exchange-traded funds (ETFs) and exchange-traded products (ETPs) with BTC and CRO as underlying cryptocurrencies.

“We aim to create inventive funds incorporating firms that concentrate on rapid growth, technological innovation, and strengthening the U.S. economy, unencumbered by woke nonsense and political posturing,” TMTG’s CEO Devin Nunes stated at the time.