Analysis

A cryptocurrency had bulls for breakfast this Tuesday, with steroids as a topping.

Crypto.com Chain, a blockchain project which reportedly enables instant crypto transactions, saw its native token CRO jump as much as 168 percent today. The crazy upsurge pushed the project’s market valuation from a modest $72-75 million range to above $200 million. As of 1300 GMT, CRO was trading at $0.052, down 13.416 percent from its intraday high.

CRYPTO.COM CHAIN, CRO, CRO USD, CRO BTC, CRO PRICE

Crypto.com chain (CRO) 7-day price chart| SOURCE: Coinmarketcap.com

The CRO volume posted circa $682 million worth of trades, quoted the most against bitcoin, South Korean Won, and ether, per the 24-hour adjusted timeframe. New York-based crypto exchange Bittrex contributed the maximum to the said daily volume. The exchange, albeit not entirely regulated, claims that it complies with the existing US laws. It also has a strong presence in Malta, a loosely regulated region for crypto companies. There is a possibility that Bittrex’s US customers didn’t contribute much to the CRO’s doubtful rally.

The other exchange that hosted almost 47% of the overall CRO trades today was GOPAX. The South Korean trading platform is among the few that passed a self-regulatory test, conducted per the Korean Financial Services Commission’s (FSC) guidelines last year. There is an unlikeliness of volume manipulation.

Exchange Listing and Partnership

Crypto.com recently went on to an exchange listing spree. Following Bittrex, the project announced today that Indodax would start offering CRO-enabled trading pairs on its platform from March 14. In the same announcement, Crypto.com Chain said that it was partnering with an Indonesia-based dropship e-commerce company Yoshugi Media Group. The partnership eyes local adoption for CRO as the token replaces costly payment options with its blockchain-enabled settlement service.

“Indonesia is a vibrant market with over 260 million people. We look forward to developing closer ties with both Indodax and the Yoshugi Media Group as we seek to serve our customers in the rapidly growing ASEAN market. We see Crypto.com Pay driving the adoption of cryptocurrency as a mode of payment and CRO token as the ultimate way to settle cross-currency payments instantly and inexpensively,” – said Kris Marszalek, Co-Founder and CEO of Crypto.com.

Certik Verification

Smart contract audit firm Certik also provided a favorable review to Crypto.com’s CRO, stating that the asset was secure to be listed on crypto exchanges. The firm also added that its certification would make it easier for CRO to get listed on its partner exchanges, which includes names like Binance and Waves. Here’s the complete list:

CERTIK

Certik’s claims to list the above as partner exchanges. | Source: Certik Official Website

Fake or Genuine?

From the look of it, CRO had every reason to rise given the bombardment of positive developments this Tuesday. While the rally is still looking hyped, there is a possibility that CRO would find decent support in a near-term scenario – at least above its original pumping point.

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