The cryptocurrency hit an all-time high of $0.7984 on Sunday, according to information from Coinmarketcap.com. It is the 13th most popular cryptocurrency according to market value.
CRO traded for $0.2097 at the beginning of the month.
The price surge comes in an extended period of consolidation across all cryptocurrency markets, with bitcoin trading lower by more than 5% and Ethereum down by nearly two percent in the month to date as of the time of 16:20 GMT Monday.
CRO’s performance has been awe-inspiring and coincides announcement of a twenty-year, $700-million naming rights contract that will be signed between Crypto.com and the Los Angeles’ Staples Center, which is home for the L.A. Lakers basketball team that will be changed to Crypto.com Arena. Crypto.com Arena.
Crypto.com also enlisted Hollywood actor Matt Damon last month as the face of a $100 million T.V. and billboard advertising campaign scheduled to air in over 20 countries.
Other well-known stars like the snowboarder Lindsey Jacobellis, rapper CL, and astronaut Scott Kelly have signed up for the campaign, which is targeted towards a new breed of crypto investors who invest in retail stores and includes the tagline “Fortune Favours the Brave.”
Crypto.com already has ongoing branding partnerships that include Formula 1, the basketball team the Philadelphia 76ers, the French soccer team Paris Saint-Germain, the Italian soccer league Lega Serie A, and the Ultimate Fighting Championship.
CRO is the primary token that is part of Crypto.com’s private blockchain but is most commonly used by way of the ERC20 pass on Ethereum. Ethereum blockchain.
The token is designed as a utility to be used in the Crypto.com ecosystem, which is built around a trading app for crypto as well as an actual Visa debit card; its users can stake CRO to gain advantages such as greater cashback on payments made to cards as well as higher interest rates for loans of crypto funds, and less trading fees.
History of controversy
CRO was subject to negative media attention in October 2020 after Crypto.com forced an exchange between CRO and its initial ICO cryptocurrency, MCO, which was later removed from the market.
The customers complained that Crypto.com management had violated prior promises not to eliminate MCO. In addition, it appeared to alter MCO’s exchange rates to diminish the value of early investors’ assets.
In 2000, CRO’s maximum supply of 100 billion tokens was many thousands of times more than MCO’s max quantity of 31.6 million tickets, yet users were required to accept an exchange rate of 33:1.
However, the company seemed to have learned from its mistakes. In February of the same year, management stated that 70% of CRO tokens would be burned or removed permanently from circulation.
They also promised to move to the “fully decentralized, open-source, public chain” to ease worries about price manipulation in the future.
The result was that the saga did not significantly impact Crypto.com’s breakaway popularity.
The company’s user base of 5 million in October 2020 has nearly doubled, and the chief director Kris Marszalek is eyeing 100 million users in 2023. According to the Financial Times, the company employs 3,000 employees worldwide and estimates revenues of at least $1.2 billion.
