Crypto.com Chain (CRO) Rallies After Adding Dollar Payments
The chain, a spinoff of Monaco after rebranding to Crypto.com, goes through another rally.
Crypto.com Chain (CRO) went through another price rally yesterday, boosted by news of adding USD bank transfers to the Crypto.com ecosystem.
CRO rose by 10% overnight to $0.067, still far from its monthly peak at $0.11. The asset is showing increased volatility, with temporary rallies. CRO is a new asset in the Crypto.com ecosystem, which exists on a separate chain. The token was created a few months after the rebranding from Monaco (MCO). While preserving the MCO ticker, the project no longer uses the Monaco brand. The MCO market price is also on the move, up to $4.07, adding 10% in the past day.
The Crypto.com payment system is expanding, recently adding Bitcoin (BTC) withdrawals to any type of address. But the most attractive feature of the CRO token is the launch of a masternode ecosystem. This type of staking mechanism allows for passive earnings through CRO.
CRO Master Nodes are also supported by the AllNodes hosting service, allowing any user to stake their coins.
The Crypto.com project also joined the Binance transparency initiative, sharing information of developments and milestones. While the former Monaco project did not have problems with its card services, the rebranding aimed at making the project more inclusive.
The CRO token is highly tied up with the BTC market, as almost all volumes are in CRO/BTC pairings. The current rise of BTC up to $5,000 is helping CRO reach up in dollar terms. But the asset also rose from the 900 Satoshi range to above 1,200 Satoshi.
The CEO of Crypto.com, Kris Marszalek, has expressed optimism about the market in the coming months.
“Now I think that the second half of 2020 is going to be very good for the market. You see what people are building and suppliers are coming to market. I think the sentiment is gradually improving, this is still a mid to long term game but the type of audience is continuing. Now we’ve put our 400,000 users on our platform, so it’s only early days but the for us the card is right distribution strategy and will help to unlock a large audience, like the US,” Marszalek said in an interview with Forbes.
The new MCO VISA is still being rolled out, potentially popularizing cryptocurrency usage. The project has partnered with Netflix, Uber and other on-demand services for subscriptions and discounts.