Crypto.Com Chain (CRO), Rebranded Monaco (MCO) Extends Pump on Upbit Listing
In the past week, the asset exploded from recent lows, extending the rally on Friday after Upbit listing and talks of a testnet update.
Crypto.com Chain (CRO), the latest incarnation after the Monaco (MCO) project rebranded, is the latest pump during what looks like a randomly explosive altcoin season. Upward volatility returns to selected assets with additional growth factors. In the case of CRO, the rally that launched mid-week extended on Friday with the announcement of an Upbit listing.
In another recent listing, CRO was also picked up by Indonesian crypto market operator, Indodax, where it will trade against the Indonesian rupiah.
The price rally also reflected the recent news from Crypto.com that the testnet launch was upcoming this March 20.
Usually, bot discoveries of a new listing trigger pumps for the already active trading pairs on other exchanges. CRO is heavily dependent on Bittrex, immediately reacting to the news. CRO spiked to $0.094, adding around 50% to its price as of 9.00 UTC, and was up around 400% in the past seven days.
Crypto.Com Chain is still existing as an Ethereum (ETH) ERC-20 token, planning a mainnet launch in the future. The project’s aim is to create another option for a worldwide cryptocurrency payment system, including the issuance of debit cards.
The principle of Crypto.com resembles projects like TenX (PAY), which include a payment network and a reward system. Crypto.com uses the MCO token, a separate digital asset used to load up the cards. MCO prepaid cards offer AirBNB, Netflix and Spotify payments.
Following the CRO spike, the price of MCO also moved up, adding 10% in the past day to $3.23 as of 9:30 UTC on Friday.
Crypto.com rebranded from Monaco in the summer of 2018, after seeking for another Visa card intermediary. Monaco was one of the projects that lost the backing of WaveCrest in early 2018. Later, the project rebranded to reflect the more global goals of the payment system.