Cryptocurrency exchange that is publicly traded In recent months, Coinbase has been aggressively listing crypto assets. But it’s gone beyond obscure coins and tokens like Jasmy Coin and ARPA Chain to a more unexpected asset: Crypto.com Coin (CRO).
Trading of Ethereum-based CRO will begin immediately, according to Coinbase. CRO’s stock has risen to an all-time high of $0.29 as a result of the listing. According to CoinGecko, it has climbed 13% in the previous 24 hours, with Coinbase accounting for nearly 20% of trade activity during that time. With $7.3 billion in market value, it is now the 32nd largest cryptocurrency, barely ahead of FTX Token.
Crypto.com Coin is a cryptocurrency that originates from the Crypto.com exchange, which is one of the top five crypto spot exchanges in terms of volume. Users of the exchange receive rewards in CRO, similar to Binance Coin, and can use the asset to pay for services at a reduced rate. They can also use it to gain access to decentralized finance applications such as lending, borrowing, and asset exchanges without the need for a centralized intermediary.
Crypto.com, like FTX and even Coinbase, has been going all out to recruit sports enthusiasts to the platform recently. It’s working on a UFC NFT collection and already has one with the Philadelphia 76ers, as well as a five-year sponsorship contract with Formula 1 and an ad campaign with movie actor Matt Damon that debuted on last week’s “Thursday Night Football.”
CA listing on a rival exchange, on the other hand, is something of a coup. Tether, which competes with Coinbase’s own stablecoin, USD Coin, is already traded on the platform, but it has remained away from assets created by other controlled exchanges so far.
Coinbase declined to comment on the listing of CRO. However, it did point to recent statements from CEO Brian Armstrong, who said, “We want to be the Amazon of assets, list every asset that’s legal.”
He’s serious about it.