The Crypto.com Exchange has announced that it intends to support the Render AI protocol in its planned token rebrand.
Crypto.com, a significant cryptocurrency ecosystem, is utilizing its platform to assist Render (RNDR), an Artificial Intelligence (AI)-based token, in its rebranding endeavor. This will represent a change in how the token is transacted and managed on the platform in the future.
The official handle of Crypto.com, as indicated in an X post, has confirmed that the AI token will be rebranding its ticker symbol from RNDR to RENDER.
Rebranding of RENDER Timeline
The update indicates several significant steps will be implemented to complete the token’s rebranding. RNDR Perpetuals will be delisted from the Crypto.com exchange on July 16, marking its demise. Similarly, on July 22, RNDR will be delisted from the Crypto (dot) com app and exchanged six days later.
July 22 is another significant date on the rebrand timeline. The ERC-20 variant of the token will be removed from trading, deposits, and withdrawals on that date, as stated by Crypto.com. Furthermore, trading will be suspended, and Cronos-based RNDR will be irreversibly deleted.
Users will be required to wait for the one-for-one reissue of tokens from RNDR to RENDER, as there is currently no established timeline. Nevertheless, users will receive updates later and are not required to take any action to facilitate the reissue.
Numerous Artificial Intelligence (AI) initiatives are investigating methods to increase their impact within the industry. The ultimate objective of Render remains uncertain; however, the backing of Binance and Crypto.com will mitigate its ecosystem disruption.
In the interim, the exchange will release a distinct announcement regarding the release date of RENDER on the app and exchange.
Market Performance & Potential Impact
Analysts anticipate that the transaction will result in a turnaround in Render’s fortunes, as the company has recently experienced an adverse trend. Amid market corrections, the altcoin is trading in a descending pattern, having fallen below the $7 threshold.
Its price is at $6.23, with the expectation of a substantial increase in the immediate future.
Render Network is a peer-to-peer network that enables amusement producers and AI applications to rent unused GPU capacity. Currently, the native cryptocurrency of Render Network is necessary to evaluate these services. RENDER
