Crypto.com Coin is one of the leading cryptocurrency exchanges in the market. The exchange operates with a native token CRO by the same name. The exchange also has an EVM-compatible chain, Cronos, that was released in November 2021. The CRO token has been rebranded to Cronos in order to celebrate the growth of Cronos and what the exchange stands for.
Crypto.com Coin rebranding to Cronos
Crypto.com launched its Cronos chain to run parallel with its blockchain. The Cronos chain has been designed for the decentralized finance sphere by enabling next-level scalability to the segment. The Cronos chain enables users to seamlessly migrate dApps built on Ethereum or Ethereum-compatible chains to other chains. The Cronos chain has been regarded to be the next phase in the growth of the Web 3.0 infrastructure. Since Crypto.com Coin is also the native token of Cronos, rebranding of the name is to pay tribute to the growth of the ecosystem and also to pay emphasis on the decentralization of the token.
What else is going on?
Cronos has acquired more than 350,000 unique wallet addresses in just three months after going live with over 120 dApp developers working on the network. The phenomenal growth is expected to have positive impacts on Crypto.com Coin. Moreover, the exchange also continues to make headway in expanding its scope. The crypto exchange recently added another token, DigiByte, to its platform. Apart from this, as many as ten new pairs have been added to leveraged margin trading offering up to ten times leverage.
Price movements
The recent announcement has not yet had any major impact on the CRO token as the token continues its earlier-established trajectory without any evident bullish momentum. However, the rebranding is a significant development that is expected to eventually have a positive impact on the price. The cryptocurrency has been largely bearish – especially since yesterday as the price of the token tanked downwards. At the time of writing, CRO stands at a price level of $0.45. The price has moved downwards by nearly 4% during the day while the trading volume has increased by 50%. Crypto.com is currently the seventeenth-largest token in the market with a capitalization of $11 billion.
CRO token has a bullish future outlook. According to the estimates of Wallet Investor, the cryptocurrency is expected to be operating above $1 in a year’s time while the five-year projection places it at $3.57.