Cronos – the Crypto.com network – falls sharply
Cronos has lost 22% of its value in the last week: it is trading at $0.29 and, despite a slight recovery in recent hours, its future is somewhat uncertain. Currently its capitalization is $7,599 million, so it is 21st on the Crypto Online list.
Cronos is one of the most popular wallets and exchanges on a global scale. The mdtacademy website provides more information. “On November 8, 2021, Crypto.com launched the Cronos network. Cronos is a network based on the EVM (Ethereum Virtual Machine), that is, compatible with the network and functionalities of Ethereum that works in parallel to the Crypto.org chain”.
Now what you may want is to know more about Crypto.com, the giant responsible for Cronos. We turn to the same website again: “Crypto.com has its origins in Monaco Technologies (does the MCO token ring a bell?), a company founded in 2016 in Honk Kong by Kris Marszalek, as well as Rafael Melo (Head of Finance), Gary Or (Head of Technology) and Bobby Bao (Head of Crypto.com Investment Fund).”
However, how did it become so popular in such a short time? Well, as usual, in this aspect the money available to the parent company is key, since it was what allowed it to hire Matt Damon for an ad that, according to what was seen, was enormously effective – money well spent – and pay the Los Angeles Lakers to have the pavilion named after them. Two successful strategies that have brought Cronos to the top.
GQ magazine explains “the platform makes most of its profits by trading for its clients through a mobile app (they look for small investors, and several people I’ve consulted compare it to the Robinhood investment app). Charging commissions for carrying out cryptocurrency transactions is a very profitable business. Rival exchanges, such as FTX and Coinbase , are fighting over the same customers, setting off a race to market.”
Despite its recent downgrade, the company’s CEO, Kris Marszalek is sure he will soon bounce back thanks to a confidence boost.