Why is Cronos (CRO) crypto rising?

With the crypto market turning red on Wednesday, investors are shifting their focus on assets trading in the positive territory. The market fell 1.03% to US$1.91 trillion, while its volume dropped over 20% to US$87.17 billion in the last 24 hours, according to Coinmarketcap.com.

Meanwhile, the Cronos (CRO) crypto is drawing investors’ attention on Wednesday, with the price rising more than 2% and the trading volume swelling by over 45% at 8:55 am ET.

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What is Cronos (CRO) crypto?

Cronos (CRO) is the native crypto of the Cronos Chain, a decentralized, open-source blockchain developed by Singapore-based crypto exchange app, Crypto.com.

The Cronos Chain is one of the solutions offered by Crypto.com's product portfolio, created to accelerate the adoption of digital currencies, boost personal control over money, and secure user data and identities globally. The CRO blockchain empowers Crypto.com's mobile payment application.

CRO went live in 2018, and it focuses on offering utility to Crypto.com's payment, trading, and financial solutions. Notably, Cronos (CRO) was originally called Crypto.org Coin (CRO), but it was renamed in February 2021.

The token is available on crypto exchanges like Bittrex, Huobi Global, OKEx, etc.

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 Why Is Cronos (CRO) Crypto Rising?

Why is it rising?

There could be different reasons for the price rally. For instance, on March 22, Crypto.com announced that it would be an official sponsor of the FIFA World Cup 2022 in Qatar from Nov 21 to Dec 18. It marks another milestone in Crypto.com's efforts to enter the sports space.

The agreement would allow Crypto.com's name to be put up around the tournament venue and in the stadium broadcast view. However, the sponsorship amount was not immediately known.

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Another reason could be the company's recent announcement of its new feature, Account Protection Program (APP), for its App and Exchange users in selected markets.

The company claims that this would enhance users’ account security. Some of the APP’s features include multi-factor authentication (MFA), anti-phishing code, and tool to prevent jailbreaking. The AAP is currently live in Brazil, the company said on March 23.

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Source: *Data provided by CoinMarketCap.com

Bottom line:

The CRO token was priced at US$0.4266 at 9:12 am ET on Wednesday, up 2.53%, while its one-day volume jumped 45.76% to US$92.52 million. It has a market cap of US$10.77 billion, and its fully-diluted market cap is US$12.91 billion.

The token's maximum and total supply are over 30.26 billion, and its current circulating supply is 25.26 billion. It returned 95.15% gains in the past 12 months.

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