Cronos Crypto Token Surges After Trump-Crypto.com Deal
Cryptocurrency investors are flocking to Cronos (CRO) just hours after a venture linked to former President Trump announced a partnership with Singapore-based cryptocurrency company Crypto.com.
Crypto.com’s native token outperformed most digital assets on Monday after Trump Media and Technology Group (TMTG) revealed plans to develop exchange-traded funds (ETFs) with the exchange.
Cronos (CRO) has surged 30% over the past 24 hours to $0.10, according to data from CoinGecko, following news of the deal. Trump’s media company, which operates the social media platform Truth Social, is a major partner in the project.
CRO’s trading volume jumped nearly sixfold from $21 million to $126 million on Monday evening as traders rushed to capitalize on the news.
According to trading charts from CronoScan, daily trades more than doubled from around 40,000 to over 82,000 in 24 hours.
Bitcoin and Cronos ETFs
The alliance aims to create “innovation funds” with a focus on fast-growing and technologically innovative companies that will strengthen the U.S. economy, TMTG CEO Devin Nunes said in a statement.
The ETFs TMTG is developing will include exposure to Bitcoin, Cronos, and various industries such as energy, part of Trump’s economic agenda. This is in contrast to previous announcements that did not mention the CRO token.
The product will be launched under the “Truth.Fi” brand in the US, Europe and Asia, pending regulatory approval, with the goal of aligning with TMTG’s strategy.
Crypto.com Faces SEC Scrutiny
The deal marks a significant move by Trump’s media company to partner with a Singapore-based cryptocurrency company that has come under scrutiny from the US Securities and Exchange Commission (SEC). In October last year, the SEC filed a lawsuit accusing Crypto.com of operating an unregistered securities exchange, allegations the company denied in a lawsuit of its own.
By December, Crypto.com had dropped the lawsuit after its CEO met with President-elect Donald Trump.
That same month, Trump transferred about $4 billion, or 53% of his stake in TMTG, to a trust controlled by his son, Donald Trump Jr., making him the media company’s largest shareholder, according to SEC filings.