In a significant development for Cronos (CRO), the cryptocurrency has been selected by Exodus to function as Custody Trust Company’s digital asset custodian. This move mirrors a previous partnership between Trump Media and Crypto.com, where the latter provided custody services for CRO tokens. Exodus, renowned as one of the leading Bitcoin and crypto wallets with a massive user base, aims to bolster the security and accessibility of Cronos tokens through this alliance.
The backdrop to this news includes a notable decline in CRONOS’s price, which has been trending downward since the partnership between Trump Media and Crypto.com was announced. This raises concerns among investors about whether CRO can regain traction and bounce back, especially as it nears crucial support levels.
The partnership announcement was made on social media, with Crypto.com sharing the news, highlighting the strategic shift for both Exodus and Cronos. The CEO of Crypto.com, Kris Marszalek, expressed confidence in the future of CRO, stating, “CRO ETF will be approved.” This remark, coupled with his established connections in the industry, has caught the attention of the market.
Kris pointed to new SEC listing standards that favor the approval of commodity-based exchange-traded products (ETPs), including those based on cryptocurrencies. The upcoming deadline for ETF approval in October has analysts speculating, with Bloomberg’s Eric Balchunas estimating the chances for approval at over 85 percent. Investors are now watching closely to see if this partnership and potential ETF approval can propel CRO’s price.
Currently, Cronos is hovering around $0.21, testing critical support near the $0.195 mark. Market analysts indicate this level’s importance; maintaining it could open the door for a rebound towards $0.28, with further gains possible if a breakout occurs above that threshold. Conversely, a failure to hold this support could lead to a decline towards $0.17.
In a separate but related issue, Kris recently addressed allegations surrounding a data breach at Crypto.com. Crypto investigator ZachXBT claimed that an incident occurred in 2023, suggesting that user data had been compromised. Kris refuted these claims, asserting that any insinuation that the company failed to disclose a security incident is unfounded. He clarified that the alleged incident involved a phishing attack that was contained promptly and involved no loss of customer funds.
Kris’s swift response underscores the ongoing concerns regarding security in the crypto industry, especially as companies strive to maintain user trust in a climate fraught with potential breaches.
Amidst all this, another crypto project, Snorter Bot, is gaining attention in the market. Positioned as a tool for quick and secure trading within Telegram, Snorter Bot has raised substantial funds—surpassing $4 million—in its presale phase. With features such as 116% annual percentage yield (APY) staking and MEV protection, it is quickly becoming a favored option among traders looking for efficiency and security in their transactions.
Overall, as Cronos navigates critical market challenges, the coming weeks could prove pivotal. If it sustains support levels and benefits from the anticipated ETF approval, it may rekindle investor confidence and lead to price recovery.
