New Surge: Crypto.com Chain (CRO) With A 168% Daily Increase

One altcoin is in the focus of our daily digital currency news. We are talking about the Chain (CRO) cryptocurrency which is actually a blockchain project by Crypto.com – enabling instant crypto transactions.

Over the past 24 hours, CRO has jumped as much as 168%, recording a massive increase and eating bulls for breakfast. The crazy surge pushed the project’s market valuation from the modest $72-75 million range to above $200 million.

As of 13:000 GMT, CRO was trading at $0.052, down by 13% from its intraday high. The spike has been real and the CRO volume posted circa $682 million worth of trades, quoted the most against Bitcoin, the South Korean Won and Ether as the 24-hour adjusted timeframe shows.

Most of the volume came from the New York based crypto exchange Bittrex. Even though this exchange is not entirely regulated, it claims that it complies with the existing US laws. The exchange also has a strong presence in Malta which is a safe haven for crypto companies. There is a possibility that Bittrex’s US customers, however, did not contribute much to the CRO surge.

The other exchange which saw a lot of CRO trades was GOPAX, which is a South Korean trading platform and one of the few that passed a self-regulatory test conducted per the Korean Financial Services Commission (FSC) and its set of guidelines established last year. According to this, it is unlikely that a volume manipulation is the case with CRO here.

Meanwhile, Crypto.com which is the site behind CRO, went on to an exchange listing spree. The project announced that Indodax will alsostart offering CRO-enabled trading pairs on its platform from March 14th, after which Chain said it was partnering with the Indonesia-based dropship e-commerce company Yoshugi Media group. In this partnership, CRO is meant to be the token which replaces costly payment options thanks to its blockchain-enabled settlement services.

Hello Indonesia!🇲🇨@cryptocom's $CRO(with IDR pairs)will be listed on @IndodaxOfficial, the leading exchange, while https://t.co/vCNztABJoG Pay will be implemented with the Yoshugi Media Group. Bringing crypto to 260 Million more wallets! More here-https://t.co/qPs1KzGa20 #crypto pic.twitter.com/LVNVbjRmhR

— Crypto.com (@cryptocom) March 12, 2019

According to the co-founder and CEO of Crypto.com:

“Indonesia is a vibrant market with over 260 million people. We look forward to developing closer ties with both Indodax and the Yoshugi Media Group as we seek to serve our customers in the rapidly growing ASEAN market. We see Crypto.com Pay driving the adoption of cryptocurrency as a mode of payment and CRO token as the ultimate way to settle cross-currency payments instantly and inexpensively.”

From what we have seen so far, CRO had every reason to rise, especially given the bombardment of positive developments this Tuesday.