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.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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“Voluntary retirement is part of our support program for former employees and is intended to provide assistance and training for job placement. Apart from that, [Bithumb’s] trading volume has decreased compared to the previous year, [so] we are trying to provide internal measures. We will continue to add necessary personnel for various new businesses.”Bithumb still hasn't responded to the requests for comment. However, many speculate that this move is right because of the crypto winter which led to a lot of minuses all over the market. Still, what's interesting is that Bithumb has been preceded by many other firms in the sector - such as the mining giant Bitmain, the blockchain software company ConsenSys, the decentralized social network named Steemit as well as the similar crypto exchanges Coinsquare and Huobi - all of the companies which have decided to make significant cuts in the recent months. According to data from CoinMarketCap (CMC), Bithumb has seen more than $1.3 billion in trades over the past 24 hours. The exchange, however, was removed from the CMC global exchange rankings in January 2018 mostly because of the concerns that the site had over the reportedly "extreme divergence in prices from the rest of the world" and its fellow exchanges in South Korea. Currently, everyone is waiting for an official confirmation about the layoff from Bithumb. The respected exchange hasn't confirmed anything yet but will probably do that over the next couple of days.
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