Crypto.com and asset supervisor Canary Capital are launching a US funding fund designed to supply publicity to the Cronos blockchain’s native token, CRO, the cryptocurrency alternate stated in an announcement.
The Canary CRO Belief will maintain the Cronos (CRO) token in a regulated fund wrapper, Crypto.com stated, including that the belief isn’t an exchange-traded fund (ETF) and is simply accessible to accredited buyers.
Creating regulated funds comparable to CRO Belief is a part of Crypto.com’s plan for “additional mainstreaming crypto,” Eric Anziani, president and chief working officer of Crypto.com, stated in an announcement.
In March, the crypto alternate partnered with Trump Media & Know-how Group, an organization affiliated with US President Donald Trump, to launch a collection of Trump-branded ETFs, together with one holding CRO.
The Trump Media ETFs are nonetheless awaiting approval from the US Securities and Change Fee (SEC), which has not but approved any CRO ETFs for US buying and selling, Crypto.com stated.
Associated: 21Shares Launches Etp for Crypto.com’s Cronos token
Cronos Ecosystem
Cronos is a layer-1 blockchain community affiliated with Crypto.com. The chain is designed to combine with the Ethereum and Cosmos ecosystems and assist decentralized finance (DeFi) functions, non-fungible tokens (NFTs), and different Web3 functions.
The chain has a complete worth locked (TVL) of almost $440 million, in keeping with information from DefiLlama. Its hottest software is VVS Finance, a DeFi platform for token swaps and yield farming.
The CRO token has a market capitalization of roughly $880 million as of Might 19, in keeping with Cointelegraph’s market information.
Altcoin ETF filings
Since Trump took workplace in January, he has signaled a extra crypto-friendly strategy to regulation, prompting asset managers to hunt to listing roughly 70 new crypto ETFs.
In Might, asset supervisor VanEck filed to listing an ETF tied to a different exchange-affiliated token, BNB Chain’s native BNB. The chain is affiliated with Binance, the world’s largest centralized alternate.
The identical month, 21Shares launched an exchange-traded product (ETP) in Europe providing publicity to Crypto.com’s CRO token.
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