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 trade mentioned in a press release.
The Canary CRO Belief will maintain the Cronos (CRO) token in a regulated fund wrapper, Crypto.com mentioned, including that the belief isn’t an exchange-traded fund (ETF) and is simply obtainable to accredited buyers.
Creating regulated funds corresponding 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, mentioned in a press release.
In March, the crypto trade partnered with Trump Media & Expertise Group, an organization affiliated with US President Donald Trump, to launch a sequence of Trump-branded ETFs, together with one holding CRO.
The Trump Media ETFs are nonetheless awaiting approval from the US Securities and Alternate Fee (SEC), which has not but approved any CRO ETFs for US buying and selling, Crypto.com mentioned.
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 help 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 line with knowledge from DefiLlama. Its hottest utility 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 Could 19, in line with Cointelegraph’s market knowledge.
Altcoin ETF filings
Since Trump took workplace in January, he has signaled a extra crypto-friendly method to regulation, prompting asset managers to hunt to record roughly 70 new crypto ETFs.
In Could, asset supervisor VanEck filed to record 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 trade.
The identical month, 21Shares launched an exchange-traded product (ETP) in Europe providing publicity to Crypto.com’s CRO token.
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