DigitalMoneyBox Signal Desk
DigitalMoneyBox Crypto market intelligence
Browse sections
Cryptocurrency Bitcoin Ethereum Briefings Blockchain Security Mining Altcoin Research NFT
Timeline Hourly market signal stream Sources Publisher health and coverage Topics Curated crypto topic hubs Entities Assets, firms, people, regulators Media Kit Audience and placement options Search Advanced archive filters
Cryptocurrency Cointelegraph

Crypto.com and Canary Capital to launch US CRO fund

Crypto.com and asset manager Canary Capital are launching a US investment fund designed to provide exposure to the Cronos blockchain’s native token, CRO, the cryptocurrency exchange said in a statement.The Canary CRO Tru...

38 /100
Market signal

Archive context

Older archive item. Useful for background and entity history, but not a fresh market-moving signal.

Crypto.com and Canary Capital to launch US CRO fund

Crypto.com and asset manager Canary Capital are launching a US investment fund designed to provide exposure to the Cronos blockchain’s native token, CRO, the cryptocurrency exchange said in a statement.

The Canary CRO Trust will hold the Cronos (CRO) token in a regulated fund wrapper, Crypto.com said, adding that the trust is not an exchange-traded fund (ETF) and is only available to accredited investors. 

Creating regulated funds such as CRO Trust is part of Crypto.com’s plan for “further mainstreaming crypto,” Eric Anziani, president and chief operating officer of Crypto.com, said in a statement.

In March, the crypto exchange partnered with Trump Media & Technology Group, a company affiliated with US President Donald Trump, to launch a series of Trump-branded ETFs, including one holding CRO.

The Trump Media ETFs are still awaiting approval from the US Securities and Exchange Commission (SEC), which has not yet authorized any CRO ETFs for US trading, Crypto.com said.

Cronos has a total value locked of nearly $440 million. Source: DefiLlama

Related: 21Shares launches ETP for Crypto.com's Cronos token

Cronos ecosystem

Cronos is a layer-1 blockchain network affiliated with Crypto.com. The chain is designed to integrate with the Ethereum and Cosmos ecosystems and support decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and other Web3 applications.

The chain has a total value locked (TVL) of nearly $440 million, according to data from DefiLlama. Its most popular application 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 May 19, according to Cointelegraph’s market data. 

Altcoin ETF filings

Since Trump took office in January, he has signaled a more crypto-friendly approach to regulation, prompting asset managers to seek to list roughly 70 new crypto ETFs.

In May, asset manager VanEck filed to list an ETF tied to another exchange-affiliated token, BNB Chain’s native BNB. The chain is affiliated with Binance, the world’s largest centralized exchange.

The same month, 21Shares launched an exchange-traded product (ETP) in Europe offering exposure to Crypto.com’s CRO token. 

Magazine: Rise of MicroStrategy clones, Asia dominates crypto adoption: Asia Express 2024 review



Why this matters

This cryptocurrency story adds another data point to the current market tape and is useful when read alongside nearby source coverage.

Original source

Read on Cointelegraph

Related market context