Crypto.com has, in the past year, brought together a series of prestigious partnerships that, however, have not increased the value of Cronos (CRO). In fact, the cryptocurrency has followed the general bearish trend of the cryptocurrency market.
Crypto.com: A Year of Prestigious Partnerships, CROs Don’t Want You to Know
One year after the infamous Advertising By Matt Damon for Crypto.com, “Fortune Favors the Brave” (fortune favors the bold), the company has established many important collaborations with many advertising campaigns.
Among many, Crypto.com has purchased the naming rights to the current one Crypto.com Arena in Los Angeles (LA) and care with Formula 1 (F1), Ultimate Fighting Championship (UFC), National Basketball Association (NBA) Philadelphia 76ers, French soccer giants Paris Saint-Germain, Spanish club Atletico Madrid and the Italian First Division.
Not only that, this past March, it was announced It will be Crypto.com Official Sponsor From the World Cup that will be held in Qatar in December 2022, to become the first crypto trading platform to debut world Cup.
As for advertising campaigns, there are some of the most famous ones The place with Lebron Jamesthe NBA star, was broadcast live during Energy This past February, also part of the “Fortune Favors the Brave” series.
Another Crypto.com ad launched last March, during Oscars nightAnd the She promoted a fundraiser in support of the International Red Cross and Red Crescent Movement to help the Ukrainian people devastated by the Russian attack.
However, in September of this year, Crypto.com had to withdraw from its five-year contract with the UEFA Champions League at the last minutewhich was to sponsor him with an annual value of more than $100 million.
The possible reason for this “step back” can be attributed specifically to the long “crypto winter” that has affected the cryptocurrency market in general, including Cronos (CRO).
Crypto.com: Cronos (CRO) is following an overall bearish trend
Also last year, it seems The company’s prestigious partnerships and advertising campaigns haven’t been a big hit on the CRO price After encryption reached an all-time high.
Going back to the different stages, while Matt Damon’s commercial first aired in October 2021, the CRO was $0.21. Soon after, with the announcement of the purchase of the naming rights to Staples Center, the price jumped to $0.35. On November 24, the CRO reached an all-time high, touching $0.97.
Between October and November 2021, investors who bought on the day of the announcement and sold on the top saw a return of 360%.
From now on, the situation of the CRO and its investors changes drastically, After the general downtrend.
according to mentioned From a user on Reddit, The schedule of important Crypto.com events did not have the same impact on the price of the CRO. In practice, during the FIFA World Cup sponsorship announcement, the CRO dropped to $0.42.
Whereas, for example, after the announcement of the Atlético de Madrid sponsorship last July 2022, the CRO price was already at $0.11.
At the time of writing this report, The CRO is $0.10. As u/gnarley_quinn pointed out, investing in Bitcoin when Matt Damon’s commercial aired would have resulted in a loss of about 60%. Thus, while the volatility of the CRO was high, the drawdown was 13% less than that of Bitcoin over the same period.
Visa card fees
Recently, Crypto.com also had to revise its plan regarding Midnight Blue, Ruby Steel, Royal Indigo, and Jade Green Visa cards, declaring that It will charge a fee for foreign transactions that are not in EUR or GBP.
Visa card holdersTherefore, they will have to pay like this Commissions on purchases and withdrawals from ATMs as of December 19, 2022.
It is located at about a 0.2% fee for transactions made in the European Union and the United Kingdom, while another 2% fee for transactions made outside these countries.
The company has specified that these rates only apply to amounts over the free monthly ATM limit.
Crypto.com and Visa Open New NFT Auction
the two companies They announced Recently too Opening of the “Visa Masters of Movement” auction on Crypto.coma way to combine football, art and NFT in light of the FIFA World Cup.
It is located at about a A collection of NFTs inspired by iconic goals It featured five legendary soccer players. Not only that, with “Visa Masters of Motion” fans will be able to Create your own custom digital art In a digital field at the FIFA Fan Fest in Doha, Qatar.
All proceeds from the auction will go to the UK charity Street Child United.