Cypto.com token promoted by Matt Damon is in free fall

Crypto.com’s token, Cronos (CRO), promoted by the famous commercial starring Matt Damon, is in free fall, registering a drop of nearly 50 percent over the past seven days. 

Crypto.com and CRO’s collapse: commercial with Matt Damon does not sustain

In the past seven days alone, Crypto.com’s token, Cronos (CRO), has plunged nearly 50 percent, starting at a price of $0.11 on Nov. 8 and hitting a low of $0.05 on Nov. 14. 

CRO is the token of the famous Singapore-based crypto-exchange, Crypto.com, which has become famous for its commercials and advertising campaigns, such as the one featuring Matt Damon. Exactly last year the actor was featured in the commercial “fortune favors the brave” referring to cryptocurrency investors. 

Of course, after the collapse of FTX, all eyes are now on the centralized exchanges and their liquidity situation. 

In this regard, Kris Marszalek, CEO of Crypto.com stepped in to state that the crypto-exchange had an exposure of less than $10 million to FTX when the company went bankrupt on November 11. 

Not only that, the CEO said Crypto.com had in the past sent $1 billion to FTX to buy stablecoins, which precisely are more “stable” than the price fluctuations of other cryptocurrencies. But that the company had recovered almost all of this amount before FTX’s bankruptcy.

The crypto promoted by Matt Damon, CRO, why is it collapsing?

Despite the fact that for many Crypto.com is the next cryptocurrency trading platform to fail, some others and the company itself justify CRO’s collapse for reasons other than lack of liquidity. 

In fact, according to Marszalek, the causes of the Matt Damon-promoted token’s collapse are “a number of market factors.” In this regard, a spokesman for the Singapore-based company said:

“We expect cryptocurrencies in general to continue to fluctuate as a result of the continued impact of the bear market and now exacerbated by the ripple effect caused by FTX. […] “However, its price has no impact on our ability to operate or our profitability. We are finishing our second year in a row at over $1B in revenue with more than 70M users worldwide, and our balance sheet is strong and we are cash flow positive.”

USDT and USDC suspension on Solana’s blockchain

In the fateful week of FTX’s collapse, Crypto.com informed its users that it has temporarily disabled Tether (USDT) and USD Coin (USDC) deposits and withdrawals on Solana’s blockchain. 

Again, Marszalek stressed the importance of FTX for Solana-based stablecoins. 

From what has emerged, it thus appears that the suspension decision was made only as a precaution against what was an overexposure of FTX to Solana’s DeFi network, waiting for the situation to improve. 

Crypto.com prepares for FIFA World Cup 2022.

This Sunday will mark the kickoff of the FIFA World Cup 2022 in Qatar, the global sporting event featuring a cryptocurrency industry sponsor for the first time in history: Crypto.com.

The company is preparing for the event by promoting the “impossible challenge” that wants creator and popular YouTuber, Thogden, to attempt to watch as many as 64 matches in 28 days. If he succeeds, Thogden will enter the history books for this record. 

The challenge comes from Crypto.com along with soccer media company COPA90.

In a #FIFAWorldCup full of firsts, we're challenging @thogden to do the #ImpossibleChallenge:

Become the FIRST person to attend every single game live 👀

Come join us, and experience a @FIFAWorldCup like never before. pic.twitter.com/BFtQAdLQyF

— Crypto.com (@cryptocom) November 16, 2022

In a #FIFAWorldCup full of firsts, we’re challenging @thogden to do the #ImpossibleChallenge: Become the FIRST person to watch all matches live. Join us and experience the World Cup like never before.