CRO price jumps 14% as Crypto.com seals crypto ETF deal with Trump Media

Crypto.com and Trump Media finalized the deal that enables the US President Donald Trump-linked firm to launch cryptocurrency exchange-traded funds (ETFs).

The trading company will assist Trump Media in introducing ETFs that focus on cryptocurrencies and securities.

According to the press release:

Crypto.com’s native coin, Cronos (CRO), displayed optimism amidst the bullish news, gaining nearly 14% on its daily timeframe.

Crypto.com and Trump Media enter a strategic alliance

While Bitcoin challenges the $90K resistance, Crypto.com made headlines with its agreement with Trump Media and Technology Group to launch crypto-related ETFs.

Notably, this comes after the duo signed a non-binding agreement in March.

Enthusiasts will access Trump Media’s ETF products via Foris Capital US LLC (Crypto.com’s broker-dealer).

The move sparked debates among online communities as it looks to bridge traditional equity markets and digital assets.

Proponents expect Trump Media to leverage its massive influence among traditional retail investors to promote the new ETHs.  

On the other hand, Crypto.com will use its licensed platforms to handle trading and technical aspects of the exchange-traded funds.

The alliance will likely elevate CRO’s status in the crypto market while propelling the entities’ dominance in mainstream finance.

Implications for the crypto sector

Crypto ETFs have dominated the monetary landscape, especially after the US approved Bitcoin exchange-traded funds in January 2024.

Meanwhile, Trump Media and Crpto.com’s alliance presents the first attempt to launch diversified cryptocurrency ETFs.

The move might magnify retail interest and offer much-needed clarity on crypto products’ position in the broader financial space.

Blending Trump Media’s market reach and Crypto.com’s regulated offerings could shift public perception of crypto ETFs, opening the doors for mainstream acceptance.

Notably, the partnership’s timing remains noteworthy.

The US braces for friendly regulations as the SEC officially welcomed pro-crypto Paul Atkins as the new chair.

Enthusiasts will watch whether Donald Trump will promote the ETFs as the entire deal confirms a substantial political undertone.

Cronos reacts

The exchange’s native coin saw a sharp jump following the announcement.

Cronos soared from a daily low of $0.08141 to $0.09266 – a 13.83% increase.

CRO trades at $0.09009 after a slight retracement from its 24-hour peak.

An over 180% uptick in daily trading volume supported Cronos’ sudden jump.

That indicates market trust in the alliance’s long-term effect on the altcoin’s growth.

CryptoReport founder believes CRO’s surge to $1 is inevitable.

That would mean an approximately 1,000% surge from the token’s current price.

Retail and institutional investors will likely accumulate the native coin as a proxy investment in the new ETFs.