CRO rallied by over 18% on the news of ETF inclusion

The price of Cronos (CRO) went vertical after the asset was mentioned in the new ETF filing portfolio. Truth Social, Trump’s media company, filed for a new blue chip ETF, combining BTC, ETH, XRP, and CRO. CRO rallied by over 18% on the news of its inclusion in the upcoming ETF by Truth Social. It turned into the top trending token during the relatively slow summer market. CRO became the hottest token for the day, rallying to a one-week high with over 18% in daily gains. | Source: Coingecko The Trump media company announced a recent filing with the US Securities and Exchange Commission for a new Blue Chip ETF. The filing arrives just days after Truth Social announced it started the process for its first ETF, combining BTC and ETH. The actual launch of the ETF depends on regulatory approval, and we are still awaiting a 19b-4 filing with the SEC. The ETF will eventually start trading on NYSE Arca, sponsored by Yorkville America Digital. CRO rises on news of custody service for the ETF The CRO token, native to the Crypto.com platform, rallied by over 15% within hours to trade at $0.094, a one-week peak. CRO rallied after months of sideways trading based on its inclusion in the ETF. The asset has relatively niche markets, lacking a Binance listing. Instead, CRO relies on Upbit and Bitget for the bulk of its trading volumes. CRO will have a 5% weight in the ETF, where BTC will carry 70% of the value, with 15% for ETH, 8$ for SOL, and only 2% for XRP. Despite this, the Crypto.com ecosystem will be key for the new blue-chip fund. SOL and XRP did not react to the news, as their markets were much more liquid. The CRO market is also an anomaly, as the token relies on the Korean won for over 47% of its trading activity. Over 25% of CRO trading is against the US dollar, with another 22% against USDT. In addition to using CRO as part of the ETF basket, Crypto.com would serve as a custodian for all crypto assets. With this move, Truth Social breaks the usual format of ETF custody, which often relies on the Coinbase infrastructure of cold wallets. The platform, which offers a mix of services, including a wallet, payment cards, Web3 services, trading, and even stock investments, will be part of the ETF strategy. The platform will be the prime execution agent for crypto trades, as well as a staking and liquidity provider. Truth Social partnered with Cronos back in March Trump Media Group announced its partnership with Cronos and the Crypto.com ecosystem back in March. The social media company mentioned plans for launching an ETF, though the role of Crypto.com has only become clearer. The choice of CRO as an ETF asset follows the moves of World Liberty Fi to partner with relatively old crypto projects. Cronos and Crypto.com raised doubts after deciding to re-issue 70% of the supply, despite the previous claims that the tokens would be burned forever. Trump’s crypto company, World Liberty Fi, does not own any CRO in its portfolio, as it focuses mostly on the Ethereum ecosystem. However, the token’s rapid market reaction raised skepticism and doubts about potential insider trading. Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now

Source: Cryptopolitan