Crypto.com: Partnerships don’t help CRO

Crypto.com, over the past year, has collected a number of prestigious partnerships, but these have not pumped up the value of Cronos (CRO). In fact, the crypto has followed the general bearish trend of the cryptocurrency market. 

Crypto.com: a year of prestigious partnerships, CRO wants no part of it

One year after Matt Damon’s infamous “Fortune Favors the Brave” advertisement for Crypto.com, the company has forged several major partnerships with as many advertising campaigns. 

Among many, Crypto.com has acquired the naming rights to the current Crypto.com Arena in Los Angeles (LA) and sponsorships with Formula 1 (F1), the Ultimate Fighting Championship (UFC), the National Basketball Association (NBA) Philadelphia 76ers team, French soccer giant Paris Saint-Germain, Spanish soccer giant Atletico Madrid, and Italian Serie A. 

Not only that, last March, it was made public that Crypto.com will be an official sponsor of the FIFA World Cup to be held in Qatar in December 2022, becoming the first crypto-trading platform to debut at the FIFA World Cup. 

Regarding advertising campaigns, among the most famous is the commercial featuring NBA star LeBron James that went live during the Super Bowl last February, which is also part of the “Fortune Favors the Brave” series. 

Another Crypto.com commercial went live last March, during Oscar night, promoting a fundraiser to support the International Red Cross and Red Crescent to help the Ukrainian people, devastated by Russia’s attack. 

In September, however, Crypto.com had to withdraw at the last minute from its five-year agreement with the UEFA Champions League, of which it was to be a sponsor worth more than $100 million annually. 

The likely cause of this “step back” can be attributed precisely to the long “crypto winter” that has hit the cryptocurrency market in general, including Cronos (CRO). 

Crypto.com: Cronos (CRO) trend follows general bearish trend

Furthermore, over the past year, it seems that the company’s prestigious partnerships and advertising campaigns have not taken a big hit on the price of CRO after the crypto reached its all-time high. 

And indeed, retracing the various stages, while the Matt Damon commercial first aired in October 2021, the price of CRO was $0.21. Soon after, with the announcement of the Staples Center naming rights purchase, the price had risen to $0.35. Then on 24 November, CRO reached its all-time high, touching $0.97. 

Between October and November 2021, investors who bought on the day of the commercial and sold at the top earned a return of 360%.

From here on, the situation for CRO and its investors then changed dramatically, following the general bearish trend. 

According to a user’s report on Reddit, the timeline with Crypto.com’s significant events did not have the same impact on CRO’s price. In practice, during the announcement of the FIFA World Cup sponsorship, CRO fell to $0.42. 

While, for example, after the announcement of Atletico Madrid’s sponsorship in July 2022, CRO’s price was at $0.11.

At the time of writing, CRO is worth $0.10. As u/gnarley_quinn pointed out, investing in Bitcoin when the Matt Damon ad aired would have resulted in a loss of about 60%. Hence, although the volatility of CRO was high, the drawdown was 13% less than that of Bitcoin over the same period.

Fees on Visa cards

Recently, Crypto.com also had to revise its plan regarding the Midnight Blue, Ruby Steel, Royal Indigo, and Jade Green Visa cards, announcing that it will charge fees on foreign transactions that are not in euros or pounds. 

Consequently, Visa cardholders will have to pay such fees on purchases and their ATM withdrawals starting next 19 December 2022. 

This is a 0.2% fee for transactions made in the EU and the UK, while another 2% fee are for transactions made outside these countries. 

The company specified that these fees are applied only on amounts above the free monthly ATM limit. 

Crypto.com and Visa unveil new NFT auction

The two companies also recently announced the inauguration of the “Visa Masters of Movement” auction on Crypto.com, a way to combine soccer, art and NFTs in the run-up to the World Cup. 

It is a collection of NFTs inspired by the iconic goals scored by the five legendary soccer players. Not only that, with “Visa Masters of Movement,” fans will be able to create their own personalized digital art on a digitized field at the FIFA Fan Festival in Doha, Qatar. 

All proceeds from the auction will go to the British charity of “Street Child United.”