The host of YouTube channel Coin Bureau is predicting that the native coin of a digital asset marketplace could become the biggest crypto exchange token.
In a new video, the analyst known as Guy tells his 1.65 million subscribers that Crypto.com’s brand recognition is already giving its coin, CRO, an edge over other exchange tokens as the firm aggressively promotes its platform. Earlier this month, the Singapore-based company struck a $700 million deal to rename the Staples Center, the home of the Los Angeles Lakers and Los Angeles Clippers, to Crypto.com Arena.
Guy also talks about the fundamentals of CRO, which he says can drive the value of the coin to $1, marking a potential increase of over 44% from its current price of $0.69.
“CRO also has a lot of demand drivers due to its utility in the Crypto.com ecosystem. Now that CRO belongs to a blockchain with smart contract functionality, this additional dimension of demand might be enough to take CRO to a dollar before the current crypto bull market is over.”
The Coin Bureau host also mentions CRO’s numerous use cases within the Crypto.com ecosystem.
“Crypto.com offers a suite of crypto-related products and services, including trading, lending, borrowing, staking, DeFi (decentralized finance), wallets and payments, while its most famous product is probably its metal crypto Visa debit cards.
Almost all of Crypto.com’s components involve CRO. To give a few examples, CRO is required to purchase those aforementioned Visa debit cards. It can be staked for additional yield, and it also offers trading discounts on the Crypto.com exchange.”
Crypto.com announced earlier this year that it will destroy 70 billion CRO tokens. According to Guy, about 60 billion CRO coins were already burned.
“The remaining $10 billion CRO tokens are ‘locked in a smart contract and they will be burned monthly as they are unlocked.’”
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Think_About_Life