Crypto.Com Commits to a Four-Year Crypto Research Program with MIT
- The platform views the Initiative as critical to building a sustainable blockchain ecosystem.
- Crypto.com has a goal of becoming a top 20 brand within the next 3-5 years.
- Cronos (CRO) technical indicators are bearish, with CRO sitting below the 50-day EMA.
Founded in 2016, Crypto.com provides users with more than just a crypto exchange. The platform offers multiple features enabling users to earn, spend, and borrow against cryptos. Cronos is the platform’s native token.
The exchange has enjoyed plenty of crypto news airtime in recent months. Aiming to become a top 20 global brand within 3-5 years, Crypto.com has been on a marketing blitz through advertising and sponsorship deals.
Crypto.com recognizes that to build a top 20 brand, it takes more than lucrative sponsorship deals and clever advertising.
Crypto.Com Announces Support for New Acadmic Research
On Friday, Crypto.com announced it has committed to a four-year gift to the Digital Currency Initiative (DCI) at the Massachusetts Institute of Technology’s (MIT) Media Lab.
According to the announcement,
“The gift aims to support DCI’s research in the security of Bitcoin (BTC) and to support open-source development of protocols that underlie the network.”
Crypto.com went on to say,
“The gift is designed to support continuing research efforts into the stability of fee-based rewards and software to provide strong robustness and correctness guarantees.”
Crypto.com views MIT’s Digital Currency Initiative as critical to building a ‘sustainable blockchain ecosystem.’
Crypto.com Chief Operating Officer Eric Anziani said,
“We are excited to further support blockchain research across the globe with such an esteemed institution and help accelerate the world’s safe transition to using cryptocurrencies.”
For Crypto.com, it is not the first brush with academia, which also supports a Carnegie Mellon University Secure Blockchain Initiative. Crypto.com is a member of the Blockchain Association of Singapore. The Association collaborates with corporations and universities worldwide to ‘improve blockchain technology.’
This year, Crypto.com was a platinum sponsor of the MIT Fintech Conference alongside Visa.
The platform’s native token, Cronos, currently ranks #19 on CoinMarketCap, with a market cap of $12,246m.
Cronos (CRO) Price Action
At the time of writing, CRO was up 0.07% to $0.4045.
CRO will need to move through the $0.4052 pivot to target the First Major Resistance Level at $0.4134. CRO would need broader crypto market support the return to $0.41 levels.
In the event of an extended rally, CRO should test the Second Major Resistance Level at $0.4225 and resistance at $0.4250. The Third Major Resistance Level sits at $0.4398.
Failure to move through the pivot would bring the First Major Support Level at $0.3961 into play.
Barring an extended sell-off throughout the day, CRO should avoid sub-$0.39. The Second Major Support Level sits at $0.3879.
The EMAs and the 4-hourly candlestick chart (below) send a bearish signal. CRO currently sits below the 50-day EMA at $0.4131. This morning, the 50-day EMA pulled back from the 100-day EMA. The 100-day EMA also pulled back from the 200-day EMA, a bearish signal.
A move through the 50-day EMA would bring $0.4150 into play.