Crypto.com Lists Ethereum-Based IDEX (IDEX)
Crypto.com (CRO) is a crypto platform designed to support the trading of all cryptos. The Singapore-based exchange also allows users to earn, spend, and borrow against cryptos.
In recent weeks, Crypto.com has seen plenty of news. Late last year, news hit the wires of the the exchange buying Super Bowl LVI airtime. This had followed news of Crypto.com sponsoring U.S women’s soccer team Angel City FC.
Crypto.com’s sponsorship moves form part of its ambition to become a top 20 consumer brand within the next 3-5 years. Growing in dominance within the DeFi space, the listing of cryptos on the exchange has become big news.
This week, Crypto.com announced the listing Ethereum (ETH)-based IDEX for trading. According to the announcement, Crypto.com users can “buy IDEX at true cost with USD, EUR, GBP, and 20+ fiat currencies”. IDEX becomes one of more than 250 Crypto.com supported cryptos and stablecoins.
What is IDEX?
IDEX is a hybrid-liquidity DEX, which combines attributes of centralized and decentralized exchanges to deliver users a more efficient trading experience. Instant trade execution removes the possibility of front-running and failed transactions. This then supports more advanced trading strategies.
The IDEX platform currently runs on Ethereum and Binance Smart Chain and IDEX holders can stake tokens to earn rewards.
Currently, IDEX is ranked #371 on CoinMarketCap, with a market cap of $127 million.
IDEX Price Action
2021 was a bullish year for IDEX, gaining 675% to end the year at $0.2626. The gains for the year could have been more significant, however, with IDEX sitting well short of its September ATH $1.03.
Looking ahead, much will depend on IDEX platform user numbers and trading volumes. The listing of IDEX on the Crypto.com exchange should deliver support, however.
Year-to-date, IDEX is down 21.6% to Thursday’s close, with bearish sentiment across the crypto market weighing.
At the time of writing, IDEX was down by 0.03% to $0.2030. Near-term, a move back through the current month’s high $0.2751 would bring December’s high $0.5378 into play. Breaking down resistance at $0.30 will be key, however. The inclusion of IDEX across other major crypto exchanges would support another breakout year.