Crypto.com and Canary Capital Launch US Investment Fund Targeting CRO Token

Crypto.com and asset manager Canary Capital are launching a US investment fund designed to provide exposure to the Cronos blockchain's native token, CRO, the cryptocurrency exchange said in a statement.

Crypto.com and asset manager Canary Capital are launching a US investment fund to provide exposure to Cronos (CRO) on a regulated basis, the cryptocurrency exchange said in a statement on Thursday.

The Canary CRO Trust will hold the Cronos (CRO) token in a regulated fund wrapper, Crypto.com said. The trust is not an exchange-traded fund (ETF) and is only available to accredited investors.

Crypto.com is planning to launch several new products and partnerships in the coming months as part of its broader strategy for "further mainstreaming crypto," president and chief operating officer Eric Anziani said in the statement.

In March, Crypto.com teamed up with Trump Media & Technology Group, a company affiliated with former US President Donald Trump, to launch a series of Trump-branded ETFs, which will be sold to the public. One of the ETFs will invest in Cronos (CRO) tokens.

The Trump Media ETFs are still pending approval from the US Securities and Exchange Commission (SEC), which has yet to authorize any Cronos (CRO) ETFs for US trading.

Cronos ecosystem

Cronos is a layer-1 blockchain network that is affiliated with Crypto.com. The chain is designed to integrate with the Ethereum and Cosmos ecosystems and support decentralized finance (DeFi) applications, non-fungible tokens (NFTs) and other Web3 applications.

Cronos has a total value locked (TVL) of nearly $440 million, according to data from DefiLlama. Its most popular application is VVS Finance, a DeFi platform for token swaps and yield farming.

The Cronos (CRO) token has a market capitalization of roughly $880 million as of Friday, May 19, according to CoinMarketCap data.