Crypto.com Exchange revealed today that all institutional and VIP clients would soon have access to OTC block trading services. The new portal will allow select users to receive instant quotes for over-the-counter block trades previously handled manually. The new service will make it easier for select traders to make large-volume block trades within seconds, using a back-end quoting engine.
“We are excited to launch our OTC solution for Institutional and VIP clients, allowing them to easily execute block trades and capture market opportunities more efficiently.”
Kris Marszalek, co-founder and CEO of Crypto.com
The latest announcement comes on the back of several high-profile marketing deals recently. Last week the company revealed it secured the naming rights for the home of the LA Lakers. The $700 million deal will see the iconic Staples centre renamed the Crypto.com Arena starting December. The considerable marketing coup follows several large sponsorship deals with sporting brands, including the UFC, Formula 1 and Paris St Germain. The aggressive marketing strategy has spurred impressive growth for the crypto trading and credit card company, with more than 10 million users. As a result, Crypto.com’s native token CRO surged to a record valuation of $20 billion yesterday.
CRO Token
The daily chart shows the CRO token is amidst a parabolic price rally, increasing over 700% since June. Remarkably most of the gains have come in the last three weeks, which could leave the price vulnerable to a short-term correction.
Despite CRO pulling back -17% from yesterdays high, the Relative Strength Index reads 77, signaling the price is overbought. Therefore, CRO may experience profit-taking as the longs take money off the table. On that basis, a better entry point may materialise once the price action normalises.
Crypto.Com Coin Price
For more market insights, follow Elliott on Twitter.