Why Is Crypto.com Coin (CRO) Surging Today?

Crypto.com CRO/USD traded over 8.5% higher on Sunday night among heightened interest from social media users.

What Happened: CRO traded 8.71% in the green at $0.13 at press time. The cryptocurrency has spiked 6.95% for the week. Since the year began, CRO has risen 117.36%.

Against the two largest cryptocurrencies, Bitcoin BTC/USD and Ethereum ETH/USD, CRO rose 7% and 7.89%, respectively.  

See Also: How To Buy Bitcoin (BTC)

CRO trading volumes at press time were up 39.5% at $52.85 million.

On Sunday night, on Stocktwits’ list of top ten trending streams, CRO was placed on the fourth spot.

Why It Matters: CRO is the native token of the Crypto.com Chain, which was created to build a network of cryptocurrency projects and bolster cryptocurrency as a form of payment.

This month Crypto.com became the official partner of Formula 1. The first event involving Crypto.com is slated for July 17 at Silverstone ahead of Formula 1 Pirelli British Grand Prix 2021.

Crypto.com is reportedly helping Formula 1 with non-fungible tokens or NFTs as well.

The Digital Assets Platform has also emerged as a sponsor of the Ultimate Fighting Championship or UFC this month.

Read Next: Bitcoin, Ethereum, Dogecoin Get Outperformed By Altcoins As Crypto Market Sees Mild Recovery