Insights

Here’s Why Cronos Is Soaring Today

What happened

Cryptocurrency Cronos (CRYPTO: CRO) soared on Tuesday after an upgrade to its blockchain mainnet was announced on Monday. As of 1:30 p.m. ET, Cronos was up 13% over the previous 24-hour period, according to CoinMarketCap.

So what

Crypto.com created Cronos Chain — a blockchain used to exchange cryptocurrencies, earn yield, and even make purchases via Crypto.com’s prepaid debit card. Cronos is its native cryptocurrency that allows users to access many of Crypto.com’s features.

A little after 10 p.m. ET tonight, the Cronos Chain mainnet is scheduled for an upgrade. The developers warn that users won’t be able to withdraw or deposit Cronos and other cryptocurrencies to Crypto.com’s exchange while the upgrade is happening. However, trading will still be available.

Now what

According to Cronos Chain’s developers, the blockchain’s upgrade is intended to provide “greater network scalability and improvements to the system.” And those things are certainly important when you consider that it’s competing with larger exchanges like Binance and Coinbase Global in this space.

Crypto.com is expecting outsize growth for years to come. In November, it secured a $700 million deal to rename Los Angeles’ Staples Center as Crypto.com Arena for the next 20 years.

So far, those growth ambitions seem to be panning out. According to CronoScan, Cronos Chain had about 260,000 unique wallet address at the start of the year. As of yesterday, there were over 882,000 unique addresses — up almost 240% in seven months. If it continues to experience this kind of growth, then today might not be the last time the developers need to address scalability.

Jon Quast has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Coinbase Global, Inc. The Motley Fool has a disclosure policy.

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