Crypto.Com Engages in a Four-Year Cryptographic Research Program with MIT

Key ideas:

  • The platform sees the Initiative as essential to building a sustainable blockchain ecosystem.
  • Crypto.com aims to become one of the top 20 brands within 3-5 years.
  • The Cronos (CRO) technical indicators are bearish with the CRO trading below the 50-day EMA.

Founded in 2016, Crypto.com offers users more than just a crypto exchange. The platform offers multiple features allowing users to earn, spend and borrow against cryptos. Cronos is the native token of the platform.

The exchange has enjoyed a lot of airtime on crypto news in recent months. Aiming to become one of the top 20 global brands within 3-5 years, Crypto.com has launched a marketing blitz through advertising and sponsorship deals.

Crypto.com recognizes that building a top 20 brand takes more than lucrative sponsorship deals and smart advertising.

On Friday, Crypto.com announced that it had pledged a four-year donation to the Digital Currency Initiative (DCI) of the Media Lab at the Massachusetts Institute of Technology (MIT).

According to the announcement,

“The donation is intended to support DCI’s research into Bitcoin (BTC) security and support the open-source development of protocols that underpin the network.”

Crypto.com went on to say,

“The giveaway is designed to support ongoing research efforts on the stability of rewards and paid software to provide strong guarantees of robustness and accuracy.”

Crypto.com sees MIT’s digital currency initiative as essential to building a “sustainable blockchain ecosystem.”

Eric Anziani, COO of Crypto.com, said:

“We are thrilled to further support blockchain research around the world with such an esteemed institution and help accelerate the world’s safe transition to using cryptocurrencies.”

For Crypto.com, this is not the first contact with academia, which also supports a secure blockchain initiative from Carnegie Mellon University. Crypto.com is a member of the Blockchain Association of Singapore. The Association collaborates with companies and universities around the world to “improve blockchain technology”.

This year, Crypto.com was a platinum sponsor of the MIT Fintech conference alongside Visa.

The platform’s native token, Cronos, currently ranks 19th on CoinMarketCap, with a market capitalization of $12,246 million.

Cronos Course (CRO)

At the time of writing, CRO was up 0.07% at $0.4045.

CRO will need to avoid sub-$0.40 to support a bullish day ahead.

Technical indicators

CRO will need to break through the $0.4052 pivot to target the first major resistance level at $0.4134. The CRO would need broader support from the crypto market to get back to the $0.41 levels.

In case of an extended rally, the CRO should test the second major resistance level at $0.4225 and the resistance at $0.4250. The third major resistance level is located at $0.4398.

Failure to pass through the pivot would bring into play the first major support level at $0.3961.

Barring an extended sell-off throughout the day, CRO should avoid the sub-$0.39. The second major support level is located at $0.3879.

Failure to pass through the pivot would bring into play support below $0.40.

The EMAs and the 4-hour candlestick chart (below) are sending a bearish signal. The CRO is currently trading below the 50-day EMA at $0.4131. This morning, the 50-day EMA pulled back from the 100-day EMA. The 100-day EMA has also pulled back from the 200-day EMA, a bearish signal.

A break through the 50-day EMA would put $0.4150 in play.

The CRO will have to go through the 50-day EMA to avoid another pullback.

Ryan H. Bowman