Crypto.com, over the past year, has garnered a number of high-profile partnerships, but these have not inflated the value of Cronos (CRO). In fact, the crypto followed the general bearish trend in the cryptocurrency market.
Crypto.com: a year of prestigious partnerships, CRO does not want it at all
One year after Matt Damon’s infamous “Fortune Favors the Brave” advertising for Crypto.com, the company has secured several major partnerships with as many advertising campaigns.
Among many others, Crypto.com acquired the naming rights to the current Crypto.com Arena in Los Angeles (LA) and sponsorships with Formula 1 (F1), Ultimate Fighting Championship (UFC), National Basketball Association (NBA) Philadelphia 76ers team, French football giant Paris Saint-Germain, Spanish football giant Atletico Madrid and Italian Serie A.
Not only that, last March it was made public that Crypto.com will be a official sponsor of the FIFA World Cup to be held in Qatar in December 2022, becoming the first crypto-trading platform to debut in the fifa world cup.
As far as advertising campaigns are concerned, among the best known is the ad featuring NBA star LeBron James which was posted during the superbowl last February, which is also part of the series “Fortune smiles on the brave”.
Another Crypto.com ad went live last March, during Oscar nightpromoting a fundraiser to support the International Red Cross and Red Crescent to help the people of Ukraine, devastated by the Russian attack.
In September, however, Crypto.com had to pull out of their five-year UEFA Champions League deal at the last minuteof which he was to be a sponsor worth more than $100 million a year.
The likely cause for this “rollback” can be traced precisely to the long “crypto winter” that has hit the cryptocurrency market in general, including Cronos (CRO).
Crypto.com: Cronos (CRO) Trend Follows Overall Downtrend
Also, over the past year, it seems that the company’s prestigious partnerships and advertising campaigns did not have a big impact on the price of the CRO after the crypto hit its all-time high.
And indeed, tracing the various stages, when the Matt Damon commercial first aired in October 2021, the CRO price was $0.21. Shortly after, with the announcement of the Staples Center naming rights purchase, the price had risen to $0.35. Then on November 24, the CRO hit its all-time high, touching $0.97.
Between October and November 2021, investors who bought on the day of the ad and sold at the top earned a 360% return.
From there, the situation for CRO and its investors then changed dramatically, following the general downtrend.
According to a user report on Reddit, Crypto.com’s timeline of significant events did not have the same impact on the price of CRO. In practice, when the FIFA World Cup sponsorship was announced, the CRO fell to $0.42.
Whereas, for example, after the announcement of Atletico Madrid sponsorship in July 2022, the CRO price was $0.11.
At the time of writing, CRO is worth $0.10. As u/gnarley_quinn pointed out, investing in Bitcoin when Matt Damon’s ad ran would have resulted in a loss of around 60%. So, although the volatility of CRO was high, the drawdown was 13% lower than that of Bitcoin over the same period.
Visa card fees
Recently, Crypto.com also had to revise its plan for Visa Midnight Blue, Ruby Steel, Royal Indigo and Jade Green cards, announcing that he will charge fees on foreign transactions that are not in Euros or Pounds.
Therefore, Visa cardholders will have to pay such fees on purchases and their ATM withdrawals from December 19, 2022.
It’s a 0.2% fee for transactions made within the EU and UK, while an additional 2% fee applies for transactions made outside of these countries.
The company clarified that these charges are only applied on amounts above the ATM free monthly limit.
Crypto.com and Visa Unveil New NFT Auction
The two companies also recently announcement the inauguration of the “Visa Masters of Movement” auction on Crypto.coma way to combine football, art and NFT as the World Cup approaches.
It’s a collection of NFTs inspired by iconic lenses marked by the five legendary footballers. Not only that, with “Visa Masters of Movement”, fans will be able to create their own custom digital art on a digitized pitch at the FIFA Fan Festival in Doha, Qatar.
All proceeds from the auction will go to UK charity ‘Street Child United’.