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CRO Spikes 13% Following a Partnership Between Amazon and Cronos

CRO Spikes 13% Following a Partnership Between Amazon and Cronos

Amazon Web Services (AWS) has partnered with Cronos Labs, a Web3 startup focused on DeFi and blockchain games, to collaborate on the development of Infrastructure applications, GameFi, SocialFi, and DeFi while boosting blockchain technology adoption in the Web3 sector. Shortly after the announcement, the native token of the web3 ecosystem, CRO, climbed by 13%.

A Breath of Fresh Air for CRO

Cronos Labs also shared the partnership on Twitter to support the growth of Web3 via its Cronos Accelerator Program.

The announcement caused a simultaneous surge in the native token of CRO Protocol Labs (also known as Crypto.com). The token price shot up to over $0.075, 13% more than its valuation 24 hours prior. Despite the recent price increase, the coin has lost more than 81% of its value in the past year.

Amazon’s NFT Efforts

Reports suggest that Amazon may soon launch an NFT marketplace called “Amazon NFT Marketplace” or “Amazon Digital Marketplace” that will offer 15 collections initially available only to US clients. CEO Andy Jassy hinted at this possibility in 2022, stating Amazon could sell digital art in the future. However, last year’s crypto market crash led to a diminished interest in digital collectibles so that NFT sales tumbled to a 16-month low following the FTX demise in November. In March this year, the collapse of Silicon Valley Bank (SVB) dropped the NFT trading volume by over 50%.

While some have speculated that Amazon intends to accept cryptocurrencies like Bitcoin as a payment method to accelerate the adoption of digital assets, CEO Jassy reiterated that Amazon has no plans to embrace crypto as a means of payment and does not hold any BTC.