Despite the closure of Crypto.com’s institutional exchanges in the US, Crypto.com Arena will continue to exist, demonstrating the company’s dedication to its name and the sports sector.
- The institutional sale was terminated as a result of deteriorating ties between cryptocurrency companies and the US Securities and Exchange Commission (SEC).
- The native coin of Crypto.com, CRO, had market swings, initially falling by about 14% but subsequently recovering about 7% of its losses.
The Los Angeles-based sports and entertainment venue Crypto.com has said that it will keep its name even after shutting down its institutional exchanges in the country. This choice was made in response to Crypto.com’s recent announcement on June 9 that it would discontinue its institutional exchange service for professional clients in the US on [1] [2] June 21. The lack of demand and the current market environment, which is impacted by the tense relationship between cryptocurrency companies and the US Securities and Exchange Commission (SEC), was mentioned by the company as reasons for the suspension of their institutional offering.
Crypto.com Shuts Down Institutional Exchange Services in the US
On June 9, Crypto.com decided to stop providing institutional exchange services in the US. On June 21, the change will become official. However, users can still access the mobile app. According to the corporation, the decision was motivated by the current market environment’s sparse institutional demand. Due to recent litigation against significant exchanges Binance and Coinbase for suspected violations of securities law, the tense relationship between cryptocurrency companies and the SEC may have contributed to the fall in demand. To ensure a smooth transition, Crypto.com guaranteed the affected institutional users that they were informed in advance.
Crypto.com Arena Retains its Name
The institutional exchange’s closure won’t impact Crypto.com Arena’s naming rights. Through an email discussion with Forbes, the business made this confirmation. The arena, which used to be called the Staples Center, is the current home of illustrious sports teams like the Los Angeles Lakers, Los Angeles Clippers, Los Angeles Kings, and Los Angeles Sparks. The choice to keep the arena’s name is evidence of Crypto.com’s continued support for the sports and entertainment sector.
Market Reaction and Token Performance
CRO, the native token of Crypto.com, saw large price swings after the announcement of the closure of the institutional exchange. It initially saw a loss of value of almost 14%, falling on June 10 from $0.05858 to $0.05074. Nevertheless, it has subsequently been able to recoup about 7% of those losses, rising to $0.05498 in the past day. The market’s reaction to Crypto.com’s institutional exchange services being shut down indicates how volatile and sensitive the cryptocurrency market is to important changes in the sector.
Partnership with CoinRoutes to Enhance Liquidity Access
Along with the closure of the institutional exchange, Crypto.com also recently disclosed the merger of its services with CoinRoutes, a company that offers smart order routing and execution services. Clients of both Crypto.com and CoinRoutes will benefit from easier access to liquidity and improved trading experiences thanks to our agreement. Crypto.com wants to simplify trading procedures and give institutions better liquidity alternatives by utilizing CoinRoutes’ experience. The collaboration demonstrates Crypto.com’s dedication to improving its infrastructure and providing institutional clients better services.
Conclusion
The company’s dedication to its brand and the sports sector is demonstrated by Crypto.com’s choice to keep the name of its Los Angeles-based sports and entertainment stadium, Crypto.com stadium, despite the closure of its institutional exchange services in the United States. Despite the shutdown of the institutional offering due to little demand and a difficult market environment, consumers can still access Crypto.com’s mobile application. CRO, the native token of Crypto.com, has fluctuated due to the market’s reaction to the news. The token has, however, shown signs of recovery during the past few hours. A further indication of Crypto.com’s commitment to improving liquidity access and trading experiences for institutional clients is the company’s cooperation with CoinRoutes. Crypto.com maintains its flexibility in responding to market demands and bolstering its position as the cryptocurrency industry develops.
