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CRO, the native token for the Cronos blockchain, has seen a remarkable 47% increase this week. This development has gained attention from investors and the wider cryptocurrency community.
This price rise comes amid an overall boost in the market, but the main reason for this growth hinges on a major announcement from Cronos Labs.
Cronos Labs Expands Partnership with Google Cloud
According to a blog post, the blockchain firm announced a new partnership with Google Cloud. This partnership adds credibility and is expected to accelerate technology and community growth.
Cronos Labs has made Google the main cloud provider for Cronos and its ecosystem. This collaboration will strengthen its role in the blockchain industry. Notably, the partnership will focus on four key areas.
Firstly, Google Cloud will now serve as a Cronos validator. Validators are important in blockchain networks because they verify and secure transactions, helping to maintain the protocol’s integrity.
With Google Cloud as a validator, Cronos will gain enhanced security and operational stability that few other cloud providers can offer. Meanwhile, some of the contributors to the ecosystem include Crypto.com, Ubisoft, Excision, and Blockdaemon, amongst other validators.
Likewise, Cronos Labs intends to use Google Cloud’s cutting-edge infrastructure to attain a new level of performance and accessibility. To achieve this, it will use Google Cloud’s infrastructure and AI tools.
Undoubtedly, Google’s AI and machine learning knowledge can introduce new features for Cronos. These features could create fresh opportunities for developers and users, advancing blockchain technology.
More Benefit In the Mix
Furthermore, Cronos and Google Cloud are working together to help developers use their platforms by focusing on AI and blockchain.
The duo plans to combine Google’s Cloud services with blockchain knowledge. This partnership aims to make it easier for developers to innovate.
With Google Cloud’s help, developers can simplify complicated development tasks and build, test, and launch applications on the Cronos network.
This strategy could draw developers from other fields, helping to grow the Cronos ecosystem and support long-term development. The partnership also include the Cronos Accelerator Program, which helps startups.
This program gives early-stage blockchain projects access to resources, mentorship, and funding. With support from Google Cloud, these startups can use one of the world’s most powerful cloud infrastructures.
Recall that the Cronos zkEVM public mainnet (alpha) launch took place in mid-August. This marked a significant milestone for the project’s growth calendar. In addition, the Company tied up with some launch partners, including Pyth Network, Earn Network, and Zyfi.
Price Surge and Market Outlook
After a drastic fall from $1 to $0.048 in the past few weeks, the price is in outperformance mode. CRO price has soared by over 18%, and trading by $0.111 in 24 hours amid broader market optimism and the Google Cloud partnership.
The coin’s trading volume comes in at $170.59 Million up 451.28% as of writing. According to analysts, the price of the Cronos token could reach up to $0.165 by the end of 2024. While the price has positive hype as of now, intermittent rebound cannot be ruled out.