The stock price of Cronos Group Inc. (CRO) has surged by 13% following the announcement of a partnership between the company and Amazon. The collaboration aims to expand the sale of Cronos’ hemp-derived products on the Amazon marketplace, which is expected to increase revenue and enhance market reach. The strong market reaction indicates the positive impact of the partnership on Cronos’ growth prospects, signaling bullish sentiments among investors. The deal also highlights the growing interest of major e-commerce companies in the hemp-based product industry, creating new opportunities for companies like Cronos in the market.
Cronos Labs Collaborates with AWS to Boost Blockchain Technology Adoption and Develop DeFi, GameFi, SocialFi, and Infrastructure Applications
Cronos Labs, a Web3 startup that focuses on DeFi and blockchain games, announced a collaboration with Amazon Web Services (AWS), a cloud computing platform provided by retail giant Amazon. As per the disclosure by AWS on LinkedIn, the partnership aims to boost the Web3 sector, develop DeFi, GameFi, SocialFi, and Infrastructure applications and to aid blockchain technology adoption. The Cronos Accelerator Program will support Web3 growth. Soon after the announcement, the native token of the ecosystem, CRO, witnessed a 13% rise.
A Breath of Fresh Air for CRO
CRO, the native token of CRO Protocol Labs (also known as Crypto.com), rose by 13% after the announcement of the partnership between AWS and Cronos Labs. The token’s 24-hour valuation stood at over $0.075 at one point. Despite the recent price surge, the token has been on a massive downfall for the past year, losing more than 81% of its value.
Amazon’s NFT Efforts
Several reports suggest that Amazon, the world’s largest online retailer, could soon launch an NFT marketplace. Dubbed the “Amazon NFT Marketplace” or “Amazon Digital Marketplace,” the platform would initially offer 15 collections that would only be available to US clients. Amazon CEO Andy Jassy hinted in 2022 that the company could sell digital art in the future. Some crypto enthusiasts expected Amazon to embrace crypto as a means of payment, but Jassy confirmed that the company has no plans to do so. Nonetheless, the potential launch of Amazon NFT Marketplace could represent a significant step forward for the NFT market.
Conclusion
The collaboration between AWS and Cronos Labs is expected to boost the growth of the Web3 sector while allowing for the development of the DeFi, GameFi, SocialFi, and Infrastructure applications. The partnership is seen as a breath of fresh air for CRO, which has been on a massive downfall for the past year. Meanwhile, the potential launch of Amazon NFT Marketplace would further contribute to the growth of the NFT market, despite the recent drop in NFT sales due to the crypto market crash and Silicon Valley Bank’s demise.