Cronos will collaborate with Crypto.com and onchain lending platform Morpho to expand decentralized finance and asset tokenization on the Cronos blockchain.
Summary
- Cronos, Morpho and Crypto.com plan to collaborate on an initiative aimed at bolstering DeFi on the Cronos chain.
- The partnership will also explore tokenization.
- Native Cronos token CRO rose amid the news, initially spiking by more than 13% to above $0.22.
Cronos Labs announced the partnership on Oct. 2, noting in a press release that Crypto.com and Morpho will help boost its blockchain ecosystem as a platform for capital-efficient lending and borrowing. The integration will go beyond expanding the decentralized finance lending. The platforms target tokenization.
Why else is the Cronos and Morpho partnership key?
The initiative also aims at scaling Cronos (CRO) as a platform for DeFi for millions of users around the world, with Morpho (MORPHO) expanding its onchain lending infrastructure beyond Ethereum.
As part of the integration, Morpho will expand its vaults into Crypto.com’s product offering.
The platforms also plan to add stablecoin lending markets, which will be backed by various wrapped assets that include Crypto.com wrapped Bitcoin and Crypto.com wrapped Ethereum. CDCBTC and CDCETH are tokenized Bitcoin and Ethereum that allow holders to participate in DeFi across other blockchain networks.
Support for Morpho Vaults on Crypto.com
The integration will also see Crypto.com integrate Morpho into its app and exchange platforms, bringing Morpho’s lending markets to more users within the CRO ecosystem.
Crypto.com also plans to explore the integration of wrapped real-world assets as collateral within Morpho’s vaults.
According to Ketat Sarakune, head of yield and asset growth at Crypto.com, launching Morpho vaults on Crypto.com will bring advanced DeFi lending opportunities to millions of users globally. The markets will tap into features such as network speed, scalability and low costs.
CRO was one of the top gaining tokens amid the news as price surged more than 13% from lows of $0.20 to above $0.22. The token traded around $0.21 at the time of writing.
Source: https://crypto.news/cronos-integrates-morpho-to-boost-defi-lending-and-tokenization/
