Amazon Web Services, the cloud computing subsidiary of e-commerce giant Amazon, on Wednesday announced a partnership with Cronos, deepening its roots in the crypto space. Amazon keeps expanding its presence in the crypto, blockchain, Web3, and NFT areas considering major advancements in the future. Traders immediately reacted to the announcement, with Cronos (CRO) price skyrocketing 8% in just an hour.

The CRO price is currently trading at $0.075, up over 15% in the last 24 hours. According to the Wall Street Journal, the FDIC receivership of First Republic Bank is to likely come this weekend. Moreover, banks including JPMorgan Chase & Co and PNC Financial Services are already preparing to buy First Republic Bank following the closure by the government. Some Wall Street experts revealed that First Republic Bank is not the last to collapse as government agencies looking at four to five banks could fail in the coming months. Big banks including JPMorgan and PNC tried to prevent problems at First Republic Bank in March by providing a $30 billion deposit. However, the bank has failed to prevent continued withdrawals of deposits. The Fed has already printed almost $400 billion to save banks from collapse.