Crypto.Com is the world’s most famous cryptocurrency exchange, with headquarters located in Singapore. Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo started it in 2016, intending to speed up the world’s move to cryptocurrency.
The most prominent products of the exchange include crypto exchange, banking, and Web3 products. It has over 50 million active users, operating in over 90 countries, and almost 4,000 people are working on its operations and developments.
Initially, the company came into being with the name of Monaco, but later on, it purchased the domain “Crypto.com” in 2018 from Matt Blaze, a cryptography researcher, and professor. After the purchase transaction, the company changed the title to “crypto.com” to better represent itself in the crypto space. It is working under the umbrella of the parent company, Foris DAX, residing in Singapore, a subsidiary company of Foris DAX MT, a parent company established in Malta.
What Makes It Unique
The decentralized characteristics add extra features to the operations, while the other companies are bound to register themselves with regulatory authorities (SEC). Users can make transactions without government interference, but on the other hand, regulatory shortcomings may put investors at high risk.
Historical Developments
Kris Marszalek, Gary Or, Rafael Melo, and Bobby Bao founded the company in 2016 with the name Monaco, and the company name was changed to “crypto.com” in 2018 after buying the domain.
The company’s significant development started in 2018 when it launched a product that shipped Visa cards to people in the APAC market. The fundamental goal of the exchange is to help individuals use blockchain technology for financial solutions.
In 2019, Crypto.com expanded its global appearance and made its Visa credit cards available in the United States 2019. The company showed tremendous growth in 2020, adding millions of users using the platform and proving to be the 600th full-time employee.
It also acquired an Australian company, “The Card Group Pty Ltd,” in 2020, which has a mobile product portfolio and a prepaid payment solution for users and wearables. So this acquisition enabled Crypto.com’s access to mobile and prepaid payment solutions technology.
The exchange also purchased Nadex and The Small Exchange, Chicago-based companies, in December 2021, and the agreement enabled the expansion of business operations in the United States.
The company has witnessed massive growth during 2021-2022 and crossed 50 million users. It expended a significant budget on the advertisement to capture markets worldwide. The company purchased the rights to Staples Center in Los Angeles and paid the arena $700 million for the rights to the arena.
The Major Products
The following is a list of the significant crypto.com products:
Buy and Sell
Users can buy and sell cryptocurrencies on Crypto.com, a safe and accessible place. Individuals can buy and sell all the major digital currencies using its platform.
Grow
Customers can also stake the native tokens in the crypto.com ecosystem (CRO) and earn rewards of up to 6%. Rewards are automatically sent to the customer’s crypto wallets after seven days.
DeFi
The exchange provides decentralized wallets, which do not have control of regulatory bodies. Users benefit significantly from decentralized systems. But if users want a centralized economic system, they can also use the crypto.com app.
Ecosystem
As part of its goal to promote blockchain technology, it builds its token, CRO, and Web3 apps on the Cronos blockchain. Additionally, CRO is accessible as an ERC-20 token.
The exchange also had a service called “pay for Business,” providing payment facilities to vendors in the shape of cryptocurrencies. Customers can receive payments with complete confidentiality by using crypto wallets.
Income Source Of Crypto.com
It charges a fee for every service offered. The amount of the fee depends on the nature and volume of transactions. The subject exchange also charges percentages on visa transactions, staking, etc.
Technology Development
The exchange provided Utility Tokens in exchange for access to the Crypto.com wallet and Visa Card, along with the following benefits:
- Avail of instant crypto loans, also called crypto credit.
- Buy crypto at actual cost without any fee or charges.
- Send cryptocurrency free and instant.
- Earn interest up to 18% annually.
- Pay by using a QR code.
- Build and profitable cryptocurrency portfolio.
- All user coins are kept in a cold chain offline.
- Manage transactions and MCO visa cards.
- TLS (Transport Layer Security) provides encryption in all the services.
- Encryption is applied in all trades automatically.
- HackerOne Bounty Program.
- External audit certification.
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