Crypto.com Expanding Services Aims to Be A Top Exchange
Founded in 2016, Crypto.com was primarily known for launching its MCO debit cards that could be topped up with cryptocurrencies. These debit cards were standard Visa debit cards that would be accepted nearly anywhere.
Later, Crypto.com launched a successful ICO in 2017 which raised the equivalent of $26,700,000. Shortly afterwards more services were unveiled several other services. This included a cryptocurrency wallet, their own blockchain, and Crypto Invest. A credit or lending platform is also being developed.
Seeing the different services already being offered by crypto.com, their announcement today seemed like a natural progression.
Rolling Out the Crypto.com Exchange
Introducing https://t.co/vCNztABJoG Exchange - Powered by $CRO, with Deep Liquidity, Low Fees and Best Execution Prices. Closed Beta starts the week of 18 Nov. https://t.co/BN8wdUzODP pic.twitter.com/F62cq4t6kmâ Crypto.com (@cryptocom) November 14, 2019
A live beta for Crypto.com's exchange will be available starting November 18th. User interested in signing up for the closed beta can do so here. The exchange will support BTC, ETH, XRP, LTC, EOS, XLM, USDT, CRO, and MCO across 3 core pairs: BTC, CRO, USDT, with more coins added in the future.
Like some other exchanges, Crypto.com will have a dedicated IEO launchpad called "The Syndicate". CRO token holders will receive priority token allocation. A unique aspect of Crypto.com is their staking program which awards users with a 20% yield that stake their CRO tokens.
Kris Marszalek, Co-founder and CEO of Crypto.com said: "We have 1+ million users on the Crypto.com platform today, the best crypto debit card in the market covering Asia, US, and Europeâ weâre the trusted brand that sets industry standards in terms of security and compliance. Launching an exchange is the natural next step that allows us to complete our ecosystem play. I strongly believe that only companies that built entire ecosystems will thrive during the next bull market."
While Marszalek might be right about having a good ecosystem, the world of exchanges is highly competitive. Crypto.com will have to compete with some serious innovative exchanges such as Binance and Huobi. Should Crypto.com continue innovating, they could put up a fight with some of the bigger exchanges.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado