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Crypto.com

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Crypto.com
TypePrivate company
IndustryFinancial services
FoundedJune 2016; 6 years ago (2016-06)
FoundersBobby Bao
Gary Or
Kris Marszalek
Rafael Melo
Headquarters
1 Raffles Quay, #25-01 Singapore 048583[1]
ProductsCryptocurrency exchange, cryptocurrencies
Number of employees
4,000 (2022)
Websitecrypto.com

Crypto.com is a cryptocurrency exchange company based in Singapore. As of 2022, the company has 50 million customers and 4,000 employees.[2] The platform's official Cryptocurrency is Cronos.[3]

History

The company was initially founded in Hong Kong[4] by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo in 2016 as "Monaco".[5] In 2018, the company was renamed as Crypto.com following a purchase of a domain owned by cryptography researcher and professor Matt Blaze. Domain sellers valued the domain at US$5–10 million.[6][7]

Crypto.com is operated by Foris DAX Asia, a Singapore-based company[8] that's a subsidiary of Foris DAX MT (Malta) Limited.[citation needed]

In January 2022, Crypto.com was the victim of a hack totaling US$15 million in stolen Ether. After some users reported suspicious activity on their accounts, the company paused withdrawals. Withdrawal services were later restored alongside a statement from the company that no customer funds were lost.[9]

In August 2022, Crypto.com acquired two South Korean startups - the payment service provider PnLink Co., Ltd and the virtual asset service provider OK-BIT Co., Ltd.[10]

On August 18, 2022, it was reported that Crypto.com had been quietly letting go of hundreds of employees, beyond its initial 5% layoff in June, due to the downturn in the cryptocurrency market.[11]

Products

Crypto.com’s products focus on providing consumers a variety of cryptocurrency-based financial services, including:

  • Crypto.com App, which allows users to buy and sell different cryptocurrencies.[12]
  • Crypto.com Exchange, the company’s platform for institutional traders.[13]
  • Crypto.com DeFi wallet, a non-custodial wallet which lets users hold crypto assets and earn interest on them.[14]
  • Crypto.com NFT is a marketplace for collecting and trading nonfungible tokens.[15]
  • Crypto.com Pay allows users to send and receive payments directly in cryptocurrency.[16]
  • The Crypto.com Visa Card, a payment card launched in 2017 that allows users to convert cryptocurrencies into fiat currencies for purchases at retailers accepting Visa.[17]

Partnerships

Over the years the company has developed a number of partnerships. In April 2021, they partnered with TIME (magazine) to accept cryptocurrency for subscriptions.[18] And, in May 2022, they partnered with Shopify to give businesses across the e-commerce platform the ability to accept payments in cryptocurrency, including Bitcoin, Ether, and USD Coin.[19] The company which had 10 million users in February 2021, reported more than 50 million active users as of May 2022.[20]

In early 2022, the company announced a partnership with the LeBron James Family Foundation to provide educational resources focused on blockchain-related topics to students of the I Promise School in Akron, Ohio.[21]

Sponsorships

Crypto.com has sponsorship deals with the car racing championship Formula One, the Italian association football league Serie A, the MMA promotion UFC,[22] the French football team Paris Saint-Germain F.C., the American NBA basketball team the Philadelphia 76ers,[23] the Canadian NHL ice hockey team the Montreal Canadiens,[24] and the charity organization Water.org.[25] The Water.org partnership included signing its co-founder, actor Matt Damon, to serve as Crypto.com's brand ambassador.[26]

In November 2021, the company acquired the naming rights to Los Angeles's Staples Center, renaming it Crypto.com Arena in a 20-year deal reported to be valued at US$700 million.[24][27]

In March 2022, the company became a sponsor for the 2022 FIFA World Cup in Qatar.[28]

See also

References

  1. ^ "Foris DAX Asia Pte. Ltd.'s Privacy Notice". Crypto.com. 30 July 2021.
  2. ^ Primack, Dan (2022-05-06). "Exclusive: Crypto.com passes the 50 million user mark". Axios. Retrieved 2022-05-07.
  3. ^ "What is Cronos?". crypto.com. Retrieved 2022-06-21.
  4. ^ Lang, Hannah (February 14, 2022). "How Crypto.com is betting big on sports partnerships to reach a billion users". Reuters.
  5. ^ Kaur, Jaspreet (November 17, 2021). "Who Owns Crypto.com, As Staples Center Re-Named in Landmark Deal?". hitc.com. Retrieved January 1, 2022.
  6. ^ Robertson, Adi (July 6, 2018). "Crypto.com, the multimillion-dollar cryptography domain whose owner refused to sell, has been sold". The Verge. Retrieved January 1, 2022.
  7. ^ Szalay, Eva; Germano, Sara; Grimes, Christopher (November 20, 2021). "Rise of Crypto.com: from university blog to home of the LA Lakers". Financial Times. Retrieved January 1, 2022.
  8. ^ "Singapore clamps down on ads for 'highly risky' crypto trading". Nikkei Asia. Retrieved 2022-02-04.
  9. ^ Lau, Yvonne (January 18, 2022). "Crypto.com says 'all funds are safe' after alleged hack, but analysis shows $15 million of Ether is gone". Fortune. Archived from the original on January 18, 2022. Retrieved January 19, 2022.
  10. ^ "Crypto.com enters South Korea via acquisitions". TechCrunch. Retrieved 2022-08-09.
  11. ^ "Crypto.com laid off 260 employees — then quietly let go of hundreds more". The Verge. Retrieved 2022-08-19.
  12. ^ Witt, Steven (May 19, 2022). GQ https://www.gq.com/story/crypto-dot-com-explained. Retrieved August 10, 2022. {{cite web}}: Missing or empty |title= (help)
  13. ^ Sabrina Toppa (March 16, 2022). "Crypto.com Unveils Exchange in the U.S." TheStreet. Retrieved 2022-08-29.
  14. ^ "7 Best Crypto Wallets of August 2022". Money. August 5, 2022.
  15. ^ Takahashi, Dean (September 1, 2021). "Heavy Metal teams up with Crypto.com to create collectible NFTs". VentureBeat.
  16. ^ Miranda Marquit (June 2, 2022). "Crypto.com Review [2022]: An Exchange that Does It All?". Yahoo! Finance. Retrieved August 10, 2022.
  17. ^ Akhtar, Tanzeel (March 18, 2021). "Crypto.com Expanding Payment Card to Australia After Becoming Visa Principal Member".
  18. ^ Hurst, Dale (April 19, 2021). "TIME Magazine Now Accepting Crypto for Subscriptions".
  19. ^ Gladwin, Ryan (May 17, 2022). "Why Shopify is doubling down on crypto—even after the crash". Fast Company.
  20. ^ Chipolina, Scott; Agini, Samuel; Oliver, Joshua; Germano, Sarah (May 26, 2022). "Crypto and sports bet on winning combination to woo fans". The Financial Times.
  21. ^ Kelly, Dylan (January 29, 2022). "LeBron James' Foundation Partners With Crypto.com to Provide Blockchain-Related Education". Hypebeast. Retrieved August 18, 2022.
  22. ^ "UFC AND CRYPTO.COM ANNOUNCE HISTORIC PARTNERSHIP". UFC. July 7, 2021. Retrieved August 2, 2022.
  23. ^ Rosen, Lauren (September 21, 2021). "76ers, Crypto.com Announce Jersey Patch Partnership". Sixers.com (Press release). NBA Media Ventures, LLC. Retrieved September 23, 2021.{{cite press release}}: CS1 maint: url-status (link)
  24. ^ a b "Staples Center to become Crypto.com Arena in reported $700 million naming rights deal". ESPN. November 16, 2021. Retrieved November 17, 2021.
  25. ^ Conway, Jeff. "Matt Damon announces Water.org partnership with Crypto.com". forbes.com. Retrieved January 11, 2022.
  26. ^ Bhasin, Kim (October 28, 2021). "Matt Damon is the Face of Crypto.com". Bloomberg. Archived from the original on 2021-10-28.
  27. ^ Hirtenstein, Anna (November 17, 2021). "Staples Center in L.A. to Be Renamed Crypto.com Arena". Wall Street Journal. Retrieved November 18, 2021.
  28. ^ "Crypto.com unveiled as FIFA World Cup Qatar 2022 Official Sponsor". FIFA. March 22, 2022. Retrieved March 29, 2022.