Crypto.com, a financial services provider based in Hong Kong, has launched a new cryptocurrency exchange that will allow people to sell, buy and trade up to nine different cryptocurrencies.
Crypto.com Brings a Whole New Side to Trading
The Crypto.com platform has greatly expanded over the previous year. Customers can attach their digital wallets to Visa cards so they can quickly purchase crypto or add new coins to their stashes. The company also offers staking rewards, allowing people to earn potential interest on their holdings.
Kris Marszalek, CEO of Crypto.com, says that launching a cryptocurrency exchange was the “natural” next step for a company that wants to be as big as Crypto.com does. He comments:
Launching an exchange is the natural next step that allows us to complete our ecosystem play. For us, it’s about closing the loop. We’ve got a lot of customer right now who use us for purchasing and storing crypto and [gaining] interest, but whenever they needed to trade in a professional environment, they would go somewhere else.
Professional cryptocurrency trading platforms are all the rage as of late, with many analysts claiming that bringing institutional – or more professional – traders onboard the digital money train will somehow make the cryptocurrency space much more legitimate and mainstream. A big example of an institutional platform is Bakkt, which made its official debut in late September.
While Bakkt initially failed to attract investors, it has since grown over time to rake in more than $2 million in bitcoin futures contracts trades. Thus, professional traders would certainly seem intrigued by what crypto has to offer.
Crypto.com presently serves more than one million people. Marszalek says that the exchange will be used primarily to attract new traders to the Crypto.com family. At press time, the currencies available for purchase and trade on the exchange include bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), EOS (EOS) and Stellar Lumens (XLM).
In addition, the exchange is offering a special staking program that will allow individuals who sign up early to avoid any subsequent trading fees. To do this, customers must stake CRO, the native digital coin of Crypto.com. Marszalek explains:
There are always two things to think about, here. One is the user experience and how you design it. It needs to be smooth and effortless. The second one is the financial incentives.
Building Leads to Benefits
Marszalek further stated that he’s convinced another big bull run is coming for bitcoin, but that only companies with a wide array of crypto-based products are likely to benefit from it. He says:
Obviously, exchanges are a very competitive market, but if you take an in-depth look, [there are] probably less than ten exchanges [that] make any sense whatsoever in terms of how they operate and their security standards.
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