Crypto.com Launches New Exchange Eyeing Top-10 Spot Within 5 Years

Published at: Nov. 14, 2019

Hong Kong-based cryptocurrency platform, Crypto.com, announced the launch of its cryptocurrency exchange on Nov. 14. 

The Crypto.com Exchange is intended to drive the mass adoption of cryptocurrencies by enabling over one million users the ability to trade digital assets through the Crypto.com web interface, trading API, or through its app.

“Creating an exchange has been a natural extension and next step to ensure that everything stays in our own ecosystem,” Kris Marszalek, co-founder and CEO of Crypto.com, told Cointelegraph at BlockShow Singapore 2019.

Notable features of the Crypto.com Exchange include liquidity, competitive trading fees, institutional-grade custody and security, and intuitive experience through what Crypto.com says is a very easy-to-use interface.

9 cryptocurrencies supported

Although Crypto.com already has over one million users and is one of the first cryptocurrency companies to have obtained the CryptoCurrency Security Standard requirements, Marszalek noted that the next challenge is to onboard users.

“The Crypto.com platform is trusted, secure and has never been hacked. The success rate for the new exchange is high due to these factors. Now, we have to onboard users, which we plan to do by generating activity from our retail platform,” said Marszalek.

While the Crypto.com exchange will initially support popular cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), EOS, XLM, MCO and USDT. 

Meanwhile, the platform will be powered by the Crypto.com Coin (CRO). This native digital token will provide additional utility and benefits to users including liquidity, low fees and better execution prices.

For example, CRO staking will provide users with up to 100% discounts on trading fees. Also, new digital assets will be listed on the exchange through “The Syndicate,” which is a Crypto.com fundraising platform.

“CRO holders will receive propriety token allocation. We will also sell every new coin on the exchange at 50 percent off. The exchange won’t charge listing fees and will give users cash back for whatever they sell,” said Marszalek.

Moreover, to increase the liquidity of the CRO coin before the mainnet launch, it will be paired with all coins listed on the Crypto.com Exchange.

Building influence through an exchange

While Marszalek mentioned that he once had doubts about launching an exchange due to the high number of cryptocurrency exchanges already in the space, he now views an exchange as a necessary component for growing the influence of Crypto.com.

“Not only is an exchange a proven revenue model — it’s also where most of the value occurs in the entire crypto ecosystem today. I’m not saying that it will be like this forever, but today having an exchange is a must,” Marszalek explained. He continued:

“I was also against launching an exchange before we had a customer acquisition strategy. Launching an exchange isn’t difficult, but what do you do afterward is.”

Marszalek is confident that the Crypto.com Exchange will thrive, as the company has already met compliance regulations and has a large user base.

“We are assuming it will be easy for us to break into the top 10 exchanges in the next 5 years or so. We have a systematic way to grind our way to the top,” he said.

Crypto.com Exchange is currently in a closed beta phase and will be open to the public in December 2019.

Tags
Bitcoin
Cryptocurrency Exchange
Related Posts
Bullish Bitcoin newsflow gives bulls a boost ahead of Friday's $565M options expiry
On Friday, June 11, a total of $565 million in Bitcoin (BTC) options are set to expire. This is significant because the last couple of weeks have been a massive deception for bulls. After all, the price was struggling to sustain the $33,000 support. However, an unexpected bullish turn of events led to an 18.5% hike from the $31,000 low on June 8 to $38,491 today. This strong move saved the bulls because any level below $34,000 would have wiped 98% of the current call (buy) options. Who saved the day? First, MicroStrategy, a publicly-traded company that holds over $3.2 …
Bitcoin / June 10, 2021
Altcoins notch triple-digit gains as Bitcoin price pushes toward $60K
If this past weekend is any indication of the current bull market cycle, then an altcoin season may be well underway. Similar to previous cycles, after Bitcoin (BTC) makes a significant run-up in price and then enters a consolidation period, funds begin to migrate into large and small market cap altcoins. Data from Cointelegraph Markets and TradingView shows that while Bitcoin traded in a range between $57,000 and $60,200 over the past week, multiple altcoins saw double-digit gains as exchange listings and protocol developments brought a new wave of enthusiasm and trading volume for select projects. Tron ecosystem leads the …
Blockchain / April 6, 2021
Cryptocurrency Price Trends Could Signal End of Bear Market, Says Binance Research
Bitcoin (BTC) prices and altcoin prices could have already hit their lowest point, new analysis from cryptocurrency exchange Binance concluded on April 11. In the latest edition of its research bulletins, the exchange’s dedicated analytics arm, Binance Research, investigated various current phenomena and trends within cryptocurrency markets. Among them was correlation between Bitcoin and altcoin prices, data from 2014-2019 confirming that the 90 days to mid-March represented the longest period of high correlation in market history. According to historical behavior, such periods tend to trigger trend reversals. The 90 days to mid-March incorporated Bitcoin’s drop from $6,500 to around $3,100, …
Bitcoin / April 14, 2019
WSJ: $88.6 Million in Illicit Funds Funneled Through Cryptocurrency Exchanges
A recent Wall Street Journal investigation has found that $88.6 million in ill-gotten funds have been funneled through 46 cryptocurrency exchanges, the WSJ reported September 28. $9 million of the suspect funds reportedly went through crypto exchange ShapeShift. ShapeShift is a Switzerland-based digital currency exchange that was formed in 2014 by Erik Voorhees. Unlike other trading platforms, ShapeShift allows users to anonymously trade Bitcoin (BTC), which police can track, but can not identify the individual behind the transaction. To conduct its investigation of crypto money laundering, WSJ reportedly developed a computer program that tracked funds from over 2,500 suspected investment …
Bitcoin / Sept. 28, 2018
Price analysis 9/2: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB
Nonfarm payrolls rose by 315,000 jobs in August, down from the July increase of 526,000 jobs. The report was just below the Dow Jones estimate of 318,000 jobs and the slowest monthly gain since April 2021. The S&P 500 rose in response to the report, but later erased its gains, indicating that bears continue to sell on rallies. That may be because the U.S. dollar index (DXY), which had retreated from its Sept.1 20-year high, recovered part of its losses. The bears will have to pull the DXY lower to boost prices of stocks and the cryptocurrency markets as both …
Bitcoin / Sept. 2, 2022