Crypto.com (CRO) has exceeded the 50 million user milestone globally. In less than two years, the exchange’s user base was multiplied by five thanks to an innovative and aggressive advertising effort. Despite a recent redesign of its offering, Crypto.com hopes to attract 100 million customers by the end of 2022.
Crypto.com (CRO) has 50 million users.
Crypto.com (CRO) has announced that it has reached the 50 million user mark. According to a report released by Axios media, the Singapore-based exchange’s user base has grown fivefold since the end of 2020. During the bull run, the exchange profited from a tremendous upsurge of interest in the cryptocurrency industry.
In comparison, the market leader, Binance, has 90 million users globally. Coinbase boasts 89 million clients, compared to 10 million for FTX, still in an expanding phase.
Kris Marszalek, CEO and creator of Crypto.com, told Axios that the exchange currently employs over 4,000 people. He brags about never having taken outside financing, unlike competitors like Coinbase, and claims that a lack of finances has never hindered his ambitions:
“We obviously generated a huge amount of interest, with some very generous offers, but money was not a limiting factor given the amount of revenue the business generates.”
Long term, the CEO does not rule out the possibility of accepting external capital. Crypto.com, like Coinbase, may choose to go public. Before going public on Wall Street, the business aims to diversify its revenue streams in order to better withstand “market challenges.” With this in mind, the business focuses on non-fungible tokens (NFT).
By the end of 2022, Crypto.com hopes to have 100 million users.
The exchange used an aggressive PR effort to increase its user base. At the end of last year, the platform launched an advertisement featuring actor Matt Damon. In addition, the firm has formed various collaborations with well-known sports figures, like Angel City FC in Los Angeles.
Crypto.com just debuted a new campaign titled “Bravery Is A Process.” We observe Joel Embiid, a prominent basketball player for the Philadelphia 76ers.
The announcement comes only days after Crypto.com redesigned its product to “guarantee its long-term survival.” The exchange significantly lowered the amount of cashback in CRO of its crypto-cards and the Earn savings interest rates. In response to the public criticism, the corporation changed several of its actions. Crypto.com, for example, has increased the amount of cashback available for the most expensive cards.
Users have been outraged by these modifications. Many users on social media have vowed to switch to competitors such as Plutus or Celsius. Despite consumer complaints, Kris Marszalek anticipates Crypto.com to reach 100 million customers by the end of 2022.
The exchange may depend on exclusive cooperation with FIFA to do this. The platform will be an official sponsor of the 2022 World Cup, which will be held in Qatar in November. Crypto.com expects that by broadcasting this event throughout the world, it will be able to increase its user base.
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