Crypto.com exchange's user count has increased fivefold since late 2020

Shawn Knight

Posts: 14,127   +154
Staff member
In a nutshell: Cryptocurrencies as a whole may be experiencing a dip, but you wouldn't know it based on the latest user numbers from one popular crypto exchange. Singapore-based exchange Crypto.com told Axios that it now has over 50 million users. That's more than five times the number of users the exchange had when it last shared stats in late 2020.

Better yet, CEO CEO Kris Marszalek told the publication he expects to reach 100 million users by the end of this year. Marszalek's company is a bit unique in the space in that they've never taken an outside investment.

"We've obviously had a tremendous amount of interest, with some very generous offers, but cash hasn't been a limiting factor given the amount of revenue the company produces," the executive said.

Crypto.com isn't averse to eventually accepting funding or even going public, but Marszalek said he would prefer the company be in a better position to withstand market pressures before doing an IPO. Part of getting there involves diversifying its revenue stream, which is primarily made up of fees from trades today.

The exchange has been busy building mindshare as of late. In July 2021, Crypto.com partnered with the UFC to become its official fight kit brand partner. A few months later, the exchange bought the naming rights to the Staples Center in Los Angeles in a deal that lasts for two decades.

Crypto.com is also the title sponsor of this weekend's Formula 1 Grand Prix in Miami and will be a sponsor of the FIFA World Cup this summer.

Image credit: Worldspectrum

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Dimitriid

Posts: 2,203   +4,239
Shouldn't be surprising: They're the "dump" part of pump & dump: somebody has to cash in to cash out the Thiels of the world.
 

Fearghast

Posts: 511   +422
Is this a commercial?
Most likely not meant that way, as they do report increases of user base for other services as well.

The timing is pretty much perfect as a few days ago I saw an article somewhere how Crypto.com changed their policy regarding cards and as a result their users crashed CRO -20% value or something like that.
 
D

Dd663

Crypto is just a scam and doomed to disappear. Anyone who wants my 0.00 Bitcoin can take it off my hands.
 

Beerfloat

Posts: 506   +964
Their commissions are quite high to compensate. Also, only support app and no web interface last I looked. Not great.
 

lufkin

Posts: 9   +14
Waiting for the normal crew to comment on how crypto is just a scam and doomed to disappear... Anyone who believes that by the way - I'll take any bitcoin/etherium you own off your hands :)

They just dont get it do they. it's rather sad but I guess its why some evolve and others get left behind. They join a tech page and then cry about something that is a new tech because they dont understand it.
 

Beerfloat

Posts: 506   +964
They just dont get it do they. it's rather sad but I guess its why some evolve and others get left behind. They join a tech page and then cry about something that is a new tech because they dont understand it.

Could you imagine someone not touching it exactly because they do in fact understand it?