Crypto.com is a comprehensive platform that offers a wide range of financial services related to cryptocurrencies. Founded in 2016, Crypto.com has quickly become one of the most popular and trusted names in the crypto industry. The company’s mission is to put cryptocurrencies in every wallet and to make it easy for people to access, use and trade cryptocurrencies.
Crypto.com offers a platform that provides users with the ability to buy, sell, and store cryptocurrencies such as Bitcoin, Ethereum, and other popular digital assets. The platform also offers a debit card that can be used anywhere Mastercard is accepted, making it possible for users to spend their cryptocurrencies in the real world.
In addition to its exchange and debit card services, Crypto.com also provides a range of other financial services including savings accounts, loans, and wealth management solutions. These services are designed to help users maximize their investments and get the most out of their cryptocurrencies.
In May 2022, Crypto.com partnered with Shopify to allow businesses which use the e-commerce platform to accept payments in cryptocurrency.
One of the key advantages of Crypto.com is its commitment to security. The platform uses advanced security measures such as two-factor authentication, SSL encryption, and multi-sig technology to protect users’ funds and personal information. Crypto.com also provides insurance coverage for users’ digital assets, ensuring that they are protected against loss or theft.
Overall, Crypto.com is a one-stop-shop for all things cryptocurrency. Whether you are a seasoned crypto trader or new to the world of digital assets, Crypto.com offers a user-friendly platform that makes it easy to access, use and trade cryptocurrencies. If you’re looking for a trusted and reliable platform for all your crypto needs, Crypto.com is definitely worth considering.
History of Crypto.com
The company was initially founded in Hong Kong by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo in 2016 as “Monaco”. 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.
Crypto.com is operated by Foris DAX Asia, a Singapore-based company that’s a subsidiary of Foris DAX MT (Malta) Limited.
The company which had 10 million users in February 2021, reported more than 50 million active users as of May 2022.
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.
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.
By October 10, 2022, it was reported that Crypto.com had laid off over 2,000 employees (reportedly 30% to 40% of their staff) since May, due to the cryptocurrency market downturn.
In November 2022, the exchange’s token, Cronos, lost approximately $1 billion in value. The decline was caused in part due to concerns after the collapse of FTX, whose executive team was revealed to have used its native token, FTT, to prop up the balance sheet of a sister company and to have allegedly engaged in other fraudulent behaviors. On 14 November, Marszalek, the firm’s CEO, assured users that the exchange was functioning as normal.
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