Crypto.com announced the launch of a new exchange on Thursday to add to the Hong Kong-based company’s list of crypto services.
According to a press release, the exchange will open to beta testers on November 18 and to the general public in December. The three-year-old company also unveiled a fundraising platform for crypto startups.
The new exchange, previously known for issuing custody wallets and crypto-enabled debit cards, strengthens CEO and co-founder Kris Marszalek’s vision to create full-service experiences for his one million wallet owners. Marszalek said the launch was tactical – necessary for the future of Crypto.com.
“In the next bull run, companies that manage to build an entire ecosystem will certainly be successful,” he said. “It is very difficult for a company that only offers one type of product to compete with companies with a much wider distribution that cover every use case.”
At the start, the exchange is offering three trading pairs that bring together CRO – Crypto.com Token – Tether (USDT) and Bitcoin (BTC) against BTC, Ether (ETH), Stern (XLM), XRP, EOS, Litecoin (LTC). , MCO, CRO and USDT. The company expects more assets to be added over time.
There are also plans to expand user access points. While the exchange is exclusively available at launch via the desktop, mobile users who already access Crypto.com’s other services via a consolidated app will receive app access in early 2020.
Also on Thursday, a blockchain fundraising platform called The Syndicate was launched, which gives project builders the ability to raise capital while maintaining equity, Marszalek said. Digital asset issuers are making a certain number of their tokens available to Crypto.com for a discounted presale available to holders of the exchange’s native coin, CRO.
“It’s a win-win situation,” said Marszalek. “We are giving the entire proceeds from such a token sale back to the project so that they have a little capital from this exercise.”
The exchange will also add margin trading in 2020. Marszalek said other expansions may also bring a crypto-backed “credit / debit card hybrid” to market.
Each works with Marszalek’s broader goal: to build a Crypto.com ecosystem that is so extensive and “sticky” that new users will sign up – and the old ones will stay.
“We think we got through to customer acquisition and stickiness of the product before we started the exchange,” said Marszalek. “This is the absolute key element.”
Kris Marszalek Image via Flickr / RISE
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