Crypto.com boasts 100 million global users despite a halt in venture capital investments.
Crypto.com, a cryptocurrency exchange based in Singapore, has announced that it has reached a major milestone of 100 million users worldwide. The company attributes this achievement to its successful marketing campaign, including the release of its latest brand film titled “Fortune Favors the Brave.”
According to Crypto.com CEO Kris Marszlek, the user base has doubled since the first Formula 1 Crypto.com Miami Grand Prix in May 2022. Marszalek credits the company’s engaging campaigns and partnerships for this significant growth.
Despite the decreased activity of its venture arm, Crypto.com Capital, the exchange has managed to attract a large number of users. It is reported that the firm has made only four deals since the beginning of 2023, compared to 35 in the previous two years. Marszalek acknowledges the reduction in funding activities but emphasizes the need for caution in light of the generous valuations being proposed by project teams.
However, Crypto.com still lags behind its main competitors, Coinbase and Binance, which have over 110 million and 170 million users, respectively. Although the company has obtained licenses for global expansion, including one from Dubai’s regulator, it has encountered challenges in other markets.
In May, the Dutch central bank, De Nederlandsche Bank (DNB), imposed a €2,850,000 fine on Foris DAX MT, Crypto.com’s parent company, for violating local anti-money laundering and anti-terrorist financing laws. Despite this setback, Crypto.com reassures its users that the issue has been resolved and has no impact on its current operations or services.
Additionally, the company decided to postpone its expansion into South Korea in April due to a money-laundering probe. A spokesperson for Crypto.com emphasizes the company’s commitment to the highest anti-money laundering standards and states that the delay is to ensure compliance and transparency with Korean authorities.
In related news, Crypto.com is set to become the preferred exchange for PayPal USD, further solidifying its position in the cryptocurrency market.
