Crypto.com, a well-known cryptocurrency market, has reached a major milestone: it has had more than 100 million users worldwide since its launch in 2016. Even though venture capital (VC) activity has slowed, the platform’s user base has grown gradually thanks to smart marketing and key partnerships.
This user rise is partly due to the exchange’s recent branding efforts, such as the release of the “Fortune Favors the Brave” brand film. Cryptocurrency market says in a blog post from May 6 that the number of people using it has doubled since the first Formula 1 Crypto.com Miami Grand Prix in May 2022. The CEO of Crypto.com, Kris Marszalek, agrees with the success and says it was due to effective campaigns and smart partnerships.
Crypto.com Hits 100 Million
But while cryptocurrency market’s venture capital part, Crypto.com Capital, is slowing down, the company is still growing very quickly. According to new reports, the company has been less busy in venture capital deals lately. Since the start of 2023, only four deals have been recorded, compared to 35 in the two years before that. Marszalek agrees that there has been less funding because people worry about the market’s overvalued properties.
Even though Crypto.com has 100 million users, it is still not as well-known as its main rivals, Coinbase and Binance, which have more than 110 million and 170 million users, respectively. Crypto.com has licenses to expand worldwide, including approval from Dubai’s regulatory officials, but there are still problems in some markets.
The Dutch central bank, De Nederlandsche Bank (DNB), fined Foris DAX MT, the parent company of Crypto.com, a huge €2,850,000 in mid-May for breaking local laws against money laundering and funding for terrorism. A representative said they were disappointed but reassured everyone that the problem has been fixed and won’t affect current services or operations.
Also, Crypto.com put off entering the South Korean market in April because of rumors of an investigation into money theft. The company again says that it is committed to the highest anti-money laundering compliance and openness standards. They say that the choice to delay the launch was made to ensure that their rules would align with those of the Korean government.
