Crypto.com, a Hong Kong-based cryptocurrency service provider, has announced the launch of its cryptocurrency exchange today. According to Crypto.com, a service that already provides users with crypto-powered debit cards, the reason behind it joining the already crowded list of exchanges is to retain its customers, according to a report.
CEO of Crypto.com, Kris Marszalek, also expanded on the company providing various financial solutions to its users, adding that it has managed to solve the issue of user acquisition and is now working on building an ecosystem. According to the CEO, launching an exchange is the next natural step towards completing its ecosystem. In an interview, he added,
“We’ve got a lot of customers right now who use us for purchasing and storing crypto and [gaining] interest, but whenever they needed to trade in a professional environment, they would go somewhere else.”
With the exchange kicking off primarily for Crypto.com’s existing user base, it will only later be marketed to new users. The exchange has already listed nine cryptocurrencies on its platform, namely, Bitcoin [BTC], Ether [ETH], XRP, Litecoin [LTC], EOS, Stellar [XLM], Tether [USDT], MCO, and its native token, CRO.
It will provide three core trading pairs with BTC, USDT, and CRO, while offering discounts on trading fees for users who stake CRO. The exchange is offering 0.008% maker fees and 0.02% taker fees and free traders for high volume accounts. According to the CEO’s previous interviews, two things that would keep users loyal to the product or the platform are user experience and financial incentives and thus, the formation of the exchange “improves the stickiness of our product.”
Crypto.com recently expanded its Visa card program in Europe, while offering five percent crypto-cashback on everyday transactions. Following this, the company partnered with Xfers, a Singapore-based payment processing platform, to open buying and selling services in Singapore dollars. With top exchanges already in the field and many exchanges emerging every day, the CEO concluded,
“only full ecosystem players will be able to thrive over the long term. Small players will not be able to compete and will shut down.”