Chapter 4: Crypto.com
Crypto.com is a cryptocurrency exchange company that operates out of Singapore. It provides a variety of financial services, such as an app, exchange, and noncustodial DeFi wallet, as well as an NFT marketplace and a direct payment service in bitcoin. There were supposedly 4,000 employees working for the company as of June 2023, and the corporation had 100 million users.
There are four people: Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo.
The user base of Crypto.com rose from 10 million users in the beginning of 2021 to 100 million users by the middle of 2024, while the company's headcount eventually surpassed 4,000 people. With regard to sponsorships and marketing endeavors, Crypto.com was successful in securing the naming rights for the Staples Center, which is now known as the Crypto.com Arena, through a twenty-year agreement that was valued at seven hundred million dollars. Additionally, the company collaborated with the soccer club Paris Saint-Germain F.C. and recruited actor Matt Damon to serve as a brand ambassador.
The company was initially established in Hong Kong in 2016 under the name "Monaco" by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo. As a result of the acquisition of a domain name that was previously owned by cryptography researcher and professor Matt Blaze, the company changed its name to Crypto.com in the year 2018. Domain sellers estimated that the domain was worth between $5 and $10 million in the United States.
Foris DAX Asia, a corporation established in Singapore that is a subsidiary of Foris DAX MT (Malta) Limited, is the entity that is responsible for the operation of Crypto.com.
In February 2021, the company announced that it had 10 million users. By May 2022, the company reported that it had more than 50 million active users, and by June 2023, it had 80 million members.
In January of 2022, Crypto.com was the target of a cyberattack that resulted in the theft of fifteen million dollars' worth of Ether. The company halted withdrawals after receiving reports from a few users that their accounts had been subject to suspicious behavior. Afterwards, withdrawal services were brought back online, and the corporation issued a statement confirming that no customer monies had been misplaced.
According to a story that was published on August 18, 2022, Crypto.com had been secretly laying off hundreds of people, which was an increase from the first layoff of 5% that had occurred in June. This was owing to the decline in the cryptocurrency market. By October 10, 2022, it was revealed that Crypto.com had terminated the employment of over 2,000 employees since May, which accounted for approximately thirty to forty percent of their workforce. This was a result of the decline in the cryptocurrency industry.
Cronos, the token used by the partnership exchange, experienced a value decline of around one billion dollars in November of 2022. The drop was triggered in part by worries that arose after the collapse of FTX. It was revealed that the management team of FTX had used its native token, FTT, to prop up the balance sheet of a sister firm, and they were also accused of engaging in other fraudulent actions. On November 14th, Marszalek, the Chief Executive Officer of the company, gave users the assurance that the exchange was operating normally.
Crypto.com made the announcement on June 9, 2023, that it intended to close its institutional exchange in the United States by June 21, 2023, citing the low demand from large financial institutions as the reason for the decision. There was no impact on the primary retail trading service provided by the corporation. It was speculated that the Crypto.com Arena in Los Angeles might be renamed as a result of the shift; however, the firm denied that this would be the case.
For the purpose of acquiring an Australian Financial Service License, Crypto.com completed the acquisition of The Card Group Pty Ltd in December of 2020. The Foreign Investment Review Board of Australia gave its blessing to this acquisition, which made it possible for Crypto.com to function within the requirements of Australia's regulatory frameworks.
An deal to sell and buy Nadex, an online exchange based in the United States that focuses on retail and is regulated by the Commodity Futures Trading Commission (CFTC), and the Small Exchange, which is known for selling simpler futures products, was executed by Crypto.com in December of 2021. After getting a Wells notice from the United States Securities and Exchange Commission in October 2024, Crypto.com proceeded to initiate a lawsuit against the government.
A partnership between Crypto.com and Deutsche Bank was established in December 2024, with the intention of providing corporate banking services in Singapore, Australia, and Hong Kong. Mastercard and Crypto.com worked together to boost the use of digital payment methods in the Gulf Cooperation Council region.
In the latter part of that month, Crypto.com became the title sponsor of the Crypto.com Showdown, which was a golf match between PGA Tour players Rory McIlroy and Scottie Scheffler and LIV Golf players Bryson DeChambeau and Brooks Koepka. This match was the first event to offer a cryptocurrency purse.
Additionally, in the year 2025, the exchange introduced services for advanced traders and institutional traders in the United States. Trading for stocks and exchange-traded funds (ETFs) was launched later that year.
During the month of January 2025, Crypto.com was granted a Markets in Crypto Assets (MiCA) Licence and began offering services to expert traders and institutional investors in the continental United States.
The trading of equities and exchange-traded funds (ETFs) was allowed to begin on the market in February of 2025.
The services offered by Crypto.com consist of an application, an exchange, a wallet, and a marketplace for NFTs.
They entered into a partnership with Shopify in May 2022, which enabled businesses that utilize the e-commerce platform to accept payments in bitcoin instead of traditional currencies.
In the month of October 2021, Crypto.com made the decision to hire actor Matt Damon to serve as the company's brand ambassador.
Aston Martin Cognizant Formula One Team became Crypto.com's sponsor in March of 2021. Crypto.com is a cryptocurrency exchange. At the end of the Coppa Italia soccer cup competition in Italy in May of 2021, Crypto.com became the official sponsor of the event.
Formula One made the announcement in June 2021 that it has signed a sponsorship contract with Crypto.com worth one hundred million dollars. This was the first cryptocurrency sponsorship in the sport. Additionally, a new award was presented as part of this agreement, which also featured branding at Formula One events.
In July of 2021, Crypto.com became the official fight kit partner of the Ultimate Fighting Championship (UFC). This partnership included prominent branding on UFC fight kits that participants wore while competing.
In September of 2021, the company obtained the status of being the official cryptocurrency platform for the football club Paris Saint-Germain F.C. One of the aspects of the agreement was the distribution of non-fungible tokens that were exclusive to Crypto.com's NFT platform.
The Philadelphia 76ers made the announcement that Crypto.com would be one of their official jersey patch partners in September of 2021.
In a transaction that lasted for twenty years and was estimated to be worth seven hundred million dollars, the firm purchased the naming rights to the Staples Center in Los Angeles in November 2021 and made the decision to rename it Crypto.com Arena.
Concurrently, Crypto.com made the announcement that it has entered into a sponsorship agreement with CONMEBOL, so becoming an official partner of the Copa Libertadores, which is the most prestigious soccer championship in Latin America.
The relationship between the company and the LeBron James Family Foundation was announced at the beginning of 2022. The purpose of the partnership was to give educational tools that were centered on blockchain-related themes to children attending the I Promise School in Akron, Ohio. In March of 2022, Crypto.com entered into a contract with FIFA to become an official sponsor of the 2022 FIFA World Cup. This was done with the intention of expanding Crypto.com's global reach.
The Australian Football League (AFL) entered into a partnership with Crypto.com in the month of November 2022.
Twitter was the medium through which artist Eminem advertised the Crypto.com exchange in April of 2024. A game of the NBA Playoffs was played at the Crypto.com Arena, and he also gave the voice-over for the advertisement, which made its debut on television during the game.
Following the signing of sponsorships with FIFA, Formula One, and the Ultimate Fighting Championship, Crypto.com entered into a contract with UEFA to become official sponsors of the UEFA Champions League and the UEFA Super Cup. This move was made in order to expand the company's global reach.
The Foreign Money Services Business (MSB) registrations that Crypto.com has with FINTRAC in Canada and FinCEN in the United States are for the purpose of ensuring that the company is in compliance with anti-money laundering regulations. In addition, the firm is able to function as a supplier of payment and virtual asset services because it possesses Money Transmitter Licenses in...
