Crypto.com (CRO) has just passed the 50 million user mark worldwide. Thanks to an ambitious and aggressive advertising campaign, the exchange has managed to multiply its user base by 5 in less than 2 years. Crypto.com aims to reach 100 million customers by the end of 2022, despite the recent overhaul of its offer.
Crypto.com (CRO) passes 50 million user mark
Crypto.com (CRO) announces it has passed the 50 million user mark. In an article published by the media outlet Axios, the Singapore-based exchange claims that its number of users has increased fivefold compared to the end of 2020. The exchange benefited from a strong resurgence of interest in the cryptocurrency sector during the bull run.
By comparison, Binance, the market leader, has 90 million users worldwide. Coinbase, meanwhile, claims 89 million customers, compared to 10 million for FTX, the fast-growing exchange.
Kris Marszalek, CEO and founder of Crypto.com, told Axios that the exchange now employs over 4,000 people. He is pleased that he has never received outside investment, unlike rivals such as Coinbase, and asserts that a lack of funds has never limited his ambitions:
In the long run, the leader does not rule out the possibility of accepting investments from outside. As a mirror image of Coinbase, Crypto.com could also opt for an IPO. Before going public, the company wants to diversify its sources of revenue in order to better resist “market pressures”. To this end, the firm is investing in non-fungible tokens (NFTs), among other things.
Crypto.com aims for 100 million users by the end of 2022
To increase its user base, the exchange relied on an aggressive communication campaign. In particular, the platform produced an advertising clip featuring the actor Matt Damon at the end of last year. The company has also forged several partnerships with big names in the sports world, including Los Angeles’ Angel City FC.
Most recently, Crypto.com unveiled a new ad entitled “Bravery Is A Process”. The ad features Joel Embiid, the famous basketball player who is part of the Philadelphia 76ers club
Welcome to CROFam @JoelEmbiid
Now more than ever,
Fortune Favors the BraveFFTB pic.twitter.com/eHAbGvmEAx– Crypto.com (@cryptocom) May 6, 2022
The announcement comes days after Crypto.com made a major overhaul of its offering to “ensure its long-term sustainability”. Among other things, the exchange has reduced the amount of CRO cashback on its crypto-cards and the interest rates on Earn savings. In response to the outcry, the company reversed some of its decisions. Crypto.com has, for example, increased the cashback amount for the highest-end cards.
These changes have provoked the anger of users. On social networks, many users have threatened to turn to the competition, such as Plutus or Celsius. Despite the grumbling from users, Kris Marszalek expects Crypto.com to pass the 100 million customer mark by the end of 2022.
To achieve this, the exchange can count on an exclusive partnership with FIFA. The platform will be one of the official sponsors of the 2022 World Cup, which will take place in Qatar in November. Crypto.com hopes that this event, which will be broadcast worldwide, will help it to increase its user base.
