In a nutshell: Cryptocurrencies as a whole may be experiencing a dip, but you wouldn’t know it based on the latest user numbers from one popular crypto exchange. Singapore-based exchange Crypto.com told Axios that it now has over 50 million users. That’s more than five times the number of users the exchange had when it last shared stats in late 2020.
Better yet, CEO CEO Kris Marszalek told the publication he expects to reach 100 million users by the end of this year. Marszalek’s company is a bit unique in the space in that they’ve never taken an outside investment.
“We’ve obviously had a tremendous amount of interest, with some very generous offers, but cash hasn’t been a limiting factor given the amount of revenue the company produces,” the executive said.
Crypto.com isn’t averse to eventually accepting funding or even going public, but Marszalek said he would prefer the company be in a better position to withstand market pressures before doing an IPO. Part of getting there involves diversifying its revenue stream, which is primarily made up of fees from trades today.
The exchange has been busy building mindshare as of late. In July 2021, Crypto.com partnered with the UFC to become its official fight kit brand partner. A few months later, the exchange bought the naming rights to the Staples Center in Los Angeles in a deal that lasts for two decades.
Crypto.com is also the title sponsor of this weekend’s Formula 1 Grand Prix in Miami and will be a sponsor of the FIFA World Cup this summer.
Image credit: Worldspectrum
