Crypto.com, a cryptocurrency trading platform, announced its plans to extend its services to margin and crypto derivatives trading, challenging the big hotshots in the field, including OKEx, Huobi, and Binance.
The announcement further confirmed the addition of new specs and features to improve the overall scalability, speed, and security of the platform.
The new key infrastructure upgrades include a reduction in fees, 10x faster trading speeds with the introduction of a new matching engine, and an order management system (OMS).
Crypto.com Introduces Crypto Derivatives
Crypto.com launched its beta exchange trading platform at the end of 2019 to cater for crypto traders with a need for speed and security for their funds. The company focuses on different aspects of the crypto ecosystem, including the issuance of crypto debit cards and custody services, but the exchange remains the critical driver of growth.
In a bid to improve the trading experience, Crypto.com added improvements. This included its matching engine – OMS – which has increased the throughput and speed by 10x; unified REST and Websocket API allowing high-frequency trading; and a new redesigned infrastructure to improve scalability, security, and eliminating the single point of failures.
CEO of Crypto.com Kris Marszalek said in response to the new improvements:
“With the enhanced performance of the exchange and new features in the pipeline, we want to eliminate any reason for users to go elsewhere and function as their trusted ‘one-stop-shop’ for their digital asset needs.”
The improvements will culminate with the launch of crypto margin trading and crypto derivatives in the latter months of the year once the test phase is complete. However, the exchange will not waiver on holding 100% of its customer’s funds in an offline cold storage wallet despite introducing new products and the need for liquidity on the exchange.
To celebrate the changes, Crypto.com is offering users up to 50% in trading fee discounts, a 2% deposit interest rate, and 0% trading fees for new users.
A Challenge for Crypto.com?
Crypto.com was launched back in 2016 as Monaco, a crypto debit card company, offering MCO tokens as incentives.
However, with the growth of the crypto industry, the company switched to a fully-fledged exchange, raising $100 million in Q3 2019 to offer crypto insurance. The insurance pool has since grown to over $360 million from its 2 million customers across the world.
Now, the company is aiming to compete with the largest companies in the crypto futures business, including Huobi, OKEx, Binance, and BitMEX. They control billions of dollars in the BTC futures market.