The exchange ways are heating up as yet another cryptocurrency firm joins the race to take up Binance’s spot on the top. Crypto.com, a cryptocurrency debit card issuer, announced on Nov. 13 the company will be shifting its business model to fit an exchange platform. The company’s native token saw its price spike by 15% since the announcement.
Crypto.com Introduces Exchange Platform
According to a published post on The Block, the company’s CEO, Kris Marszalek, said the change is in an aim to retain their customers on the platform. Having built their community to over 1 million customers since launch in 2018, the company has a ready market to push through the launch of the exchange. He said,
“We already have over 1 million users on a secure platform and a customer acquisition engine. Adding full exchange functionality addresses the needs of our existing customers and keeps them within our ecosystem.”
The exchange aims to competitively enter the market offering low makers and takers fees at 0.008% and 0.02% respectively. Furthermore, large scale traders with above $100,000 USD will have no fees. The exchange will create pairs from 9 cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Eos (EOS), XRP and the company’s native token, CRO.
CRO Token Spikes against the Dollar Since the Announcement
The CRO token spiked by 14% against the dollar in the past 24 hours, as of time of writing, showing signals of testing resistance levels at $0.045 USD. The spike places the coin 25th in terms of market capitalization with a total cap of $466 million USD.
In August, Crypto.com announced a $100 million insurance fund to cover their user’s digital assets in case of theft or lost keys.