Crypto.com is exiting the public beta testing of its cryptocurrency exchange, which allows users to trade digital assets through its web interface, trading API, and native app.
Also, the exchange claims it successfully completed its security assessment and tested all functions, and thus, will progressively launch with full capacity in all markets where Crypto.com App is available.
The crypto debit card issuer launched its exchange in private beta nearly nine months ago in an attempt to retain the platform’s existing customers. The trading venue initially supported nine tokens including BTC, ETH, XRP, EOS and the project’s native token CRO.
Since then, Crypto.com underwent external penetration testing, threat modelling through to risk control reviews, as well as external tests and a threat modelling exercise to ensure the completeness of security controls.
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Crypto.com CEO, Kris Marszalek said earlier that his company already has more than 1 million users that were acquired from other products it offers, such as crypto-related Visa cards, wallet and portfolio building services.
As such, the challenge was to retain them by building an ecosystem in which the existing users are willing to stay. To further sweeten the offering, Crypto.com obtained a policy of $100 million through a global insurance marketplace that covers users’ digital assets held in their accounts with the cryptocurrency and payment platform. The unnamed insurer offers a crime insurance product that safeguards offline storage accounts, known as cold wallets, against theft or direct loss.
“To celebrate this milestone, Crypto.com is pleased to present another Bitcoin Syndicate Special, featuring BTC at 50% off with USD$2M allocation. This event will commence on Tuesday, 8 September 2020, 6AM UTC on the Crypto.com Exchange,” the Hong Kong-headquartered startup said.
Founded in 2016, Crypto.com launched its initial coin offering (ICO) in May 2017 after a year working on its offering that included a range of products aimed at promoting the adoption of cryptocurrencies on a wider scale. The payments and card provider, formerly known as Monaco, also offers customers the option to fund their crypto wallets via EUR bank transfers from accounts in the Single Euro Payments Area (SEPA).