Cryptocurrency has seen its fair share of ups and downs with the world still struggling to adopt it. This is largely due to cryptocurrency trading being complicated and cumbersome. In addition to that, mainstream banks and markets are not ready to accept cryptocurrency yet either as it doesn’t really have a good track record of being a stable currency.
To combat one of those major issues, Crypto.com has been working on a unified exchange for cryptocurrency. Today, the company has finally launched its very own Cryptocurrency Exchange. According to Crypto.com, this launch will help with making a “significant step forward in its mission to accelerate the world’s adoption of cryptocurrency.
What is the Crypto.com Cryptocurrency Exchange all about?
Crypto.com has accumulated over 1 million users on its platform over the past 3 years. The company has been trying to bring cryptocurrency to the mainstream for quite some time. The opening of this exchange is just another step towards their vision of ‘cryptocurrency in every wallet’.
The Crypto.com exchange will allow its users to trade their digital assets on a liquid and secure platform in the market. As these are the two biggest concerns when it comes to trading cryptocurrency, Crypto.com hopes that the new exchange will help with mitigating some of those fears.
In addition to security and liquidity, the Crypto.com exchange also introduces an easy-to-understand web interface, trading API and an app. All these things, paired with low fees for both individual and corporate customers will surely help with elevating cryptocurrency to the mainstream.
What benefits does the Cryptocurrency Exchange provide?
Crypto.com already has a wide range of features that help with using your cryptocurrency in a secure and fluid manner. With the Exchange, the company hopes to expand on those features and provide an even easier trading experience for the mainstream market.
Here’s the official statement from Kris Marszalek, the CEO of Crypto.com:
“We have 1+ million users on the Crypto.com platform today, the best Crypto Debit card in the market covering Asia, US, and Europe – we’re the trusted brand that sets industry standards in terms of security and compliance. Launching an exchange is the natural next step that allows us to complete our ecosystem play. I strongly believe that only companies that built entire ecosystems will thrive during the next bull market.”
Here are some of the main features of the Crypto.com Exchange:
- Deep and Global Liquidity: The proprietary Vortex Liquidity Engine by Crypto.com makes sure that customers always have free access to the best execution prices and deep liquidity pools, making things as fluid and intuitive as possible.
- Competitive Trading Fees: High trading fees have always plagued cryptocurrency trading. Crypto.com Exchange hopes to fix that with Typical API trading account fees at only 0.008% maker and 0.02% taker. In addition to that, high volume accounts will be able to trade for free (after Volume and CRO Staking discounts).
- Institutional Grade Custody & Security: Another big problem with trading cryptocurrency is making sure that all of your transactions are secure. Crypto.com Exchange tries to put those fears behind as well thanks to its ISO Certification 27001:2013, PCI DSS (Level 1), CCSS (Level 3) Compliance and Ledger Vault Partnership.
Which Cryptocurrencies does Crypto.com Exchange support?
While there are plans for expansion later on, the initial bunch of supported Cryptocurrencies on the Exchange is still pretty impressive. Initially, the Crypto.com Exchange will support the following digital assets:
The Exchange will support all of these across 3 core pairs: BTC, CRO, and USDT. However, the company does hope to add other cryptocurrencies to the mix with time.
In addition to that, Crypto.com’s own cryptocurrency called Crypto.com Coin (CRO) will power the Exchange with extra utility and benefits:
- Stake, Save and Earn: With CRO trading, customers will be able to earn some very generous discounts on their trading fees, that can go as high as 100%. Furthermore, the CRO that customers stake on Crypto.com Exchange will also yield 20% p.a. You can learn more about it here.
- Priority Token Allocation in Discounted Sale Events: When new digital assets arrive on the Crypto.com Exchange, they will be listed on it through ‘The Syndicate’, which is a fundraising platform. CRO holders will get priority token allocation for the sale events of such assets. Learn more about it here.
- CRO Trading Pairs: CRO will also be paired with all of the coins that are listed on the Crypto.com Exchange. This will help with increasing the liquidity of CRO ahead of Mainnet launch. In addition to that, it will also allow low-spread settlement of cross-currency transactions.
You can learn more about the enhanced CRO Utility and Ecosystem right here.
How to sign up for the Beta?
The Crypto.com Exchange will go live in closed beta next week, beginning from November 18. Currently, users can register to become a part of their beta program. After the beta version has been thoroughly tested, the Exchange will eventually launch in all of the markets where the Crypto.com app is available. The public launch process, thus, will begin in early December.
You can sign up for the Crypto.com Exchange beta right here.