Cryptocurrency financial services provider Crypto.com has announced the launch of its own cryptocurrency exchange, with support for 9 cryptoassets.
According to a press release, the exchange will be accessible through Crypto.com’s trading API, app, and web interface. The exchange will initially support nine cryptoasset, including BTC, ETH, LTC, XLM, USDT, MCO, and its native Crypto.com Coin (CRO).
The Crypto.com Coin is set to power the cryptocurrency exchange. The firm will have 3 core pairs on the exchange, trading listed cryptoasset against BTC, CRO, and USDt. CRO token holders will have various benefits, including discounts on trading fees, priority token allocation in discounted sale events through its fundraising platform “The Syndicate” and more.
The token can also be staked for a 20% yield, the press release notes. Kris Marszalek, co-founder and CEO of Crypto.com, said:
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.
Crypto.com’s ecosystem already included a mobile wallet that can be connected to a Visa card, a cryptocurrency lending service, a Venmo-like service for payments, and a staking service, as well as the above-mentioned fundraising platform.
The new cryptocurrency exchange promises its users “deep and global liquidity,” as well as “very competitive trading fees.” The trading platform will serve Crypto.com’s one million users, which the platform managed to get thanks to its ‘Plan ₿’ campaign, in which it clarifies it believes people have a basic right to control their own money, data, and identity.
Introducing https://t.co/vCNztABJoG Exchange – Powered by $CRO, with Deep Liquidity, Low Fees and Best Execution Prices. Closed Beta starts the week of 18 Nov. https://t.co/BN8wdUzODP pic.twitter.com/F62cq4t6km
— Crypto.com (@cryptocom) November 14, 2019
The new cryptocurrency exchange will open in closed beta the week of November 18, and will enter a market riddled with competition. Other cryptocurrency firms that started off launching a wallet and added an exchange to their offering include Bitcoin.com and Blockchain.com.
Featured image by Austin Distel on Unsplash.