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Crypto.com Receives In-principal Approval From MAS for Its Crypto License

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Crypto.com received approval from the Monetary Authority of Singapore to function and provide its services. Three further in-principle approvals have been given by Singapore for its highly sought-after digital payment token (DPT) license, which enables businesses to provide digital assets services.

The Monetary Authority of Singapore (MAS) did not identify the applicants, but the well-known cryptocurrency exchange Crypto.com later revealed that it was one of the recipients in a press release. The license will allow the exchange to establish its services in Singapore.

Deputy Prime Minister Heng Swee Keat made the announcement on Wednesday (Jun 22) in a speech in which he reaffirmed Singapore’s intention to collaborate with blockchain and digital asset players.

The news comes amidst Crypto.com laying off 5% of employees

As of the end of May, MAS had received 196 applications. There are now 108 applications being reviewed; 3 have been declined, and 74 have been withdrawn. Coinhako, DBS Vickers, a trading firm, and Triple-A, a supplier of cryptocurrency payments, are among the licensees.

Heng said that by supporting the benefits of Web3 while minimizing its drawbacks, authorities and the fintech sector would work together to build the ecosystem responsibly.

“We are committed to partner innovative and responsible players to grow the Web 3.0 ecosystem and community in Singapore.”

Heng Swee Keat

Heng’s remarks follow a digital asset market collapse that has caused some firms to go into financial trouble. Policymakers throughout the world have indicated an interest in making their nations into crypto hubs as interest in Web3 technology is at an all-time high.

The role of Singapore as a global hub for Web3 has come under scrutiny in recent months as complaints about how simple it is to get a license have grown. Some people in the sector have suggested Dubai as a more cryptocurrency-friendly option because of its aspirations to become a Web3 hub.

Crypto.com Grabs Sponsorship Deal For FIFA World Cup 2022

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Singapore-based digital asset exchange Crypto.com has landed its biggest deal as the official sponsor of FIFA World Cup Qatar 2022 for an undisclosed amount. This was announced by the global soccer association body in their latest press release.

Besides being an exclusive crypto platform, it would stand to benefit from the significant branding exposure both within and outside the tournament’s stadiums, the statement read.

Founded in 2016, Crypto.com is touted to be the world’s fastest-growing cryptocurrency platform with more than 10 million customers and has over 4,000 employees across its offices in the Americas, Europe, and Asia.

Speaking on the landmark deal, Kay Madati, FIFA’s Chief Commercial Officer stated,

“We are delighted to have a global brand like Crypto.com join us as a sponsor of the exciting and groundbreaking FIFA World Cup in Qatar, ultimately helping to grow our beautiful game on a global scale.”

Kris Marszalek, Co-founder and Chief Executive Officer of Crypto.com said the collaboration would drive further awareness of the firm globally. “Through our partnership with FIFA, we will continue to use our platform in innovative ways so that Crypto.com can power the future of world-class sports and fan experiences around the world,” he added.

Crypto.com have poured millions of dollars into sports sponsorships

Several Cryptocurrency companies have taken the sports world by storm in 2021. Crypto.com in particular has plowed over $1 billion into sports-related deals pushing major players such as Coinbase and Binance to the corner.

The Singaporean exchange grabbed headlines in Nov. when it bought the naming rights to the iconic Staples Center in Los Angeles, renaming it the Crypto.com Arena. The historic 20-year deal was secured for a whopping $700 million. In July, last year, the platform inked a 10-year, $175 million agreement to sponsor the Ultimate Fighting Championship [UFC]. 

After two months, Crypto.com secured another deal to be the official jersey patch sponsor of the Philadelphia 76ers. While the specifics of the contract were not disclosed, the six-year sponsorship is estimated to be worth eight figures annually.

As covered by TronWeekly, the trading platform forged several high-profile partnerships including a collaboration with basketball superstar Lebron James of the Los Angeles Lakers for a Super Bowl ad featuring the legend himself.

Crypto.com Expands Its Offering Into US Market; More Details

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Singaporean crypto exchange Crypto.com has now made its grand entry as it prepares the initial rollout of its services to users in the United States. Based on an announcement post on its website, the trading platform revealed that it is already open to waitlisted users, and would incorporate more clients in the coming months.

In accordance with the blog, VIP users will have access to events, rewards, and market insights. Moreover, the trading platform promised to provide these users access to exclusive forums. At the moment, those features can only be used by selected institutional investors. But assured others that they are working to make it available to more people very soon.

Elated on the launch, Kris Marszalek, the CEO of the platform said,

“We are excited to be expanding our offering for professional traders to the U.S. Crypto.com Exchange will support U.S. institutional investors through this initial launch phase. We are looking forward to rolling it out to everyone as soon as possible.”

Crypto.com Massive Marketing Push

The crypto exchange had embarked on a string of aggressive marketing efforts, last year. The platform has invested $100 million in the campaign, which covered more than 20 countries and ran for “several months.” Entitled “Fortune Favors the Brave”, the ad starred Hollywood biggie Matt Damon and is directed by Oscar-winning cinematographer Wally Pfister.

The privately-owned Singapore firm has managed to seep into the mind of everyday Americans by betting high on sports advertising. As a matter of fact, Super Bowl advertising reaches around 100 million viewers. Utilizing this strategy, the platform demonstrated its marketing prowess with a commercial on Sunday’s Super Bowl and a $700 million deal last year to rename the Staples Center in Los Angeles as the Crypto.com Arena.

Not only that, the trading platform went on a series of high-profile partnerships including one announced last month with basketball superstar Lebron James of the Los Angeles Lakers, who will play their home games at the Crypto.com Arena. Its Super Bowl ad featured James telling a younger version of himself: “If you want to make history, you gotta call your own shots.”

LeBron James partners up with Crypto.com to provide crypto & blockchain education program

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NBA star LeBron James and the LeBron James Family Foundation (LJFF) teamed up with Crypto.com to promote educational and professional development opportunities centered on Web3. Crypto.com announced through their tweet:

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Constructing on a solid platform of educational empowerment, the collaboration will enable students and families linked to the I PROMISE program access to the tools and educational services required to engage and succeed in building Web3, the future of the internet.

This initiative will help Akron kids around 1600 in number to learn about crypto, how it works, the technology that drives it, and all the ways it will impact their lives and potential career paths in the future.

James told the Beacon Journal: “It’s been amazing to see how many doors we’ve been able to open for my I Promise students and their families through the work we do with our partners and what we’re building with House Three Thirty,”. “It’s important to me that we keep opening those doors – especially when it comes to Web3 and our digital future.

“I’m still learning as everything keeps evolving, and now with Crypto.com, I want to make sure my kids and families are part of that as well.”

All about Lebron’s I Promise foundation

LJFF helps more than 1,500 kids and their whole families by giving them the essential resources, wraparound supports, and family programs they need for success in school and beyond. In 2018, the foundation worked with Akron Public Schools to embed all of its family-first programs and academic interventions into the pioneering I PROMISE School, producing a new paradigm for urban public education.

Lebron james 1

The foundation has layered in additional services, including higher education and family assistance at the I PROMISE Institute, temporary housing at the I PROMISE Village, longer-term housing at the future I PROMISE Housing, and various hands-on supports in between. These life-changing materials, paired with the foundation “We Are Family” attitude, redefine what a family and community look like.

Good initiative to teach them young

Primary education and awareness about cryptocurrency are mandatory. With the growing demand and acceptance of cryptocurrency and blockchain technology, those who stay unaware stay left out of the crowd. This initiative is a significant step that should urge other institutions, foundations, and schools to make crypto a compulsory subject.

Crypto.com plans to double-down on its investments, appoints its new GP

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Crypto.com Capital, the venture arm of Crypto.com has announced its plan to expand its investment fund as it appoints former TechCrunch journalist Jon Russell as the fund’s General Partner [GP]. Revealing the same in the blog dated 17 January 2022, the investment firm added that Russell comes with 10 years experience as a technology journalist, which includes stints with leading online news firm TechCrunch and subscription media startup The Ken.

The $200 million funds were launched back in March 2021 to invest in promising early-stage startups that have the potential to bring the digital asset ecosystem to one billion users. As per the blog post, Crypto.com Capital has over 10 million users through products such as a Visa debit card, trading exchange, and NFT platform.

The fund is spearheaded by Crypto.com co-founder Bobby Bao and it targets seed and Series A deals in categories including the metaverse, blockchain gaming, NFTs, and DeFi. As stated in the blog, it has completed over 20 deals and its portfolio of companies consists of the likes of Efinity, Genies, DeBank, Alethea AI, YGG SEA, and Matter Labs. Speaking on the occasion, Bobby Bao said,

Crypto.com Capital is not even one year old, but already we work hand-in-hand with dozens of world-class founders and we want to find more. Adding Jon to the team is a statement of intent to double down and grow the web3 ecosystem.  

Crypto.com is the most ambitious company- Jon Russell

Its new General Partner, Jon Russell termed Crypto.com to be ‘the most ambitious company in web3. He further went on to add that the firm’s capital fund brings a very ‘unique advantage to help the world’s best web3 founders and startups to realize their potential.’

Having said that, It’s not uncommon for crypto firms to move into venture capital. Recently Bahamian trading platform FTX launched a new venture unit, called FTX Ventures, and hired Amy Wu, the former exec at Lightspeed, to lead the fund. In 2021, more than 1,700 venture capital deals enable many crypto startups, projects, and protocols to reap over $25 billion in funds. Several prominent venture firms like Paradigm and a16z had also launched new multi-billion venture funds last year.

Close fight between CRO and SHIB for the 12th position

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With a surge in price and market capitalization by more than 7% and 15%, respectively in the past 24 hours, Crypto.com Coin (CRO) has gained the 12th position in the world’s top-20 cryptocurrencies in terms of market capitalization. The coin has replaced Shiba Inu (SHIB) which has now slipped to the 13th position.

CRO took over SHIB recently but around 9 AM GMT+5:30, the SHIB regained its rank. But SHIB couldn’t survive for long in front of the burning heat of CRO. SHIB has slipped by 41% in the last 30 days after rising by more than 800% in the month of October. 

On the other hand, CRO has risen from 0.65 to $0.92 this week, marking a new all-time high at $0.92, at the time of publication. It has seen five continuous huge green candles on the weekly chart and surged its price by more than 300% in a month.

CRO’s latest partnerships contributed to the surge

The market cap of CRO is roaming around $22.2 billion whereas SHIB currently has a market cap of $21.5 with a price down by 6.5%.

The continuous upward rally of the coin can be attributed to the partnerships platform has recently made. Crypto.com recently announced its partnership with the MMA promotion and is seeking to release UFC NFTs. The digital asset provider has also signed a huge $700 million deal with AEG to rename the Staples Centre for 20 years. These increased activities along with the use cases have surged the price of the token.

On the other hand, meme token Shiba Inu seems to be losing its craze. However, after going down one position in the biggest cryptocurrency list, the huge SHIB community is trying to cheer itself up. A user on Twitter claimed that SHIB is coming back to 8th position really soon. 

As the bulls are returning after the recent market correction, we can expect CRO crushing some more spots to mark itself under the top-10 biggest crypto tokens.

Crypto.com [CRO] price soars by 800% in 12 months

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Crypto.com [CRO] has been skyrocketing amidst a sharp correction in the broader market. The native token set a new all-time high at $0.79 on the 22nd of November, surging by 11% in a span of 24 hours. For the uninitiated, Crypto.com is essentially a Singapore-based firm that runs a cryptocurrency exchange application. It was initially named ‘Monaco Technologies GmbH’ in 2016 by prominent engineers, Bobby Bao and Kris Marszalek who is now the Chief Executive Officer. The CRO blockchain acts as a vehicle that powers the firm’s mobile payments app. The native token went live in November-December 2018.

Amidst a slew of corrections in the market, the CRO token has managed to swoop in gains after the crypto exchange purchased the naming rights from the leading sports and live entertainment company, AEG for 20 years for a whopping $700 million.

Earlier in March this year, the project raised a massive $200 million in a venture capital funding round. The fund raised was largely deployed in marketing campaigns and helped increase the number of users on the platform. Crypto.com’s recent developments have catapulted CRO’s price to amass over a 41% surge in just a week. To top that, Coinbase listing also aided in the token’s initial growth.

How do Crypto.com’s [CRO] technicals look like?

CROUSD 2021 11 22 15 46 55

At the time of writing, CRO was trading near its peak price. The asset’s market cap was found to be at $17.69 billion while its 24-hour trading volume stood at $2.38 billion.

As indicated from the above 4-hour chart, the Relative Strength Index [RSI] has managed to hold above the 50-median line, signaling buyers are in control. The Chaikin Money Flow [CMF] rising above the zero line is projecting capital inflows in the coin market, hence a bullish phase. On the other hand, the Awesome Oscillator’s [AO] closing bar switched to red, depicting a probability of a mild pullback in the short term.

Crypto.com to allow Aussies access to tax reporting functions

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Prominent cryptocurrency exchange, Crypto.com has expanded its horizons and has dived into Australian shores with its tax reporting service.

As the crypto market witnessed significant growth over the last couple of months, almost every platform part of the industry followed suit. The surge in the popularity of the industry caused an array of crypto platforms to flourish. The focus shifted to exchanges and they were required to be on their best game. The fervor around the industry hasn’t subsided hence crypto exchanges were expected to expand. Keeping the same in mind. prominent exchange, Crypto.com went on to roll out tax services for its Australian users.

The exchange, in a recent announcement, revealed that it had launched a free tax reporting service for its Aussie customers.

Crypto.com takes its tax reporting service to Australia

While the exchange has already been offering this service for its customers in the United States as well as Canada, Australia would be its latest region. With this service users would be able to file taxes without much hassle in an easy manner, the exchange claims. Alongside this, the tax reporting service would be free of cost for Crypto.com users.

Elaborating on the procedure the announcement further read,

“Users can import crypto transaction records from supported exchanges and wallets by uploading a CSV file, or using API synchronisation with major platforms like the Crypto.com App. In a matter of minutes, Crypto.com Tax is able to provide users with an estimation of taxable gains/losses on relevant crypto transactions, which can then be downloaded for tax filing in the reporting format of their choice.”

Additionally, users would be able to generate an array of things including, transaction history, organized and accurate tax reports. short and long-term capital gains as well as losses, and crypto-related taxable and non-taxable transactions. Furthermore, this service offered in Australia was reportedly formulated keeping in mind the region’s tax requirements.

Crypto.com bags partnership with Formula 1

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Major cryptocurrency exchange, Crypto.com, has been making it big, and this time, its latest partnership has put the platform on a pedestal. Joining hands with Formula 1, Crypto.com will reportedly be taking crypto to the racing industry.

The emergence of crypto has spread across industries. As a result, the prospects of the crypto-verse have got an array of platforms embracing the market. While the industry has already made its presence in the sports sector, the trend continues to persist despite the recent downfall of the market. Formula 1 is the latest to onboard a crypto platform as a partner.

Crypto.com has bagged a global as well as inaugural partnership of Formula 1’s Sprint series. With this, the cryptocurrency platform would be able to garner brand presence during F1 events and trackside slots throughout the season for every race.

Crypto.com strikes $100 million deal with F1

According to the Crypto.com blog post, the platform will be part of the Silverstone event scheduled for 17 July 2021. In addition to boosting its brand presence, the cryptocurrency firm will also aid in developing non-fungible tokens [NFTs] with F1. The exchange is reportedly the “Official Cryptocurrency Sponsor and NFT Partner of F1®.” The co-Founder and CEO of Crypto.com, Kris Marszalek, revealed that the platform hopes to “connect” fans with the sport in distinctive ways.

The CEO and President of Formula 1 welcomed the crypto platform by saying,

“We are pleased to welcome Crypto.com to the Formula 1 family, as we continue to attract progressive global brands anchored in performance and innovation.”

This is undoubtedly a step up for the digital asset platform considering, only six other brands have partnered with F1.

Ben Pincus, Director of Commercial Partnerships at Formula 1 elaborated on the latest partnership and the need for the involvement of a crypto platform and said,

“We will rely heavily on their expertise as we explore the world of cryptocurrency, an area we are very interested in, and this will be the first time as a sport we are able to offer fans the opportunity to explore this exciting world as we further increase our digital presence.”