Have you met crypto.com? Maybe Matt Damon can introduce you to it
Have you met crypto.com? Maybe Matt Damon can introduce you to it
Within the crypto world, we talk a lot about the problem of the scalability of cryptocurrencies. But until today, no efficient solution has been found to this obstacle for developing coins like Bitcoin. That's why Crypto.com Coin, today's cryptocurrency of the day, tries to bring us a solution.
Origin: The fastest of all
To understand the creation process of Crypto.com, it is necessary to know that this cryptocurrency is not isolated. On the contrary, it belongs to a whole ecosystem whose fundamental objective is to integrate cryptocurrencies into daily life—allowing the daily acquisition of goods and services using crypto assets.
With this goal in mind, Crypto.com is launched, a wallet that we will talk about later. But its main objective is the integration of several cryptocurrencies within a single wallet for more efficient use.
Crypto.com Coin, meanwhile, was launched in 2017 to solve an obstacle to the use of cryptocurrencies daily. That is scalability because the more people adopt a cryptocurrency, the fuller its blockchain will be. It is starting its journey through the crypto world with an investment of 26.7 million dollars.
Thus a paradox is generated within the crypto world; the more successful a cryptocurrency is, the more difficult it will be to use it. This problem arises because the waiting time for a transaction to be executed will increase. Finally, the execution times are so long that it simply becomes impractical for users to use the currency.
Who are the founders of Crypto.com Coin?
Crypto.com Coin was launched by the company Crypto.com as part of its vision to "put cryptocurrency in every wallet". Crypto.com was founded in June 2016 as "Monaco Technologies GmbH" by Kris Marszalek, Rafael Melo, Gary Or and Bobby Bao. Kris Marszalek, an alumnus of Poland's Adam Mickiewicz University, founded and ran three companies before starting Crypto.com: consumer electronics design and manufacturing company Starline Polska, location-based services mobile app and platform YIYI, and e-commerce company BEECRAZY.
Rafael Melo earned his bachelor's degree in engineering from PUC-Rio. Throughout his 50+ year career in finance, Melo has worked with Asia's top companies and helped secure over AUD 50 million in funding for social commerce website Ensogo. Gary Or is a software engineer with over nine years of engineering experience. Prior to co-founding Crypto.com, Or worked as a platform architect at Ensogo, and co-founded mobile application development company Foris. He received his bachelor's degree in computer engineering from the University of Hong Kong.
What has been achieved so far?
Undoubtedly, the main achievement of Crypto.com Coin is the speed achieved in its blockchain. And the fact is that it works based on the realization of 50,000 operations per second. A figure is impossible to achieve for any other cryptocurrency. Moreover, understanding that CRO is part of a much larger platform. Also, important achievements are its VISA card and its application for storing cryptocurrencies.
The Crypto.com VISA card is a pre-paid card for purchasing goods and services in the real world and performing all operations with cryptocurrencies and meager commissions, no matter where you are in the world, which is ultimately an incentive to use crypto assets daily. For its part, Crypto.com tries to be an application that allows you to connect all cryptocurrencies within the same platform. In Crypto.com App, you will store up to 50 different cryptocurrencies and 20 fiat currencies.
Thanks to this wallet, you can have the updated value of your cryptocurrencies in fiat money in real-time. As well as the equivalence of your capital in a cryptocurrency in another cryptocurrency. They are allowing you to make investments in the futures market of any cryptocurrency from the application. Thus, facilitating the management of your crypto assets.
Crypto.com Coin, despite its excellent capabilities, also faces significant challenges in achieving its goals. Especially in the field of communication, because in the crypto world, there are many projects that, like this one, can change the world. However, most of these projects are silenced due to the absolute hegemony of a group of prominent cryptocurrencies. And, beyond the big coins like Bitcoin, Ethereum, or XRP, it isn't easy to find coins that manage to attract the media spotlight to them.
And without this communicational impulse, it isn't easy to attract the attention of users. Who are the ones who decide the success or failure of any project? That's why the main challenge of the ecosystem built by Crypto.com is, without a doubt, to get to be known by crypto users.
One of the leading products of the Crypto.com ecosystem is its wallet, Crypto.com App, which allows the integration of the CRO itself with the top cryptocurrencies on the market. So the obvious choice for storing your Crypto.com Coin is the native wallet of their platform.
In the crypto world, many great ideas don't get the publicity they should. But, at the same time, other relatively normal ideas are considered the center of the crypto world, which is a shame and a lesson about the dynamics of a free (and wild) market like cryptoassets.
In the end, it's not enough to be innovative. You need to know how to communicate the advances you've made and get a group of users who can adopt and defend them. And that's a task that Crypto.com Coin has failed to accomplish so far. Instead, you are relegating a technology that could be in the top 10 cryptocurrencies in the world to 26th place.
Matt Damon and Crypto.com
Now Crypto.com is launching a new ad featuring Hollywood star Matt Damon, which it plans to show to consumers worldwide. The ad, titled "Fortune Favors the Brave," starring Damon amid a digital landscape of historical figures like the Wright Brothers and Sir Edmund Hillary, aims to reach a global audience of potential cryptocurrency users and investors. According to Crypto.com, the ad will appear on billboards and TV commercials worldwide and be included in its portfolio of partnerships with major sports franchises and organizations.
The announcement came the same week Crypto.com donated $1 million to Water.org, a clean water initiative co-founded by Damon and Gary White in 2009. The actor said the platform "shares [his] commitment to empowering people around the world with the tools they need to take control of their future." Damon, an Oscar and two-time Golden Globe winner, is arguably one of the most celebrities to back a cryptocurrency exchange. Cointelegraph reported in September that nearly half of Americans who participated in a survey of 2,200 people said they would consider investing in a digital asset if a celebrity-backed it. In addition, singer Mariah Carey announced on Oct. 19 that she would partner with Gemini to boost Bitcoin (BTC) adoption.
Founded in 2016, Crypto.com has become one of the fastest-growing platforms in the digital asset space. The exchange began by offering customers a cryptocurrency-focused Visa card that pays rewards for staking its native Crypto.com Coin (CRO). Recently, the company expanded its insurance program to cover up to $750 million for its 10 million users, reflecting robust consumer protection rules.