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Crypto exchange Crypto.com is rolling out an over-the-counter solution (OTC) for its institutional and VIP clients. Meanwhile, the exchange’s native token is at its all-time highs.
On Monday, the company shared a press release about the new solution for its VIP clients. The new portal will allow them to receive instant quotes for large OTC trades. Currently, traders often have to make these trades manually.
The solution would let institutional investors and a few VIP retail traders buy and sell at a pre-approved price. Significantly, a backend quoting engine will provide a quote for trading pairs in seconds. The OTC portal would let users make large trades very quickly, allowing them to take advantage of market changes sooner.
“We are excited to launch our OTC solution for institutional and VIP clients, allowing them to execute block trades and capture market opportunities more efficiently easily,” said Kris Marszalek, co-founder and CEO of Crypto.com.
$12 Million Domain
The company initially started in 2016 with the name Monaco. It was originally a crypto visa card company. In 2018, it purchased the crypto.com domain for $12 million. Afterwards, the company changed its name and gained a large user base. Specifically, it currently serves 10 million users with its crypto trading app.
Crypto.com aims to become a one-stop shop for retail crypto traders. It offers a crypto exchange, a crypto Visa card and a payment platform. It also provides a way for merchants to accept crypto payments on their websites easily.
The company also allows users to stake its native CRO token on the platform for a 12% annual staking rate. Effectively, staking means that users are locking their coins to assist the proof of stake blockchain.
Staking does expose users to the risk of changes in the price of the coin. However, for some users, that can be a positive, as CRO has skyrocketed in value. This is due to the company’s recent colossal marketing effort.
$700 Million Lakers Deal
Firstly, they partnered with actor Matt Damon to be the face of the platform. Secondly, the company made headlines for its deal with the Los Angeles Lakers to rename the iconic Staples Center. Lakers will now play in a Crypto.com Arena, a move that cost the company $700 million.
The buzz over the deal quickly gave the platform and its native coin a lot of publicity. For instance, CRO coin made its way into the top 20 mentioned terms on Twitch’s streaming platform.
— topstonks (@topstonks) November 21, 2021
CRO coin has shot up due to all the publicity. Over the last month, the coin was up more than 180%. Since the stadium deal, the CRO token jumped 50%. On Sunday, CRO reached an all-time high of $0.79. It has since settled down and is currently trading at $0.67.
However, other exchanges are bolstering their marketing efforts as well. For example, Crypto exchange FTX bought naming rights to the Miami Heat Arena for $135 million. They have also recently partnered with NFT superstar Tom Brady and purchased a Super Bowl ad. The estimated cost for a 30-second ad is $5.6 million.