- Crypto.com reached a 100 million user milestone.
- This ranks Crypto.com among the biggest exchanges based on this metric.
- The exchange’s name recognition is a factor in its success.
Crypto.com has been on a roll lately, with a string of positive developments propelling the cryptocurrency exchange higher. From securing operational approval in the UAE to launching a new promotional campaign featuring rapper Eminem, the platform has made strides in expanding its global footprint.
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In continuation of this “uptrend,” Crypto.com recently announced that it will achieve 100 million global users, but how does this user count compare to its rival exchanges?
Crypto.com Among the Giants
Crypto.com’s achievement of reaching 100 million global users is a significant milestone for the Singapore-based company. However, Crypto.com operates within a highly competitive industry, triggering thoughts on how the company stacks up against rival exchanges.
It’s no surprise that Binance remains the largest, with CEO Richard Teng revealing that the platform had surpassed 170 million users globally at the end of 2023. Information on Coinbase’s user count varies wildly, with reports citing figures ranging from around 56 million users as of August 2023 to as high as 108 million in 2022.
Other major exchanges like OKX claimed to have around 50 million users, while Kraken stated that their user base is around 10 million. This data would place Crypto.com either as the second or third biggest exchange by global user count out of this group, depending on which Coinbase figure is treated as accurate.
Coinbase’s latest 10-Q filing for Q1 2024 does not provide a definitive global user number. However, the company disclosed that its monthly transacting users currently stand at 8 million, down from 8.4 million a year ago.
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This reminds us that while global users may make attention-grabbing headlines, the number of individuals regularly using an exchange’s products and services is a more precise measure of user appeal.
Name Recognition
Choosing to focus on global user count instead, Crypto.com chief marketing officer Steven Kalifowitz said achieving the 100 million global user milestone was possible thanks to building the company with a sharp focus on compliance, security, and user safety from the start. Kalifowitz also credited Crypto.com’s brand recognition from high-profile partnerships, including the Crypto.com Arena and F1 sponsorship.
Having begun as a small startup during the 2018 bear market cycle, CEO Kris Marszalek emphasized the company’s “unshakeable belief that crypto is important.” Marszalek believes this conviction was a significant factor in driving the company toward achieving its milestone global user count.
On the Flipside
- In June 2023, Crypto.com ended its US institutional business, citing a lack of demand.
- An unmentioned factor in Crypto.com‘s success was the previously offered membership rewards, including Netflix and Spotify rebates and significant card cashback.
- These generous rewards were cut two years ago during the last bear phase, leading to major pushback from users.
Why This Matters
Crypto.com’s 100 million user milestone positions it as a significant player in the crypto exchange arena. Moreover, the company’s success in attracting more users points to broader crypto adoption trends, which is a net positive for the entire industry.
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