Exclusive: Crypto.com passes the 50 million user mark
Retail crypto exchange Crypto.com tells Axios that it now has over 50 million users.
Why it matters: That's more than a fivefold increase from the last time Crypto.com disclosed its user stats, in late 2020, and CEO Kris Marszalek says he expects the number to hit 100 million by year-end.
One big difference between Crypto.com and larger-volume rivals like Coinbase and FTX is that Marszalek's company has grown without ever taking an outside investment.
- "We've obviously had a tremendous amount of interest, with some very generous offers, but cash hasn't been a limiting factor given the amount of revenue the company produces," he says, adding that the company now has over 4,000 employees and is investing heavily in its nascent NFT marketplace.
- Marszalek doesn't rule out eventually taking funding, or even going public. But to IPO, he wants to wait until the company is "better able to withstand market pressures." That would mean diversifying a revenue stream that's currently dominated by trading fees, into areas like crypto payment infrastructure.
What to watch: Crypto.com should get a lot of brand recognition this weekend, as title sponsor of the big Formula One race in Miami. And then over the summer as a FIFA World Cup sponsor.
- The company also recently put its name on the basketball arena in Los Angeles, as it and competitors leverage pro sports to increase crypto adoption.