Be it in the stadium or on the internet, commercials for Crypto.com are popping up everywhere. SEven world star Matt Damon advertises for the company. What’s behind it?
The most important things at a glance
A triangular logo, white on a dark blue background, combined with a text that literally seems cryptic: “Crypto.com”. Advertising seems omnipresent: on the internet, on Facebook, on banners at football matches and in Formula 1 – you see advertising banners everywhere.
But what’s behind the campaign? Crypto.com is an online exchange for cryptocurrencies such as Bitcoin, Ethereum, Litecoin. And she spends a lot of money on her current marketing offensive.
For a total of almost a billion dollars, the Singaporean company has named a famous arena in Los Angeles after itself and forged partnerships with top teams such as Paris Saint Germain.
Recently, global star Matt Damon also embodied the dream of becoming a crypto pioneer in a Hollywood-ready trailer. With the words “Fortune Favors The Brave” he advertises for the company, in English: “Fortune favors the brave”.
But where do these almost infinite financial resources come from, why is Matt Damon promoting this exchange? And above all: can users trust the exchange? t-online provides clarity about the most important questions.
What is crypto.com?
Behind the ads is a company that offers different product classes related to cryptocurrencies. She bundles these into a so-called ‘super app’ that bundles all services in one place. The company is originally from Singapore and started under the name Monaco Technologies.
On the Crypto.com crypto exchange, users can trade over 250 cryptocurrencies and hold them in the provider’s wallet. Similar to the crypto exchange Binance, the company also issues its own cryptocurrency called CRO. Crypto.com is trying to distribute this coin with different reward systems, for example through their own crypto credit cards with cashback systems.
Crypto.com advertises its own currency a lot
This sets the exchange apart from some of its competitors and attracts customers with many bonus programs. These include up to 8 percent cash back on credit card charges, full refunds for Amazon Prime or Netflix, or free access to airport lounges.
But if you actually want to use these rewards, you must first pay a good advance – and above all support your own currency. Customers must purchase the cards and, depending on the category of the card, keep a certain number of Cro-Coins in their wallet.
The entry card is still free, but has no bonuses other than a one percent cashback feature. The smallest card with some premium features is Ruby Card for 350 euros – with this there is a Spotify subscription, reimbursed in CRO coins. If desired, these can then be exchanged on the exchange for other cryptocurrencies or fiat currencies such as euros or dollars.
350,000 euros for a credit card?
If, on the other hand, you want all the bonuses, such as lounge access, 8 percent cashback and other additional services such as discounts from major tour operators, you have to save up to 350,000 euros in the in-house Cro – so much the so-called “Obsedian” credit card costs.
“Of course, Crypto.com is trying to monetize its services. Similar developments can be seen on other exchanges,” said Biyan Mienert, a crypto lawyer and blockchain expert. For the credit cards, the company works with Visa, but that is not a guarantee. “Other companies have already worked with Visa and later lost their license,” says the expert.