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Crypto.com

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Crypto.com
FoundedJune 2016; 5 years ago (2016-06)
FoundersBobby Bao
Gary Or
Kris Marszalek
Rafael Melo
Headquarters
111 North Bridge Road #08-19 Peninsula Plaza 179098
,
Singapore
ProductsCryptocurrency exchange, cryptocurrencies
Number of employees
3,000 [1] (2021)
Websitewww.crypto.com

Crypto.com is a cryptocurrency exchange app based in Singapore. The app currently has 10 million users and 3,000 employees.[2][3]

History

The company was initially founded by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo in 2016 as "Monaco".[4] In 2018, the company was renamed as Crypto.com following a purchase of a domain owned by cryptography researcher and professor Matt Blaze. Domain sellers valued the domain at USD$5-10 million.[5][6]

Crypto.com is operated by Foris DAX Asia, a Singapore-based company[7] that's a subsidiary of Foris DAX MT (Malta) Limited.[citation needed]

In January 2022, Crypto.com was the victim of a hack totaling $15 million in stolen Ether. After some users reported suspicious activity on their accounts, the company paused withdrawals. Withdrawal services were later restored alongside a statement from the company that no customer funds were lost.[8]

Reversal

On 2 February 2022, Crypto.com announced that Dan Wolfford “was not onboarded" and will not be joining the company. After suffering a hack in January 2022, which saw $30 million stolen from users,[citation needed] Crypto.com wanted to strengthen their security. Wolfford is a former National Security Agency (NSA) analyst who had updated his LinkedIn profile claiming that he starting as the firm's new Head of Security Operations. However, due to unannounced reasons, Crypto.com reversed their decision. Wolfford was a former NSA analyst who also worked for a UAE-based hacking company, DarkMatter, which was accused of spying on American citizens, journalists, and human rights activists on behalf of the United States.[9]

Sponsorships

Crypto.com has notable sponsorship deals with Formula One, the Serie A, the UFC, Paris Saint-Germain F.C., the Philadelphia 76ers,[10] the Montreal Canadiens,[11] and Water.org.[12] The Water.org partnership included signing its co-founder, actor Matt Damon, to serve as Crypto.com's brand ambassador.[13]

In November 2021, the company acquired the naming rights to Los Angeles's Staples Center, renaming it Crypto.com Arena in a 20-year deal reported to be valued at US$700 million.[11][14]

References

  1. ^ Dean, Sam (November 16, 2021). "Goodbye, Staples Center. Hello, Crypto.com Arena". Los Angeles Times. Retrieved November 17, 2021.
  2. ^ Dean, Sam (November 16, 2021). "Goodbye, Staples Center. Hello, Crypto.com Arena". Los Angeles Times. Retrieved November 17, 2021.
  3. ^ Russell, Jon (5 July 2018). "Crypto Visa card company Monaco just spent millions to buy Crypto.com". TechCrunch.
  4. ^ Kaur, Jaspreet (November 17, 2021). "WHO OWNS CRYPTO.COM, AS STAPLES CENTER RE-NAMED IN LANDMARK DEAL?". hitc.com. Retrieved January 1, 2022.
  5. ^ Robertson, Adi (July 6, 2018). "Crypto.com, the multimillion-dollar cryptography domain whose owner refused to sell, has been sold". The Verge. Retrieved January 1, 2022.
  6. ^ Szalay, Eva; Germano, Sara; Grimes, Christopher (November 20, 2021). "Rise of Crypto.com: from university blog to home of the LA Lakers". Financial Times. Retrieved January 1, 2022.
  7. ^ "Singapore clamps down on ads for 'highly risky' crypto trading". Nikkei Asia. Retrieved 2022-02-04.
  8. ^ Lau, Yvonne (January 18, 2022). "Crypto.com says 'all funds are safe' after alleged hack, but analysis shows $15 million of Ether is gone". Fortune. Archived from the original on January 18, 2022. Retrieved January 19, 2022.
  9. ^ "Crypto.com: Ex-Hacker Who Worked for Controversial Spying Firm Won't Join Company". Vice. Retrieved 2 February 2022.
  10. ^ Rosen, Lauren (September 21, 2021). "76ers, Crypto.com Announce Jersey Patch Partnership". Sixers.com (Press release). NBA Media Ventures, LLC. Retrieved September 23, 2021.{{cite press release}}: CS1 maint: url-status (link)
  11. ^ a b "Staples Center to become Crypto.com Arena in reported $700 million naming rights deal". ESPN. November 16, 2021. Retrieved November 17, 2021.
  12. ^ Conway, Jeff. "Matt Damon announces Water.org partnership with Crypto.com". forbes.com. Retrieved January 11, 2022.
  13. ^ Bhasin, Kim (October 28, 2021). "Matt Damon is the Face of Crypto.com". Bloomberg. Archived from the original on 2021-10-28.
  14. ^ Hirtenstein, Anna (November 17, 2021). "Staples Center in L.A. to Be Renamed Crypto.com Arena". Wall Street Journal. Retrieved November 18, 2021.
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