Crypto.com Set to Launch Banking, Credit Card, and Stock Services

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As a seasoned researcher and long-time observer of the crypto market, I find the latest move by Crypto.com intriguing. The company’s strategic expansion into traditional financial services through its Level Up platform is reminiscent of how banks started dabbling with digital currencies a few years back. It seems like we are witnessing a reverse trend now, where traditional finance is being integrated into the crypto ecosystem.

On November 6, 2024, it was announced that this development will provide users with a comprehensive suite of financial tools inside the Crypto.com platform, backed by a freshly introduced rewards system known as Level Up.

The business combines conventional financial services with its existing cryptocurrency solutions. By collaborating with established banks, Crypto.com plans to provide deposit and savings accounts, giving users access to sophisticated banking services on a personal level. Furthermore, the introduction of credit card and stock trading features will allow customers to manage multiple financial tasks effortlessly within a single platform.

Crypto.com’s 2025 roadmap for international crypto services is ambitious

In his statement, CEO Kris Marszalek emphasized the company’s dedication to its initial goals, citing sports collaborations and marketing initiatives as evidence of increased visibility. He declared:

Reflecting on what sets Crypto.com apart as a top global cryptocurrency platform, one could highlight our sports partnerships or our iconic marketing campaigns. However, it was our user-friendly product offerings and generous rewards that truly defined us. The recent Level Up product announcement marks a return to our founding principles.

What is Crypto.com’s “Level Up” Platform? 

The Crypto.com’s rewards program called Level Up plays a key role in their expansion strategy, offering a tiered system that advantages users across both existing and upcoming services. Users can enjoy attractive perks such as increased incentives for stock deposits, higher yields on idle cash balances, and benefits on credit card transactions.

Progressing through the stages of this program grants customers various perks such as a maximum bonus of 3% on stock transfers and 7.5% rewards on stationary funds for the initial year, subject to changes after that period. Furthermore, the Crypto.com Card offers up to 8% rewards on purchases within the first year, which later reduces to 5%. The program also encompasses priority assistance and access to exclusive events with Crypto.com’s sports and entertainment partners.

2025 will be marked by a major expansion beyond traditional crypto offerings for Crypto.com

One innovative service offers stock trading via Watchdog Capital LLC, striving to provide a hassle-free, commission-free platform for securities transactions. Users can handle both their stock portfolios and cryptocurrency assets through this service. With Watchdog Capital LLC, users can buy, sell, hedge, and even leverage stock options, thereby broadening investment opportunities within the Crypto.com application.

The unveiling of the Level Up platform marks Crypto.com’s attempt to overcome a challenging 2023, following setbacks after the collapse of FTX and regulatory action in Europe. Specifically, Crypto.com faced a €2 million fine by the Dutch Central Bank (DNB) for operating without proper registration. The penalty was heightened due to the gravity of the offense and the level of accountability. By not registering, Crypto.com enjoyed an unjust edge over competitors by evading supervisory fees and compliance costs. It’s important to note that earlier in 2023, Crypto.com reduced its global workforce by 20% in January 2023.

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2024-11-09 08:28