Adoption: Crypto Exchange Crypto.com Hits 10 Million Users Globally
Cryptocurrency exchange Crypto.com has hit a global user base of 10 million, according to a recent report. This is a significant milestone for the exchange that has continued to add more products to its ecosystem.
Crypto.com revealed this milestone in a recent report detailing the exchange’s growth in the past 12 months. According to the report, the exchange reached a global crypto user base of 10.6 million in January 2021. The report stated that January 2021 resulted in a 15.7% increase in users on its platform. Bitcoin’s exponential rise in January led to a surge in users as interests increased globally.
The report also noted that within the past 12 months, June 2020, August 2020, and January 2021 were solid months for the exchange. Coincidentally these were months that resulted in strong performances from Bitcoin. Crypto.com also alluded that the growing waves of institutional adoption from PayPal, Microstrategy, and Grayscale contributed to the market’s rise. At the same time, Ethereum is mentioned as fuelling the growth during the DeFi surge in 2020.
Hitting the 10 million milestones is an important one for crypto.com. The exchange started as a crypto debit card provider but has expanded its operations in recent years. One of its major selling points is the low transaction fees for purchasing cryptocurrencies that have attracted many traders.
More Products In Development
Crypto.com also seems poised to continue its remarkable growth with more products set to launch. The exchange recently revealed the official launch of its fully decentralized blockchain.
The decentralized blockchain named “Crypto.com Chain” will offer a fully decentralized open-source platform and launched on March 25. Crypto.com also expects the launch to lead to the massive adoption of cryptocurrencies through DeFi products and NFT developments.
Crypto.com native token CRO is the transaction token for the decentralized blockchain. Suppose Crypto.com can come close to what Binance has been able to achieve with its Binance Smart Chain. It could quickly become one of the top decentralized blockchain platforms in the future.