Crypto.com

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A Singapore-headquartered cryptocurrency and digital-asset services platform.

Last updated October 14, 2026

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Overview

Crypto.com is a Singapore-headquartered digital-asset company whose consumer and institutional businesses span cryptocurrency trading, payments, custody, decentralized-finance tools, noncustodial wallets, non-fungible tokens, derivatives and prediction-market products. The business began in Hong Kong in 2016 under the name Monaco, founded by Bobby Bao, Gary Or, Kris Marszalek and Rafael Melo. It later adopted the Crypto.com name after acquiring the Crypto.com domain, repositioning itself from a card-and-token startup into a broader financial-services platform for digital assets. The company’s principal consumer interface is the Crypto.com App, which provides buying, selling, conversion and custody services for supported cryptocurrencies. Its exchange serves active traders, while its DeFi Wallet is designed to give users control of their private keys and access to decentralized applications. The company has also operated an NFT marketplace and Crypto.com Pay, a merchant-facing payment service intended to facilitate cryptocurrency transactions. Its Visa Card program linked spending functionality with cryptocurrency balances and rewards, helping establish the brand outside the traditional exchange category. Crypto.com has pursued an international, compliance-oriented expansion strategy. It acquired The Card Group Pty Ltd in Australia in 2020 to obtain an Australian financial-services capability, agreed in 2021 to acquire the U.S. regulated North American Derivatives Exchange and a stake in the Small Exchange, and subsequently expanded its licensing and registration footprint in several jurisdictions. Its activities have included money-services and money-transmission registrations, European crypto-asset authorization efforts, Canadian restricted-dealer status and Middle Eastern payment initiatives. The company’s institutional strategy has included banking, custody, derivatives and corporate-payment partnerships. Brand building has been unusually prominent for a cryptocurrency company. Crypto.com signed actor Matt Damon as a global ambassador in 2021, sponsored Formula One, football, UFC and other major sports properties, and secured a reported 20-year naming-rights agreement for the Los Angeles venue formerly known as Staples Center, which was renamed Crypto.com Arena. These campaigns gave the company visibility beyond crypto-native audiences but also exposed it to criticism tied to the sector’s speculative image and the high cost of sports sponsorships. The company experienced rapid growth in customers and staff during the 2020–21 cryptocurrency boom. Reported user numbers rose from about 10 million in early 2021 to more than 50 million in 2022, with higher figures in subsequent company reporting. The subsequent market downturn brought layoffs, strategic retrenchment and questions about operating costs. In January 2022, Crypto.com disclosed a security incident involving unauthorized withdrawals of ether and other assets; the company said no customer funds were lost after temporarily pausing withdrawals. The collapse of FTX later undermined confidence across the industry and led to a sharp decline in the value of Crypto.com’s Cronos token, although the company said its exchange remained operational. Crypto.com continues to position itself as a regulated, full-service digital-asset platform rather than merely a spot cryptocurrency exchange. Its product expansion has included institutional and advanced-trader services, U.S. stock and exchange-traded-fund trading, retirement-account products, event contracts and prediction markets. Its business remains exposed to cryptocurrency price volatility, regulatory change, cybersecurity threats, licensing requirements and reputational risk. The brand is active internationally, but availability of specific products varies by jurisdiction and regulatory approval.

History

Crypto.com was founded in Hong Kong in 2016 as Monaco by Bobby Bao, Gary Or, Kris Marszalek and Rafael Melo. Its original identity emphasized cryptocurrency-linked payment products and a native token. The company later acquired the Crypto.com domain from cryptography academic Matt Blaze and changed its corporate and consumer branding, using the new name to signal a broader ambition around cryptocurrency services. During the cryptocurrency expansion of 2020 and 2021, Crypto.com broadened its offering from a card-centered proposition into an integrated platform. It developed a mobile application, exchange, Visa Card program, payment tools, DeFi Wallet and NFT marketplace. It also pursued licenses and acquisitions intended to support regulated operations. In Australia, its 2020 acquisition of The Card Group Pty Ltd gave it access to an Australian financial-services license. In 2021, the company agreed to acquire the North American Derivatives Exchange and a stake in the Small Exchange from IG Group, seeking a regulated route into derivatives and futures for U.S. customers. Marketing became a defining part of the company’s growth strategy. Crypto.com entered Formula One sponsorship in 2021, partnered with football organizations and signed Matt Damon as a brand ambassador. Later in 2021 it acquired the naming rights to Los Angeles’s Staples Center, creating Crypto.com Arena. The company subsequently added partnerships with FIFA, UFC, the Australian Football League, the LeBron James Family Foundation and other sports or educational organizations. These campaigns connected the brand with mainstream entertainment and sports while reinforcing its ambition to become a consumer financial brand rather than a specialist cryptocurrency exchange. The company’s user base expanded rapidly during the market boom, with reported customers increasing from about 10 million in early 2021 to more than 50 million in 2022 and higher figures in later reporting. This expansion was accompanied by substantial hiring. When the cryptocurrency market turned downward in 2022, Crypto.com announced layoffs and was later reported to have made further reductions. The retrenchment reflected both weaker trading conditions and the need to reduce costs after a period of aggressive expansion. In January 2022, Crypto.com experienced a security breach involving unauthorized withdrawals, including ether. The company paused withdrawals while investigating and later said that customer funds had not been lost. The incident nevertheless highlighted the operational and cybersecurity risks faced by centralized exchanges. Later that year, the collapse of FTX generated renewed scrutiny of exchange solvency and token concentration. Crypto.com’s CRO token lost significant value, and the company’s leadership publicly sought to reassure customers that the platform remained functional. Crypto.com continued to adjust its geographic and product strategy. In 2023 it announced the closure of its U.S. institutional exchange, citing limited institutional demand, while retaining its retail platform. In 2024 it challenged the SEC in court after receiving a Wells notice. At the same time, the company expanded partnerships with banks and payment networks and continued work on licensing in Europe, North America, Australia and the Middle East. Its later strategy has involved moving beyond cryptocurrency spot trading. Crypto.com introduced or announced institutional and advanced-trader services, stock and ETF trading in selected markets, derivatives and event contracts, and retirement-account products. The company has also explored government-payment infrastructure, corporate banking and regulated custody. The resulting business is a multi-product digital-finance group whose availability, licensing status and regulatory treatment differ by country. Its principal challenges remain market volatility, cyber risk, regulatory uncertainty, compliance costs and the reputational consequences of operating in a sector associated with high-risk financial products.

2024
SEC litigation
[1]Crypto.comen.wikipedia.org
Crypto.com filed suit against the SEC after receiving a Wells notice concerning its U.S. regulatory position.
2023
U.S. institutional exchange closure
[1]Crypto.comen.wikipedia.org
Crypto.com announced the shutdown of its U.S. institutional exchange because of low demand, while its retail service continued.
2022
Security breach and withdrawal suspension
[1]Crypto.comen.wikipedia.org
The company paused withdrawals after unauthorized transactions were detected and reported that customer funds were not lost.
2021
Mainstream sponsorship push
[1]Crypto.comen.wikipedia.org
The company expanded sponsorships across Formula One, football and other sports and appointed Matt Damon as a brand ambassador.
2021
Crypto.com Arena naming agreement
[1]Crypto.comen.wikipedia.org
Crypto.com acquired naming rights to Los Angeles’s Staples Center, which was renamed Crypto.com Arena.
2020
Australian financial-services expansion
[1]Crypto.comen.wikipedia.org
Crypto.com acquired The Card Group Pty Ltd, supporting its ability to operate within Australia’s financial-services framework.
2018
Rebranded as Crypto.com
[1]Crypto.comen.wikipedia.org
The company adopted the Crypto.com name after acquiring the corresponding domain and repositioned itself as a broader cryptocurrency-services platform.
2016
Monaco founded
[1]Crypto.comen.wikipedia.org
Bobby Bao, Gary Or, Kris Marszalek and Rafael Melo founded the company in Hong Kong under the name Monaco.

Products and positioning

A globally oriented, vertically integrated digital-asset platform combining retail trading, payments, custody, Web3 access and regulated financial products.

Consumer cryptocurrency platform
Crypto.com App
The mobile application is the company’s primary retail interface. It supports cryptocurrency purchases, sales, conversions, transfers and custody for assets available in each user’s jurisdiction. The app also acts as a gateway to card, payment and other platform services.
Cryptocurrency exchange
Crypto.com Exchange
The exchange provides trading tools for cryptocurrency users, including spot-market functionality and services for more advanced or institutional traders in selected jurisdictions. Product availability and asset support vary according to local regulation.
Crypto-linked payment card
Crypto.com Visa Card
The card program connects spending with the Crypto.com ecosystem and has historically offered cryptocurrency-related rewards or benefits. It was central to the company’s early effort to make digital assets usable in everyday payments.
Noncustodial wallet
Crypto.com DeFi Wallet
The DeFi Wallet is designed as a noncustodial product, allowing users to manage private keys and interact with decentralized-finance applications. It is distinct from exchange custody because users retain direct control of wallet credentials.
Cryptocurrency payments
Crypto.com Pay
Crypto.com Pay is a payment service intended to let merchants accept digital assets and let customers spend through supported cryptocurrency workflows. The company has pursued integrations with e-commerce and payment partners.
NFT marketplace
Crypto.com NFT
The NFT marketplace provides a platform for the sale and collection of non-fungible tokens and related digital content. It extends the brand into creator, entertainment and Web3 communities.
Derivatives and event contracts
Crypto.com Derivatives and Prediction Markets
Through regulated derivatives businesses and related prediction-market products, Crypto.com has expanded into event-based contracts covering areas such as sports, politics, finance and entertainment where permitted by local law.

Controversies

2026
Rapid7 discloses Operation Asterix crypto phishing campaign
Cybersecurity firm Rapid7 disclosed a cryptocurrency phishing campaign known as Operation Asterix that targeted roughly 885,000 phone numbers across several countries, including 316,002 German mobile numbers and directories covering Hong Kong, Bulgaria, the UK, the US and Canadian fintech companies. The campaign matched 5,576 accounts to Binance users and 43,066 accounts to crypto exchange users, and used fake emails impersonating Crypto.com and fake apps impersonating Ledger, Trezor and Exodus to steal seed phrases.
Source
2024
Regulatory dispute with the SEC
Crypto.com sued the U.S. Securities and Exchange Commission after receiving a Wells notice. The dispute reflected broader industry disagreements over whether and how crypto-asset products should be regulated under U.S. securities law.
Source
2022
Unauthorized withdrawals and security incident
Crypto.com suspended withdrawals after suspicious activity was reported and acknowledged unauthorized transactions involving cryptocurrency. The company said customer funds were not lost, but the event raised questions about exchange security and operational controls.
Source

2022LeBron James Family Foundation education partnership
United States
Crypto.com partnered with the LeBron James Family Foundation to provide blockchain-focused educational resources to students connected with the I Promise School.
Outcome. Positioned the company around education and digital-literacy initiatives.
Source
2022FIFA World Cup sponsorship
Global
The company became an official sponsor of the 2022 FIFA World Cup, using football’s global audience to promote cryptocurrency adoption.
Outcome. Strengthened worldwide consumer recognition.
Source
2021Matt Damon brand ambassadorship
Global
Crypto.com appointed actor Matt Damon as a prominent global ambassador as part of a mainstream advertising campaign for cryptocurrency adoption.
Outcome. Increased general-market visibility for the brand.
Source
2021Crypto.com Arena naming rights
United States
The company secured naming rights to the Los Angeles venue formerly known as Staples Center, giving the brand a permanent presence in a major sports and entertainment location.
Outcome. The venue became known as Crypto.com Arena.
Source
2021Formula One sponsorship
Global
Crypto.com became a major Formula One sponsor and also sponsored the Aston Martin Formula One team, associating the brand with a globally televised sport.
Outcome. Expanded international brand reach.
Source

Brand decisions

2023
Closed the U.S. institutional exchangeStrategy
Background
Crypto.com said demand from large institutional clients was insufficient to justify continuing the dedicated U.S. institutional exchange.
Action taken
It announced the closure of the institutional platform while leaving its U.S. retail service unaffected.
Aftermath
The decision narrowed the company’s U.S. institutional footprint while preserving its consumer business.
Source
2022
Reduced workforce during the market downturnStrategy
Background
The cryptocurrency market weakened after a period of rapid expansion, reducing trading activity and increasing pressure to control operating costs.
Action taken
Crypto.com announced layoffs and subsequently made additional workforce reductions.
Aftermath
The company shifted from aggressive expansion toward cost discipline and selective product development.
Source
2021
Agreed to acquire Nadex and a stake in the Small ExchangeM&A
Background
Crypto.com wanted regulated access to U.S. derivatives and futures markets.
Action taken
It entered an agreement with IG Group involving the North American Derivatives Exchange and a minority interest in the Small Exchange.
Aftermath
The transaction supported the company’s effort to broaden its U.S. regulated-market infrastructure.
Reported transaction value. (2021)
Source
2018
Adopted the Crypto.com brandStrategy
Background
The company sought to move beyond its original Monaco identity and present itself as a broad cryptocurrency-services business.
Action taken
It acquired the Crypto.com domain and rebranded the business.
Aftermath
The new name became the basis for its exchange, app, payments, card, wallet and Web3 offerings.
Source

Recent events

2024
Crypto.com expanded banking and payments partnerships[1]Crypto.comen.wikipedia.org
Other
The company announced collaborations including corporate-banking services with Deutsche Bank and digital-payment work with Mastercard in the Gulf region.
2023
Crypto.com closed its U.S. institutional exchange[1]Crypto.comen.wikipedia.org
Other
The company said it would shut its U.S. institutional exchange because of insufficient demand from institutional clients; its retail service was not included in the closure.
2022
Crypto.com reduced its workforce during the crypto-market downturn[1]Crypto.comen.wikipedia.org
Leadership change · Other
The company announced an initial workforce reduction and was subsequently reported to have made additional cuts as cryptocurrency markets weakened.
2022
Cronos declined after the collapse of FTX[1]Crypto.comen.wikipedia.org
Other
The value of Crypto.com’s CRO token fell sharply amid broader market stress and concerns about exchange reserves following FTX’s collapse. CEO Kris Marszalek said the exchange was operating normally.
2021
Crypto.com announced major Formula One sponsorship[1]Crypto.comen.wikipedia.org
Campaign
The company entered a reported multi-year sponsorship arrangement with Formula One, one of several partnerships designed to build mainstream brand awareness.
2021
Crypto.com acquired naming rights to Staples Center[1]Crypto.comen.wikipedia.org
Campaign
Los Angeles’s Staples Center was renamed Crypto.com Arena under a reported 20-year naming-rights agreement.
2020
Crypto.com acquired The Card Group in Australia[1]Crypto.comen.wikipedia.org
M&A · Regulation
The acquisition provided Crypto.com with an Australian financial-services capability and supported its expansion under the local regulatory framework.

Sources21 sources

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