Crypto.com’s first year is expected to be profitable despite problems in Asia

Debit card and trading company Crypto.com said it was on track to end the year in positive numbers. This has to be achieved despite an accounting scandal by the German card issuer Wirecard, which forced Crypto.com to end its listing on Asian markets.

Kris Marszalek, CEO of Crypto.com, told Bloomberg that his company is « very fortunate to grow rapidly during this time of global pandemic. »

« August was another record month for the company in terms of revenue and number of transactions recorded. »

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The CEO said Crypto.com had « moved away from Wirecard in both Asia and Europe ».

The Wirecard scandal is associated with a number of irregularities in accounting that go back to 2008 and were partially uncovered in 2015. This is a significant gap between current assets and liabilities in Wirecard’s payment transactions. The scandal erupted earlier this month after the German parliament announced it would open an investigation into the company and the state’s failure to prevent what is known as widespread fraud.

The Crypto.com boss said his company was continuing to recruit new debit card users in Europe. However, the use in Asia was suspended until the company found a new partner in the region.

Formerly known as Monaco (from a 2017 ICO), the company acquired the Crypto.com domain in 2018. Monaco was already operated by Marszalek at this time.

Crypto.com is currently offering its customers in Europe, the US and Singapore a Visa card with a discount of up to 5% on all expenses. More markets will be added soon.

Building on the success of the Crypto.com chain coin (CRO), which has become the eleventh largest crypto asset with a current market capitalization of around 2.9 billion US dollars, the provider is developing a community around its token. He offers a range of cashbacks for purchases, promotions, discounts and referrals that he believes will attract more people to the crypto industry.

Crypto.com has also run competitions that it hopes will increase its users’ crypto activity. After Crypto.com registered the DeFi app’s DIA (Decentralized Information Asset) token on its platform this month, it launched a campaign with a prize pool of $ 20,000 in DIA tokens for users who make DIA deposits.

Also in September, the company launched DeFi Swap, « a decentralized protocol implemented on the Ethereum blockchain » for trading and income farming.

The company said it had achieved important milestones this year including the launch of its wallet and the introduction of MCO Visa card mailing in Europe. Crypto.com announced that it will attempt to launch its mainnet network and expand MCO Visa card coverage to the Asia Pacific region and Canada in the coming months.

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Crypto.com’s first year is expected to be profitable despite problems in Asia
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