The story of Crypto.com is one of transformation, innovation, and relentless ambition. From its humble beginnings in 2016 as Monaco to becoming a global leader in cryptocurrency services, this journey is nothing short of remarkable. Let’s dive into the history of Crypto.com and how it has shaped the world of digital finance.
The Early Days: Monaco (2016-2018)
Crypto.com was born in June 2016 under the name Monaco. Back then, the vision was simple yet groundbreaking: a cryptocurrency-backed payments platform that made spending digital assets as easy as swiping a card. Monaco introduced:
Cryptocurrency Wallets: Enabling users to store and manage their digital assets.
Visa Debit Cards: Bridging the gap between crypto and fiat by allowing users to top up their cards by selling cryptocurrencies.
In 2017, Monaco launched the MCO token through an Initial Coin Offering (ICO), raising approximately $26.7 million. This marked the first step towards creating a comprehensive ecosystem for crypto enthusiasts.
A New Identity: The Birth of Crypto.com
The turning point came in 2018 when Monaco rebranded as Crypto.com. The domain was acquired from cryptography professor Matt Blaze for an estimated $5-10 million. This rebranding signified a bold ambition: to accelerate the world’s transition to cryptocurrency.
CRO Token: As part of the rebrand, CRO tokens were introduced, replacing the MCO token. CRO quickly became the backbone of Crypto.com’s ecosystem.
Global Debit Cards: The rebrand also saw the expansion of Crypto.com Visa cards, making crypto spending accessible worldwide.
Building the Ecosystem
Crypto.com didn’t stop at payments; it aimed to create an all-encompassing ecosystem.
Crypto.org Chain: Announced in November 2018, this public blockchain was designed for instant cryptocurrency payments. Its mainnet launched in March 2021.
Cronos EVM Chain: Launched in November 2021, this Ethereum-compatible blockchain opened doors for decentralized applications (dApps) and smart contracts.
Key Milestones Along the Way
Here’s a look at some of the major achievements:
2016: Secured the ability to issue Visa debit cards.
2018: Public beta of the Crypto.com mobile app.
2019: Launched "Crypto Pay," "Crypto Earn," and "Crypto Credit."
2020: Introduced the Crypto.com DeFi Wallet.
2021: Added the Crypto.com Tax platform and an NFT marketplace.
2022: Started publishing Proof of Reserves to ensure asset transparency.
2023: Released "Loaded Lions: Mane City," the first Cronos Play game.
Transparency and Community Focus
Crypto.com has prioritized user trust and transparency:
Proof of Reserves: Regular publications ensure customers know their assets are secure.
Governance: Community-driven proposals have shaped developments, including changes to CRO tokenomics and network upgrades.
The Future: 2024 and Beyond
Crypto.com continues to push boundaries with exciting new initiatives:
Cronos zkEVM Chain: Developed in partnership with Matter Labs and zkSync, this zero-knowledge Layer-2 blockchain is set to launch in June 2024.
Expanding Ecosystem: With ongoing upgrades like the Titan upgrade and zkEVM advancements, Crypto.com is positioning itself at the forefront of blockchain innovation.
A Legacy in the Making
From its inception as Monaco to its current status as a leader in digital finance, Crypto.com has redefined what’s possible in the crypto space. With a relentless drive to innovate and a commitment to its community, the future looks brighter than ever.
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