Crypto debit card issuer rolls out exchange to retain its 1 million customers


Another crypto firm is edging into the crowded exchange market. 

Cryptocurrency debit card issuer announced on Thursday the launch of a cryptocurrency exchange in an attempt to retain the platform's existing customers, CEO Kris Marszalek told The Block.

According to Marszalek, has already solved the problem of user acquisition before launching the exchange. The firm's task now is to build an ecosystem in which its acquired users are willing to stay. 

"We already have over 1 million users on a secure platform and a customer acquisition engine. Adding full exchange functionality addresses the needs of our existing customers and keeps them within our ecosystem," said Marszalek. 

At launch, the exchange will support nine tokens, among them BTC, ETH, XRP, EOS, and's own tokens CRO. The trading fees will be at 0.008% for maker and 0.02% for taker, with free trades for high-volume accounts. 

Meanwhile, the exchange market is heating up with several companies announcing their plans to launch cryptocurrency exchanges recently. Last month, token sales platform CoinList said it will soon roll out an exchange, after raising $10 million from Twitter CEO Jack Dorsey and others. In July, cryptocurrency wallet provider's PIT exchange came out of stealth, hoping to attract users with its "microsecond" matching engines. 

Speaking to the intensified competition, Marszalek said, "only full ecosystem players will be able to thrive over the long term. Small players will not be able to compete and will shut down."

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With more than $100 billion in market cap across all chains, it is likely that the DeFi market cap will grow to $200 billion by 2025. However, many users still face various technical barriers when using decentralised platforms to do on-chain farming, staking and trading, while off-chain solutions face liquidity issues, fiat restrictions and the lack of a central multichain to support crypto assets and institutional-grade custodians. 
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