Is Crypto.com Poised for Growth After Numerous Partnership Deals?

Crypto.com is not only a crypto trading platform with a great name, it also has its own coin called crypto.com coin. 

Crypto.com platform which supports its own coin is fast becoming one of the popular platforms to buy and sell your cryptocurrency.  From its inception in 2016, Crypto.com has been making strides to differentiate itself and take a slice of the market.

Currently, the Singapore exchange company supports over 10 million users and 3,000 employees.  It has secured some very impressive partnerships deals with the UFC, Formula one, Lega Series A, Paris Saint-Germains F.C., the Philadelphia 76ers, Montreal Canadiens, and the most notable is the purchase of naming right to the Los Angeles Staples Center. 

The deal with the Los Angeles Staples Center was a reported 700 million dollar acquisition that changes the name of the center to Crypto.com for 20 years.

Considering the aforementioned achievements, it is appropriate to question why crypto.com is currently at 0.7507 and yet to demolish the one-dollar mark. 

One can become even more worried for crypto.com when juxtaposed with its competitor Binance. 

Binance started just one year after Crypto.com in 2017, it also has its own coin called Binance coin. 

However, the Binance coin is currently at $631.52 per coin with a market cap of $103 billion. Those numbers show a clear difference from Crypto.com.

Price Disparity Between Crypto coin and Binance coin.

What could be the cause of such huge price disparity between Binance coin and Crypto coin?  There are several factors, but I will point out some critical ones. 

One possible factor is that Binance is still a private company that has a total of $1B in funding, with CEO CZ Zhao  still the largest shareholder. 

The company also only uses one-fifth of profits to repurchase and permanently burn Binance coins in their treasury. 

Lastly, Binance has been aggressively acquiring new markets by securing licenses to operate all over the world.

Crypto.com on the contrary is a public company that has raised a relatively meager total of $26.7 million in round one funding. 

It also raised an additional $200 million under its crypto fund.  However, it is evident that most of those funds, including their profits may have been diverted into potentially lucrative partnership deals. 

With such strategic partnerships, I believe that in five years, Crypto.com coin will surpass the top trading platforms such as Binance and Coinbase.

Also published here: https://libranews.com/2021/11/26/will-crypto-com-coin-meet-expected-growth-after-sponsorship-deals/