Crypto.com, the leading provider of cryptocurrency exchange and debit cards, has surpassed five million for the first time. The feat comes just three months after the platform first surpassed three million users.
Crypto.com has seen rapid growth since the platform reached 1 million users in September 2019 and increased its user base three times over the next nine months.
Crypto.com co-founder and CEO Chris Marshall said the company plans to continue “aggressively” to increase its user base, noting that the platform is targeting 15 million users “by the end of 2021”, adding:
“Our long-term strategic goal is to reach 100 million users of the Crypto.com ecosystem within five years.”
Not every one of the five million users celebrates this achievement, and follows the news of a 70% reduction in the CRO token stakes bonuses announced 24 hours ago.
Users with 5,000 CROs or more (about $ 690 USD) and who are billed for 180 days could earn only 6% annually.Before this change, users could have earned 20% on CRO rates with the same terms. Disgruntled users took to Twitter for comment and Twitter user “LtcFanboy” said:
“I have noticed that every time the cryptocom hits a milestone, they lower their earnings limits by a large percentage. Like their model.”
The company’s large marketing budget is likely a major factor behind Crypto.com’s rapid growth, as the company recently spent seven figures in one marketing campaign. A campaign titled “The Syndicate Anniversary Special” offered $ 2 million in bitcoin to 25,000 users at a 50% discount, in addition to $ 120,000 donated to a Twitter event.
Marshall explained in a tweet that the high prizes so far have not succeeded in attracting users and should be limited:
“We are working to strike a balance between high growth and profitability, hence the recent reduction in stimulus to make it sustainable.”
According to CoinGecko, the current trading volume of Crypto.com, which launched in November 2019, is only $ 33 million. It’s unclear how many of the 5 million users are using the exchange instead of just using the popular debit card feature.