Why Crypto.com puts its name on the Staples Center

It was then, when cryptocurrency prices fell, that Mr. Marszalek decided to rename Monaco. He contacted Matt Blaze, then professor of cr...


It was then, when cryptocurrency prices fell, that Mr. Marszalek decided to rename Monaco. He contacted Matt Blaze, then professor of cryptography at the University of Pennsylvania, who had owned the domain name crypto.com for 25 years. Meanwhile, Mr. Blaze had refused to part with the web address and had publicly despised the new digital gold rush.

But this time Mr. Blaze couldn’t resist. In a july 2018 in a blog post he wrote that he had “received a growing barrage of offers, many of which were clearly not serious, but a few, frankly, were getting attention, for the crypto.com domain. “. He said he had “shrugged most of them, but it became increasingly clear that keeping the estate made less and less sense to me.”

Mr. Blaze, now a professor at Georgetown University, declined to comment. In a Zoom interview from an austere clean room in Hong Kong, Mr. Marszalek also declined to discuss what he paid for the Crypto.com domain name, but pointed out an article on the tech site The Verge which suggested that the address could be worth millions.

In an interview, Mr. Marszalek, 42, an entrepreneur of Polish origin, said that Crypto.com and its parent company, Foris Technology, were headquartered in Singapore. Crypto.com’s trading app, which allows people to buy and sell Bitcoin, Ether, and 150 other digital currencies, earns money by charging fees on transactions. Mr Marszalek said the business was profitable but did not provide exact figures.

“As with all cryptocurrency businesses this year, the market has been phenomenal,” he said. He added that Crypto.com’s revenue between April and June was about a quarter of that of Coinbase, one of the major cryptocurrency exchanges, which generated $ 2.2 billion in revenue during that period. .

Crypto.com is only the ninth largest cryptocurrency exchange by daily volume, according to CoinMarketCap, a site that tracks cryptocurrency trading and prices. Still, the bull market allowed the company to fund a mind-boggling marketing campaign.



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Newsrust - US Top News: Why Crypto.com puts its name on the Staples Center
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