On June 18, Crypto.com announced that they had completed making key upgrades to the exchange. With the new upgrades, the performance has increased by 10X and there is a new Matching Engine. Thanks to the upgrades, the platform will be able to offer features like derivatives and margin to its users.
Details of the Upgrades
According to the press release by Crypto.com, major upgrades have been rolled in the exchange. The upgrades include a new Matching Engine, an upgraded Order Management System (OMS), and a new unified REST and Websocket API. The exchange also features a revamped architecture that will improve security, latency, and scalability. Finally, resilience and high availability have been added to every component, which will boost and stability and eliminate single points of failure. With the upgrades, performance and throughput are expected to increase tenfold. It will allow the platform to roll out products for advanced traders such as derivatives and margins trading throughout 2020.
The Beta version of the exchange was launched in November 2019. Since the launch, the exchange has been a key driver of growth for the past six months. The broader market uncertainty has also played a role in the growth as more traders turn to crypto trading.
Promotional Incentives for New Users
According to Kris Marszalek, who is the CEO and co-founder of Crypto.com, they launched the exchange in November, aiming to create a secure, user-friendly platform with high liquidity. He added that the platform is targeted at both institutional and retail traders. He noted that in the last six months during the Beta phase they had experienced tremendous growth. They plan to continue the growth by improving their services.
To incentivize more people to sign up, the exchange will offer users:
- No trading fees for the first 90 days for new users
- Up to 50% reduction in trading fees for the existing users
- A 2% deposit bonus for all deposits made within 30 days after successfully signing up
A Special Syndicate BTC 50% off event that will take place on June 30 as part of the fourth-anniversary celebrations of Crypto.com
About the Crypto.com Exchange
All operations on the exchange are powered by the CRO token, which recently received a special badge from Twitter. It is the second coin after Bitcoin to receive the special badge awarded to digital assets. The CRO token offers users benefits such as low fees, deep liquidity, and the best execution price.
The CRO token offers seamless connectivity to the Crypto.com App and competitive pricing, which are features lacking in the current market. With special connectivity to the app, users can access the full suite of crypto offerings. Additionally, they will have the confidence that they are trading with one of the most trusted brands in the crypto sector.
Throughout 2020, the exchange will engage in an ambitious plan to roll out more services to its users including lending, derivatives, margin trading, and localized products. Additionally, the exchange will offer support in multiple languages while also revamping the rewards program.
A Unique Approach to Security
A major issue of concern for all crypto traders is the security of their assets. To ensure that all assets are secure, Crypto.com has employed a unique strategy called “Defense in Depth.” It ensures the highest possible privacy and security within the Crypo.com ecosystem. Besides that, the company has insurance coverage of up to $360 million and it is the first crypto firm to receive ISO/IEC 27701:2019, which is awarded for privacy.
At the time of this report, CRO cryptocurrency is the 11th ranked digital asset by market capitalization, valued at $2 billion. With a current price of $0.1147, the token has surged the last month, seeing +66% growth. Over the last 1 year, CRO has rallied +72%.
Image Source: Crypto.com