It is very uncommon to see commercials about cryptocurrencies on TV, but Crypto.com, which has its own exchange and cryptocurrency token, has taken to the airwaves to promote itself as a full-service option for cryptocurrency enthusiasts. While this commercial did take a look at a Lebron James back in his younger years in 2003, it forgoes the NFL Draft Odds and shows James eying the NBA as his talent was superior enough for him to go straight from high-school basketball to the NBA. James isn’t the only person Crypto.com has hired to help them woo potential customers.
The company has hired Matt Damon and other Hollywood stars to participate in their commercial campaign to draw more attention to themselves over a crowded crypto market. The company also spent $700 million to replace the name of the Staples Center, the home of the Lakers and Clippers, to the Crypto.com Arena in November 2021. Between the hiring of big-time Hollywood actors and their changing the Staples Center’s name, the company has spent over $1 billion to help promote themselves to the public.
Hitting the TV waves with big-name actors in their commercials wasn’t enough, so Crypto.com went out and spent $400 million in endorsements with professional sports like the UFC, Formula 1 racing, motocross championship, football, and soccer. The amount of advertising being done is more than what any other cryptocurrency has done or any other crypto exchange. While we see more cryptocurrency exchanges advertise on TV, they haven’t put forth the all-out effort that Crypto.com has with their product.
In January of 2021, Crypto.com Coin (CRO) was at .0585 a coin and now is worth around .3872 a coin. The increase is something that holders of this crypto are happy to see. Crypto.com had over 10 million users in February of last year. Now, having spent over $1 billion in advertising, Crypto.com hopes to reach over 1 billion users for their platform, along with new investors into their crypto coin.
If they can get 1 billion users, a ten-time increase over their 2021 numbers, the company will have spent just over $1 per user. The Singapore-owned company thinks that numbers like those are worth it, but it will take time to see if the relatively new crypto will take off to new heights. With CRO increasing in value and their advertising, those new heights can come relatively fast.
The company was originally a crypto wallet and payment platform that went under the name Monaco in 2017. Also, in 2017, the company raised $26.7 million through an initial coin offering (ICO) under the same name to be traded under the symbol MCO. However, by 2018 the company looked towards a re-branding, thus becoming Crypto.com, where they launched an exchange in 2019. The rebranding, though, came with many questions for those familiar with Monaco.
Some of the main complaints from people who know the history behind Monaco and Crypto.com have said the company has a transparency issue and shady business dealings. Other things that have made people cautious of the company are the founders of Monaco, who worked for Southeast Asian e-commerce firm Ensogo. Their previous business closed its doors in 2016, under speculation of unstable cash management and the inability to give customers what they promised them.
The company has a deal between themselves and Visa, offering customers a way to use fiat while gaining CRO rewards for purchases with their Visa debit card issued by them. People have complained about funding their Visa debit card that they have been issued and the lack of phone service for its customers; the company has opted to forgo these things and instead offer customers with higher stakes in their coin special offers like lifetime free Spotify and Netflix. When it comes to things like this, it makes it seem like Crypto.com could be smoke and mirrors in the end like some suspect.