As Bitcoin today hit another all-time high, retail investors are flocking to get their hands on the cryptocurrency — as well as Ethereum and other altcoins, which are also doing well.
And buying crypto couldn’t be easier: exchanges are doing everything they can to get would-be investors on board.
Including Hong Kong-registered crypto company, Crypto.com, which today announced 0% credit or debit card fees for crypto bought on its exchange after they pass know your customer (KYC) verification.
The service will allow users to buy over 80 cryptocurrencies at market price — including Bitcoin, Bitcoin Cash, Ethereum and the app’s native, Crypto.com coin (today trading at $0.067).
Regulatory push
Trending Stories
Crypto.com’s push comes as the company rapidly grows: it is racing to spread cryptocurrency adoption worldwide — just last month, it announced that it had surpassed five million worldwide users, three months after it reached the three million mark. The platform says it wants to reach 100 million users within five years.
The one-stop, crypto-shop has a wallet, a credit card (with cashback offers), an interest-yielding savings account, an automated quant trading service and a loans product.
But in order to get retail investors on board, it is pushing for KYC compliance.
Why?
Because KYC compliance has never been more important. Be it the European Union or the US Securities and Exchange Commission, authorities want to crack down on cryptocurrencies.
Know your customer — or KYC — is a way for financial institutions to verify their users. A KYC check involves identifying the identity of the client when opening an account and periodically over time.
It has become bigger in crypto recently as regulation becomes the norm — and major exchanges are hopping on board to please regulators.
According to a 2020 report by blockchain analysis firm, CipherTrace, 56% of virtual asset service providers still lack strong know your customer (KYC) practices.
In order for companies like Crypto.com (which operates in over 50 countries) to get people involved in cryptocurrencies, knowing their customers is a must.
- Stablecoin Meltdown: This Token Loses $7 Billion Within A Week
- Just-In: Polygon (MATIC) Releases Nightfall Mainnet Beta; Here’s Why It’s A Big Deal
- Ripple (XRP) Price Jumps Over 4%, Here’s Why
- Coinbase Cuts Down Hiring After Q1 Losses Hit $420 Million
- Shiba Inu (SHIB) Price Soars 6% In A Day, Here’s Why
- KuCoin Lists $UST Crisis Born Stablecoin $USDD; Details
- WOO Network Halts Terra’s LUNA Trading Just Hours After Relisting It
- Terra Crash Spilled Over Into Other L-1 Blockchains, Here’s How
- SEC Chair Gensler Responds To Terra Crash, More Regulation Due?
- Terra Like A Crypto “Pyramid Scheme,” Says Activist Investor Bill Ackman
- EGLD Price Analysis: Decreasing Volume Hints EGLD to Reverse from $75
- Cardano Price Analysis: ADA Price Prepares For 22% Jump; Are You Holding?
- Bitcoin Price Analysis: BTC Price Holds Above $30,000; Opportunity To Buy?
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
- ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
- Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark
- LUNA Price Analysis: Opportunity to Buy Cheap or A Bull Trap?
- Decentraland Price Analysis: MANA Price Prepares For 60% Gains; Are You Buying?
