0% Fees For First 30 Days: Crypto.com’s Big Crypto Push

06 Jan, 2021 Updated 25 Jul, 2022

By Casper Brown

Contributor

I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.

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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

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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

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.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.