Sought-After Crypto.com Domain Finally Sold for Millions

Avi Rosten

The highly sought-after domain crypto.com has finally been sold to cryptocurrency credit card company Monaco in a deal reportedly worth millions of dollars.

Originally registered by computer scientist Matt Blaze in 1993, the University of Pennsylvania professor had until now been adamant that the domain was not for sale:

With reports suggesting the sale might have been worth as much as $10 million, it is unclear what the precise amount was - although Blaze did remark to TechCrunch that “If it was only about money he’d have sold it a long time ago.”

Monaco, based in Hong-Kong, launched in 2017 with an ICO for its MCO token - raising $27 million by the end of the sale in June. CEO Kris Marszalek, a serial tech entrepeneur, explained that the domain acquisition has a broader purpose for the company beyond its rebrand:

“This is a very powerful identity that we are taking on. It’s representative of the entire category so it comes with a huge responsibility on us to carry the torch. We don’t take it lightly and this is one of the things that I think we conveyed successfully, that, as a company, we do have a higher purpose…

Adding that the domain will help the company further the cause of blockhain and cryptocurrency adoption:

“Fundamentally, blockchain and crypto will enable [the next generation] to control their money, to control their data and to control their identity, these are the three fundamental things that weave the fabric of society. For us this is the purpose, we want to accelerate the world’s adoption of cryptocurrency."

With sought-after domains in the crypto space few and far between, blockchain and crypto enthusiasts will hope that this latest acquisition will be utilised effectively to further bring the industry into the mainstream.

 

Binance Acquires Crypto Debit Card Issuer for an Undisclosed Sum

Leading cryptocurrency exchange Binance has acquired cryptocurrency debit card issuer Swipe for an undisclosed sum, in a deal that gets the platform one step closer to issuing its Binance Card.

Finance Magnates reports the firms shared revealed the companies will “work together to further mainstream adoption of cryptocurrencies,” by further bringing fiat and digital assets together. The deal will allow for cryptos to be used as a payment method in the traditional financial system.

Binance unveiled its plan to launch a Visa crypto debit card earlier this year, but was having difficulties implementing it. The acquisition of crypto start Swipe should help fix these difficulties and support the exchange in its “mission of making crypto more accessible to the masses.”

Per Binance CEO Changpeng Zhao, off-ramps are a key component to be considered in its mission. He added:

By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone.

Binance and Swipe listed each other’s native tokens as part of the deal. Binance now has trading pairs for Swipe’s SXP token, while the Binance Coin (BNB) was added to the cryptocurrencies, stablecoins, and fiat currencies available as a payment method on Swipe.

Swipe, it’s worth noting, converts cryptoassets into fiat currencies at the point of purchase. Users pay in a cryptoassets of their choice, which is then converted into fiat currency the merchant receives, so the latter does not have to manage cryptoassets, or accept payments in them directly.

Swipe’s cards are issued by Contis Financial Services, a visa Principal Member regulated by the UK’s Financial Conduct Authority. They are available in 31 countries within the European Economic Area, and support transactions in euros, pounds, U.S. dollars, Korean won, and Philippine pesos.

The firm’s CEO Joselito Lizarondo revealed partnering will Binance will “place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide.” Binance Card users will be able to get up to 4% cashback in bitcoin on their purchases, which will be available in over 50 million locations in the world.

Featured image via Pixabay.