Crypto.com Set to Launch Banking, Credit Card, and Stock Services

Crypto.com plans a major expansion this quarter and into 2025 – adding banking access, a credit card, and stock trading to its platform.

Announced on November 6, 2024, this development aims to offer users a complete set of financial tools within the Crypto.com ecosystem, supported by a newly launched rewards program called Level Up.

The company’s strategy merges traditional financial services with its established crypto offerings. Through partnerships with established banks, Crypto.com intends to offer deposit and savings accounts, enabling users to access advanced personal banking services. Adding a credit card and stock trading feature will allow customers to handle various financial tasks seamlessly within one platform.

CEO Kris Marszalek highlighted the company’s commitment to its original vision, pointing to sports partnerships and brand campaigns that boosted visibility. He said:

“When I think about what made Crypto.com the leading global crypto platform[…] it is easy to point to our sports partnerships[…] or our signature brand campaigns[…] We were known by our users… as the place with the best product offering and the highest rewards. Today’s Level Up product announcement is a return to those roots.”

What is Crypto.com’s “Level Up” Platform? 

The Level Up rewards program spearheads Crypto.com’s expansion and incorporates a tiered reward system that benefits users across both existing and newly launched Crypto.com services. Users receive notable bonuses on stock deposits, high returns on inactive cash balances, and rewards on credit card transactions.

Advancing through the program’s levels enables customers to gain up to a 3% bonus on stock transfers and 7.5% rewards on idle cash for the first year, with adjustments following that period. Additionally, the Crypto.com Card provides up to 8% rewards on purchases during the first year, tapering to 5% afterwards. The program also includes priority support and exclusive access to events with Crypto.com’s sports and entertainment partners.

One new service includes stock trading through Watchdog Capital LLC, aiming to deliver a seamless, commission-free experience for securities trading. Users gain access to manage stock portfolios alongside cryptocurrency holdings. Watchdog Capital LLC allows users to buy, sell, hedge, and leverage stock options, expanding investment strategies within the Crypto.com app.

The introduction of the new Level Up platform signals Crypto.com’s efforts to move beyond a difficult 2023 as the company struggled after the FTX failure and in the face of regulatory action in Europe when Crypto.com was fined €2 million by the Dutch Central Bank (DNB) for operating without proper registration. The fine was increased due to the severity of the violation and the degree of culpability. By bypassing registration, Crypto.com gained an unfair advantage over competitors by avoiding supervisory fees and compliance costs. Earlier in 2023 Crypto.com cut 20% of its global workforce in January 2023.