May 16, 2020

Startup spotlight: Crypto.com is democratising finance

crypto.com
Cryptocurrency
Kris Marszalek
Amber Donovan-Stevens
4 min
As we jump into a new year and with that a new decade, FinTech Magazine continues its series on the top startups to watch this year.Kris Marszalek, CEO...

As we jump into a new year and with that a new decade, FinTech Magazine continues its series on the top startups to watch this year. Kris Marszalek, CEO and Co-founder, Crypto.com, has been on Bloomberg and CNBC, and has been invited to speak at Web Summit, Money20/20, Bloomberg Invest Asia and TechCrunch Sessions among other Tier1 outlets. In his own words, he tells us about his company, Crypto.com.

Hi Kris, could you tell me a little bit about Crypto.com?

Crypto.com was founded on one belief: that it’s your basic human right to control your money, data, and identity. By harnessing the technology of blockchain and cryptocurrencies built on it, we can democratise finance and bring much needed transparency to banking systems, shifting the balance of power back to individuals and away from many of society’s most powerful institutions. With this in mind, Crypto.com is on a mission to accelerate the world’s transition to cryptocurrencies. 

In order to do so, we built a range of intuitive and rewarding consumer products, including our crypto super app, the MCO Visa Card and the Crypto.com Exchange. This way we are making it simpler (even irresistible) for the average consumer to give it a go, and begin adoption of  crypto for everyday financial needs - from spending, saving, investing, to trading.

What gives Crypto.com its competitive edge?

First and foremost, Crypto.com is the only company in the market to provide a complete crypto ecosystem, including payments, trading, and finance. We offer a super smooth and easy user experience, making our app easy to navigate even for crypto newbies. We also take crypto education seriously and provide a platform for anyone to learn more about the world of crypto.

Our approach to keeping up in this dynamic industry is different. While most companies focus on competition, we aim to focus on customer satisfaction and building products that take us closer to putting cryptocurrency in every wallet. 

But most importantly, Crypto.com is built on a solid foundation of security, privacy and compliance and is the first cryptocurrency company in the world to have CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance. 

What was your last major milestone / award? 

Our 200+ strong team was so proud to close off the year on a high note. We hit a major milestone in November with the launch of Crypto.com Exchange -- an exchange that offers customers deep liquidity, low fees, best prices, while providing top grade custody and security.  This was quite a natural step for us as we work towards offering a complete ecosystem.

SEE MORE: 

Is there any exciting news you'd like to share with our readers at FinTech Magazine? 

After our successful launch in APAC and the US, our next stop is Europe. We recently shared news that the MCO Visa Cards will soon start shipping to our customers in Europe. In keeping with our roadmap, we will have a busy 2020.

What can we expect from your company in 2020?

2019 was about BUIDLing and refining our products for everyday consumers and businesses alike. In 2020, the team will focus on bringing our products to more markets (see our latest roadmap). For example, our top priorities at the moment include ramping up the Crypto.com Exchange and bringing the MCO Visa Card to European customers.

Another highlight will be the launch of Crypto.com Chain, a high-performing native blockchain powering our Crypto.com Pay product which allows users to pay or get paid in crypto anywhere.

We will also be constantly improving our existing products, such as adding entire product categories, like corporate lending or derivatives to the newly launch Crypto.com Exchange. 

 

About Kris Marszalek

 

Kris Marszalek

Kris Marszalek is Co-Founder and CEO of Crypto.com.

As CEO, Kris leads the Crypto.com team in its mission to accelerate the world’s transition to cryptocurrency. Its crypto-powered financial solutions – including the MCO Visa Card, the Crypto.com App which covers savings, investments, and loans – bridge the fiat and crypto world seamlessly and are designed to put Cryptocurrency in Every Wallet™.

Kris is a seasoned entrepreneur and has twice grown his companies from $0-$100 million in revenue.

 

For more information on all topics for FinTech, please take a look at the latest edition of FinTech magazine.

Follow us on LinkedIn and Twitter.

Share article

Jun 10, 2021

FIVE things fintechs must do to keep investors onboard

Fintech
Investment
venturecapital
AI
Brandon Rembe, CPO, Envestnet...
4 min
Fintech innovations drew in first-time investors who reshaped the markets. What new advancements will help them continue their rise?

New investors flocked to the stock market during the COVID-19 pandemic. Thirty-eight percent of investors said they had never had a brokerage or similar account before opening one in 2020.

Low or no-fee trading options have helped accelerate the trend – nearly half of new investors said they accessed their account primarily through a mobile app. As FinTechs, how do we create the trust needed to keep new investors in the market and create a fruitful customer experience for them?

The financial industry does a disservice to individual investors if we merely offer tools that focus on making money quickly, an approach that usually backfires. Instead, the surge of interest presents an enormous opportunity for those who want to help more consumers use financial technology to educate them on responsible spending, saving, and investing in order to achieve financial wellness current fintech tools have welcomed individual investors in the door.

Now, it’s time to focus on education and improving their experience going forward. There are several ways those of us in fintech can step up to shape the future of retail investing so that it works better for everyone, starting with the following areas.

Equal access to financial wellness education

Financial health should be available to everyone — but today, not everyone has the educational resources to achieve it. One study shows that only 3.9% of students from low-income schools were required to take a personal finance class. What they aren’t learning in school or from family members, fintech companies can provide on their platforms.

The companies should move from solely offering financial services to a more responsible model of education, advice, and prescriptive choices to help consumers develop better habits and make wiser financial decisions. Not only can they empower consumers and bridge historical wealth divides, but they can also stimulate growth by opening up new consumer segments.

More personalisation

Just as we’ve come to expect that our fitness routines are tailored to our individual bodies, we’re also ready for finance tools that go beyond one-size-fits-all solutions. But only six percent of financial institutions say they’re using the kind of technology that allows them to deliver a deeply personalized experience. Fintech tools need to reflect that financial success looks different for each of us.

For one consumer, it may mean providing guidance on how to pay off student loans early; for another, it may mean prescriptive actions that enable them to stick to a budget for the first time; for a third, it could look like prioritizing environmental, social and governance (ESG) investments, so that her portfolio aligns with her political beliefs.

Now, we are seeing financial technology beginning to meet the demands of personalized finance in a substantial and meaningful way.

The rise of AI-Powered Advice

Big-picture advice and predictive guidance used to be a feature of high-end financial advisory firms — a perk only available to those who could afford it. But thanks to rapid advancements in data analytics and artificial intelligence (AI), that kind of holistic advice is now more accessible than ever. AI-driven robo-advisors can parse many different streams of financial information, delivering customized answers to key questions: Is it time to buy a home, or is it smarter to keep renting? Can I afford to take out another student loan?

Intelligent connectivity powered by AI can anticipate consumers’ needs and next steps, making proactive suggestions that guide them along the path to financial wellbeing. Fintech companies can also help consumers identify when their financial picture becomes too complex for a robo-advisor, and help them find a human financial advisor to meet their needs. 

Focus on financial mental health

New investors are quickly finding that the market can be overwhelming. That’s not surprising, financial anxiety is common and studies show that financial stress can have an impact on mental health for some.

It’s not enough for fintech companies to give retail investors access; they also must provide the guidance and support that help consumers manage their financial well-being. Educational tools can ensure that consumers are well informed about their options.

Predictive analytics can anticipate consumers’ questions, serving them key information and insights before they ask. Features that emphasize a comprehensive notion of financial well-being, rather than short-term wins and losses, can also help ensure that consumers are keeping their eyes on the bigger picture.

Gamification for good

The surge of gamification apps has done an impressive job making investing as engaging as playing a video game or joining a social media platform.

Much of the current use of gamification emphasizes short-term thinking, but there’s also an opportunity to help consumers think more broadly about their overall financial picture. One example is peer benchmarking, a feature that enables help consumers to see how their financial habits compare to those of friends and fellow consumers.

Gamification can also be used to incentivize making smaller, smarter choices — for example, rewarding saving over making an impulse buy.

The future of fintech is about more than just broadening access to the markets. It’s about making sure more individuals have access to the tools that can help improve their financial well-being—in the ways that suit their own circumstances and needs. The potential to act within their own set of individual priorities, with their long-term financial wellness in mind is much more empowering to a consumer than simply relying on short-term, high-risk investments.

Share article