What is Crypto.Com?
Crypto.com is a cryptocurrency exchange app that was founded in China in 2016. The company offers services to over 10 million users around the world, and has over 3000 employees. They’ve made global headlines after several massive sponsorship deals over the last few years. This includes partnerships with Formula One, the Serie A, the UFC, Paris Saint-Germain F.C., the Philadelphia 76ers, the Montreal Canadiens, and Water.org.
The Water.org partnership included signing its co-founder, the actor Matt Damon, to serve as Crypto.com’s brand ambassador. In 2021, the company also purchased the naming rights to the Staples Center in Los Angeles, paying a reported $700 million to change the name to Crypto.com Arena.
You may also be familiar with Enron, when is famous for its massive corporate fraud scandal in the 90s. One thing this Crypto.com Arena Buy-Out reminds me of is when Enron did their branding glut, and bought the Enron Field Stadium. Two years after, Enron went bankrupt.
While Crypto.com does a relatively effective job at blending in with legitimate cryptocurrency companies, their entire business model is flawed and based on marketing rather than utility, sustainability, or value.
Who is Kris Marszalek?
Kris Marszalek is a self-described lifelong company builder, who started several firms before finally getting into the crypto industry with the company that eventually became Crypto.com. He is also known for developing Beecrazy, a major e-commerce platform that was bought by iBuy Group Limited back in 2013.
He also infamously served as the CEO of Ensogo, which is an online discount retailer from Southeast Asia, plagued with multiple…