Crypto.com Reports Significant Increase in Visa Card Usage in 2020
- Crypto.com’s Visa Card saw a 55% increase in overall spending per user and a 117% increase in online spending.
- The company will use the data from its consumer report to expand into new markets, which may include NFTs.
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According to Crypto.com’s press release, the overall spending per user in 2020 grew by 55% YoY, with nearly half of all Crypto.com Visa Card holders being located in the U.S. (24%) or the U.K (23%), the report showed.
The biggest increase was seen in online spending, which increased by 117% relative to the overall spending growth. Housing, household goods, groceries, and cross-border transactions are the categories that contributed most to the growth.
Despite the overall growth, spending habits were significantly impacted by the global pandemic. The share of spending on restaurants and transportation fell below 10%, while spending on travel, dining, and ticketing saw significantly negative growth. Ticketing experienced the worst decline at -50% since 2019, the report showed.
“This granular spending data gives tremendous insight into where, how, and for what purchases the card is being used globally and reveals significant spending behavioral changes driven by the pandemic,” said Kris Marszalek, the co-founder and CEO of Crypto.com.
Marszalek said the data will enable the company to expand its Crypto.com Visa Card into more markets, which will most likely include NFTs, according to the company’s latest announcement.
In a blog post published on 1 April, Crypto.com announced that its venture arm led the seed round in Efinity, an NFT project created by Enjin. Efinity is a purpose-built NFT blockchain created in partnership with Polkadot, enabling NFTs from any chain to be moved to the network.
- Crypto.com has once again expanded its regulatory achievements with the acquisition of a major payment institution license for digital payment token services in Singapore.
- The license, for which the company received an in-principle approval last June, enables the exchange to provide a greater range of payment services in Singapore.
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- Crypto.com CEO Kris Marszalek addressed customer concerns during a live AMA session today, claiming that the exchange had a strong balance sheet.
- He also clarified that Crypto.com had sent $1 billion in stablecoins to FTX over a the past year to fulfill order liquidity, and that it had only $10 million exposure to FTX when it fell.
- Part of the investment will support the establishment of a new Crypto.com European headquarters in the capital city of Paris.
- Funds will also be alocated to hire new talent in the region, and advance the exchange’s brand presence in Europe through customer engagement and education.