Photographer: Giulia Marchi/Bloomberg

Crypto.com has been on a blitz marketing its digital token. With risk appetite running rampant again in global markets, the campaign is turning into a case study on how to sway emboldened speculators.

The provider of cryptocurrency debit cards and trading services is running a slew of promotions, encouraging people to accumulate its coin, commonly known as CRO, that involve everything from discounts and referrals to sweepstakes.

The results of the push are staggering. CRO has become the ninth-biggest cryptocurrency, with a market capitalization of about $3.4 billion, after surging about sevenfold this year. That’s even more than the eyeopening gains of over 400% for Tesla Inc., though the electric-car maker’s market cap dwarfs the value of the coin.

“In effect, it’s throwing the kitchen sink in to try and drive a higher value for the token,” said Vishal Shah, founder of Alpha5 crypto derivatives exchange and former head of principal investments and discretionary trading at Elwood Asset Management.

Coin investors need little persuasion nowadays. Bitcoin is surging again while tokens associated with decentralized finance applications that seek to cut out institutions from things like lending are booming. Even though promotions and giveaways have been conducted since the launch of Bitcoin, Crypto.com stands out.

In August, Crypto.com announced it will let holders of Crypto.com Coin buy Bitcoin at 50% off. It also ran sweepstakes offering $50,000 of Bitcoin for liking or retweeting Crypto.com’s post on Twitter.

Its new referral program, meanwhile, offers people who send friends to its exchange rewards of up to $2,000 worth of Crypto.com Coins, if the referred in turn pour their money into the token.

(Excerpt) Read more Here | 2020-09-15 08:02:00
Image credit: source

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