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Crypto.com Launches Exchange Derivatives Competition – Product Release & Updates

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Crypto.com Launches Exchange Derivatives Competition

Popular crypto fintech Crypto.com offers yet another opportunity for its users to earn rewards. This time, the fintech platform is launching a Derivatives Race for the first time in its history.

The Derivatives Race closely follows the launch of derivatives trading (BTCUSD Perpetual Contract) on Crypto.com. Participants will have the opportunity to earn from the $200,000 worth of rewards up for grabs during the Derivatives Race.

The crypto fintech platform currently boasts of the fastest matching system in the crypto space. The engine is able to complete 2.7 million transactions in a second, with a low core latency of 50 microseconds.

The race officially went live on March 4, 2021, at exactly 06:30 UTC, and is expected to end on Thursday, April 1, 2021, at 06:30 UTC.

Race Details

To participate, users will need to carry out BTCUSD and ETHUSD Perpetual trading on Crypto.com. To do this, interested persons will need to:

  • First sign in to the exchange.
  • Next is to generate a Derivatives wallet and then deposit USDC in it.
  • Lastly is to specify market order with the Perpetual Contracts.

Find out more about Crypto.com Perpetual Contracts here.

Participants with the highest Perpetual trading pairs will receive $200,000 worth of rewards in CRO. The Aston Martin Cognizant Formula One Team will also give out several prizes based on user ranking. Notably, Crypto.com recently partnered with Aston Martin. These prizes will be given out to winners to commemorate the strategic partnership.

Terms and Conditions

It is important to note that only retail account holders on the exchange are eligible to take part in the Derivatives Race. Also, only trades involving BTCUSD and ETHUSD Perpetuals will be accepted. Users also need to have completed advanced level verification on their exchange account to be eligible.

1st prize winners will receive $20,000, alongside 1-day ultra VIP hospitality at a race of their choice, and a Aston Martin Cognizant Formula One Team Merch Pack (3 items).

In the official blog post, the fintech platform disclosed that it reserves the sole right to modify or cancel the rules of the competition at any time. At the end of the Derivatives Race period, all winners will receive an email confirming their winning and also requesting details for the prize delivery. Any user who fails to provide these details will be viewed as having forfeited his/her earnings.

Crypto.com Launches Capital Arm

The fintech platform also announced the launch of its venture capital arm โ€“ Crypto.com Capital. The platform will provide funds for startups as well as crypto projects either in the Series A or seeding phases. Speaking on the partnership, Kris Marszalek, co-founder of Crypto.com, reiterated the firmโ€™s continual focus on crypto mass adoption. He added that the introduction of its capital arm will facilitate awareness as well as the adoption of cryptocurrencies.

The recently launched capital arm will be chaired by Bobby Bao, also a co-founder of Crypto.com.

CRO Price

At the time of publication, CRO was trading at $0.154073, with a market cap of $3,719,903,23, and a 24-hour trading volume of $159,864,631.

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