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We take a look at how much Crypto.com paid for the recent Staples acquisition, and what this might mean for the future of the company.
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Introduction
Crypto.com, a Hong Kong-based cryptocurrency startup, has agreed to pay $2.5 million for the domain name Crypto.com, the company announced today.
The all-cash deal was brokered by DomainNameSales.com, and the seller was an entity called Staples, Inc. The price paid makes Crypto.com one of the most expensive domain names ever sold, and puts it in the same league as other recent multi-million dollar purchases like VacationRentals.com ($35 million) and PrivateJet.com ($30.1 million).
What is Crypto.com?
Crypto.com is a digital asset exchange company headquartered in Hong Kong. The company was founded in 2016 by Kris Marszalek, Rafael Melo, and Binance co-founder He Yi. Crypto.com allows users to buy, sell, and store cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Binance Coin. The company also offers a mobile app that allows users to trade cryptocurrencies and earn interest on their deposits.
What is the acquisition?
In August 2020, Crypto.com announced that it had acquired the U.S.-based digital asset exchange, ShapeShift, in an all-stock transaction. The move was aimed at helping Crypto.com expand its product offerings and enter the U.S. market. Financial terms of the deal were not disclosed.
This is not the first acquisition for Crypto.com, which raised over $100 million in a Series A funding round in March 2018 and has been on an aggressive growth trajectory since then. In 2019, the company acquired Simplex, a provider of fiat-to-crypto processing services, for an undisclosed sum.
How much did Crypto.com pay for Staples?
In February of 2018, Crypto.com paid $9.5 million for Staples, a large office supply store. This was one of the largest acquisitions that Crypto.com had made to date, and it solidified their position as a major player in the online retail space.
With this purchase, Crypto.com gained a large customer base and a well-known brand name. Staples also gave them a foothold in the physical retail space, which was something that they had been lacking up until that point.
The acquisition was widely seen as a positive move for Crypto.com, and it has helped them to continue to grow at a rapid pace.
What does this mean for the future of Crypto.com?
This move by Crypto.com is significant for a few reasons. Firstly, it shows that the company is willing to make significant investments in order to grow its user base. Secondly, it’s a sign that Crypto.com is serious about becoming a major player in the online payments space.
With this in mind, it will be interesting to see how Crypto.com develops over the next few years. It’s certainly a company to keep an eye on!
Conclusion
To sum it up, Crypto.com paid a total of $0.70 for each share of Staples common stock, or a total of $4.1 million.
