Cryptocurrency has been one of the leading industries for innovation in recent years, with hundreds of popular platforms, apps, and concepts being brought to market. Today, if you want to thrive in the cryptocurrency industry, you need to stand out from the crowd. One way to do that is by building your product or service on an ultra-premium .COM domain name.
In this week's edition of On the Record, we are looking at the story of Currency.com. In under two years, the company behind Currency.com has acquired the Currency.com domain, developed a trading platform and successfully brought that to market. The company isn't daunted by the idea of developing a premium name since they have already built a traditional trading platform on the Capital.com domain.
Here, we speak with Currency.com's head of growth and marketing, Nikolai Markovnik, to find out more about developing on an ultra-premium domain.
Can you tell us about the business behind Currency.com?
Currency.com is the world's first regulated tokenized securities trading platform, allowing people to gain exposure to the underlying market prices of traditional assets by using cryptocurrencies or fiat money as collateral. The main idea behind the project is to let users trade in crypto and receive their profits in crypto.
The platform enables anyone who holds Bitcoin, Ethereum, or Litecoin to trade the world's largest markets, including shares, indices, and commodities. Moreover, they can do so without having to convert their cryptocurrency to fiat.
Our business strategy is based on the needs of modern investors and traders. We are driven by a vision to democratize investment, taking it from the preserve of a privileged few in first-world states and making it available for everyone across the globe.
Currency.com's sister company is Capital.com, likely using significant funds to acquire both domain names. How crucial is it to operate on a high quality, trusted .COM domain name within the financial industry?
It is important to understand - the financial industry is highly competitive. There are many well-established brands that have their own pools of clients who already trust them and would not want to switch to anything less reliable.
The domain name is pretty much the face of the company, in the form of a URL. Therefore, it is crucial to make sure it represents your business in the best way possible. The ideal domain should give users a good idea of what the company is all about. Right off the bat, a person can make a good guess as to what they will find at that site.
For that reason, having a credible domain is one of the key factors that can help build a recognizable and trustworthy brand, that looks valid in the eyes of its potential clients.
How many domain names did you consider, and what criteria did you use to ultimately select Currency.com?
We considered between 5 and 10 domain names in total, before opting for Currency.com. Our main criteria for a domain name was simplicity, and relevance to both the crypto and traditional financial industries.
Did you use any data, such as similar domain sales prices, or your own projected revenue models, to determine your best offer for the domain?
When searching for the right domain, we have made a list of criteria that we would want our final website name to fall under. It took us some time to do a comprehensive research and evaluate numerous offers. However, we believe in quality: hard work always pays off, with us making the decision that is best for our business.
With both Capital.com and Currency.com, you have used the domain in the respective company branding rather than just "Capital" or "Currency". Was this a conscious effort to harness the power of the domain?
Using "Currency" or "Capital" instead of the full company names can be misleading for our clients. Therefore, the decision to use "Currency.com" and "Capital.com" instead was fully conscious. This helps our customers find the website more easily, builds credibility, inspires trust and allows us to get more traffic from the brand mentions.
Safety is obviously a key concern when it comes to a crypto platform. Do you think that, at face value, the Currency.com domain name instills trust in potential clients? Do you think this would have been possible with a lower-value name?
Definitely. The domain name is basically the "first impression" that people get of the company as that is the first thing they see. A good, yet simple domain can make a positive and lasting impression, while a bad one can send potential clients running.
Our domain is more credible than some lower value names. Customers see that we are not a one-day broker as we are serious about our reputation and care about our market position. Currency.com's solid domain attracts attention, with users willing to go the website and evaluate our advantages and regulation.
Has operating your company on an ultra-premium domain name had any surprise benefits that you didn't necessarily predict/factor in when acquiring the domain?
Truth be told, building trust is exceptionally important in the financial sphere. We had a clear understanding of it while choosing the domain name for our business. However, it came as a big surprise once we saw how fast it actually helped us achieve brand recognition and massively accelerate the attention of potential clients.
What would your advice be to any financial organization looking to use an ultra-premium .COM domain name to build a brand?
We believe that reputation and first impressions are one of the key drivers for the success of financial companies, as clients trust us with their money. Therefore, if you want to get good exposure and reach out to the right audience, the ultra-premium domain name is worth the investment.
This interview has been edited for clarity.