#ICYMI: Crypto.com CEO Kris Marszalek buys AI.com for USD 70 million
The founder of cryptocurrency trading site Crypto.com is acquiring AI.com for USD 70 million, a move aimed at accelerating its lead in the artificial intelligence race.
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| AI.com sold |
Dubbed the biggest website name deal yet
Based on reports, Kris Marszalek, co-founder and chief executive of Crypto.com, decided to acquire AI.com for its debut in a Super Bowl ad from Malaysian tech entrepreneur Arsyan Ismail for USD 70 million (around PHP 4 billion).
The platform is set to offer a personal "AI agent" that users can tap to send messages, use apps, and trade stocks.
Last year, an opportunity came up for me to acquire this domain, and I thought if you take a long-term view — 10 to 20 years — that [AI] is going to be one of the greatest technological waves of our lifetime. And so it would be a good investment, Marszalek told the Financial Times.
The transaction value was reported to be paid entirely in cryptocurrency.
Marszalek introduced Crypto.com in the market a decade ago, with the latter’s growth now pegged at around USD 1.5 billion. It also sealed major deals with the Trump family's media firm, Trump Media & Technology Group.
Five years ago, Crypto.com likewise clinched a USD 700-million multi-decade deal for the naming rights to a Los Angeles stadium.
There is a big desire for us to own this touchpoint, you get commoditised. I thought it was quite interesting that one person can own two domains that stand for such important categories, Marszalek said.
Source: Financial Times
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