Crypto.com Chief Executive Officer Kris Marszalek said withdrawals from the platform are working and will continue to work, moving to reassure markets unnerved by the sudden collapse of rival FTX.com.
(Bloomberg) —
Crypto.com Chief Executive Officer Kris Marszalek said withdrawals from the platform are working and will continue to work, moving to reassure markets unnerved by the sudden collapse of rival FTX.com.
Marszalek, speaking Monday in a livestreamed Q&A session, repeated that the company has less than $10 million of exposure to FTX and a “very strong balance sheet.”
After FTX filed for bankruptcy late last week, markets have turned their attention to the health of other crypto exchanges like Crypto.com. The company’s native CRO token has slumped 45% in the past week, data from CoinGecko show.
Crypto.com never uses CRO as collateral for loans, Marszalek said. The company, with some 70 million users, has 1-to-1 reserves coverage for all assets and liabilities, he added. Crypto.com will remain an official sponsor for the FIFA World Cup this year, according to the CEO.
- Read more: FTX’s Freefall Into Bankruptcy Shows Why Case File Is Empty
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