2 years ago
Cryptocurrency level Crypto.com received regulatory support from the Cyprus Securities and Exchange Commission (CySEC) conscionable 3 days aft registering with the Italian watchdogs.
Crypto.com’s CEO Kris Marszalek said Europe was the archetypal measurement of the company’s enlargement plans. The announcement quotes:
“Europe is simply a precedence portion for Crypto.com and our continued enlargement successful the marketplace is simply a testament to our committedness to compliance and collaboration with regulators. Our registration successful Cyprus is the adjacent important measurement successful our continued advancement arsenic we grow our products and services to much customers.”
CySEC’s support volition let Crypto.com to connection each its products and services to customers successful Cyprus arsenic agelong arsenic it complies with the determination legislation. Crypto.com besides received approvals from Greece, Singapore, and Dubai precise recently.
Crypto.com successful carnivore market
While it continues expansion, Crypto.com disclosed plans to chopped costs during the aboriginal days of the carnivore market.
On June 13, the institution announced it was laying disconnected 5% of its staff, which equated to 260 people. Crypto.com pointed to the carnivore marketplace conditions arsenic a crushed for the layoffs. It besides said it would instrumentality further precautions to chopped costs.
Crypto.com’s CEO Kris Marszalek posted connected Twitter and said:
“Our attack is to enactment focused connected executing against our roadmap and optimizing for profitability arsenic we bash so. That means making hard and indispensable decisions to guarantee continued and sustainable maturation for the agelong term…”
Spending excessively much
While galore crypto companies downsized astatine the opening of the winter, Crypto.com was the lone 1 that got heavy denounced. The critics said the run spent excessively much, excessively accelerated connected campaigns and naming rights.
700 cardinal naming rights deal
/20 years
=35 cardinal per year
More than covers those 260 jobs.
And thats not adjacent getting into each the different non-sensical selling dollars you've spent.
— ElenDegenerate (@ElenDegenerate1) June 11, 2022
Crypto.com started its bravery run with the motto “Fortune Favors the Brave” successful October 2021. Within 5 months, the institution released 3 videos featuring celebrated histrion Matt Damon and NBA stars LeBron James and Joel Embiid. Each personage appeared successful 1 video and emphasized the company’s bravery motto.
While the full magnitude spent is unclear, Matt Damon’s video outgo astir $100 million. LeBron James’ video, connected the different hand, played during the Super Bowl commercials, which complaint companies astir $7 cardinal conscionable to amusement the advertisements.
Crypto.com drew a batch of attraction to itself erstwhile it bought the naming rights of the Staples Center successful Los Angeles for $700 cardinal to re-name it “Crypto.com Arena.” Moreover, the institution spent an further $400 cardinal connected six sports squad deals past year.
The station Crypto.com continues enlargement with Cyprus appeared archetypal connected CryptoSlate.
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