Speculation on the next victim of the ongoing market crash has also intensified in the community, with the recent rise of crypto trading firms suspending essential services due to liquidity-related issues. Cryptocom CEO Chris Marszalek took to Twitter to take the latest rumors against his exchange, clarifying that it did not implement withdrawal restrictions or run additional promotional programs regarding deposits.
- In response to rumors that the Singapore-based exchange has changed its withdrawal policy and introduced a “special deposit promotion”, the CEO label Both claim that the FUD is being manufactured as “false clickbait”.
- He argued that the company is “in a good place”, claiming that it could be among the top three crypto exchanges in the world this year.
People are free to FUD as they wish, but that doesn’t change the facts: https://t.co/pFc4PzqqHR will be the top 5, maybe even top 3 crypto platform globally in terms of revenue this year. Only two other players have more users than us.
— Chris | crypto.com (@kris) 5 July 2022
- In the same thread, Marszalek revealed that the company has chosen to “optimize unit economics” amid a market downturn. After massive scaling up last year, the exchange can now handle a significant drop in revenue and trading activity, as the low point today equates to record-breaking revenue achieved in early 2021, according to the CEO.
- Marszelek’s so-called practice of customizing units may have referred to his earlier announcement to cut 5% of the workforce – about 260 employees – as a typical measure taken by struggling firms to cut expenses.
- Meanwhile, like most altcoins in a bear market, Cronos (CRO) – the exchange’s native token – is down more than 80% YTD.
- The Polish entrepreneur saw the current bear market as a “cleansing” of the industry to get rid of those failing companies and make the whole space “emerge strong” again.
“The industry will do better once sub-scale companies with broken business models are out. ,
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