Tag: CEO

Crypto.com CEO Explains How Exchange Is Different From FTX Amid Push for Reserves Transparency

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Crypto.com CEO Kris Marszalek says his exchange operates differently than FTX, the digital asset trading platform that famously imploded last week. In a new interview, Marszalek says his exchange’s focus on the retail part of the business distinguishes it from Sam Bankman-Fried’s embattled company. “Essentially there are two business models in the cryptocurrency space, right? One is the brokerage model, where our platform, for example, is a counterparty to the transaction, and every time our users buy or sell crypto, we immediately hedge the other position to have zero market…

Crypto.com’s Exposure to FTX Less Than $10 Million Says CEO — CRO Token Not Used as Collateral – Featured Bitcoin News

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According to the CEO of Crypto.com, Kris Marszalek, his firm had recovered much of the $1 billion that had been sent to FTX when the crypto exchange collapsed. However, he acknowledged that at the time of FTX’s collapse, Crypto.com’s exposure to the crypto platform was below $10 million. Marszalek also claimed that Crypto.com has never used its crypto token as collateral. Crypto.com’s Business Model Kris Marszalek, the co-founder and CEO of Crypto.com, recently told his followers that when FTX collapsed, much of the $1 billion that was sent to the…

Binance CEO urges crypto buyers to ‘hold’ amid ‘unpredictableness’

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Binance CEO Changpeng “CZ” Zhao has strongly advised cash-strapped and inexperienced investors to stay away from trading cryptocurrencies amid extreme market volatility and unpredictability.  On a Nov. 14 Zhao-led “Ask Me Anything” Twitter space hosted by Binance the CEO suggested that unsophisticated investors wait out the turbulent period instead of risking money needed for living expenses: “You should not invest in crypto if you’re using money that you need for next week or next month, you should only be using discretionary cash that you don’t need for a long time, like…

CRO Rebounds as CEO Kris Marszalek Admits ‘Trust Was Damaged’ – Market Updates Bitcoin News

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On Nov. 14, cronos rebounded, as Crypto.com CEO Kris Marszalek held an “Ask me Anything” (AMA) session, while speculation grew on the company’s level of solvency. The concerns came after it was revealed that a transfer of $400 million was made to gate.io in recent weeks. Polygon also surged on Monday, as prices attempted to break out of a key resistance level. Cronos (CRO) Cronos (CRO) rebounded on Monday, as markets responded to Crypto.com CEO Kris Marszalek’s comments on recent speculation surrounding the company’s health. Following a low of $0.05629,…

Crypto​.com CEO addresses whereabouts of $1B in stablecoins sent to FTX

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During a live ask-me-anything (AMA) session with users on Nov. 14, Crypto.com CEO Kris Marszalek explained that the firm sent large-sum stablecoins to troubled cryptocurrency exchange FTX to fulfill liquidity within customers’ orders at the time when FTX was still functional. As told by Marszalek:  “Over a year, $1 billion was moved to FTX, and we recovered all of this. We only had exposure of under $10 million when FTX shut down. And FTX was a trading venue where — this is one of the few trading venues with decent…

Bitcoin miner Canaan scales operations despite low earnings, CEO says

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Chinese cryptocurrency mining firm Canaan will continue to expand operations despite the ongoing bear market and an associated drop in earnings, according to the company’s CEO. Canaan posted a 90% over-the-quarter decrease in net income in Q3 2022, the firm officially announced on Nov. 14. The firm’s Q3 net income amounted to 61.1 million renminbi (RMB), or $8.6 million, which is a 88% decrease from the same period in 2021, Canaan noted. The company’s revenues dropped about 41% from 1.7 million RMB ($230,000) in Q2 2022, while gross profit plummeted…

Crypto.com CEO Dismisses Speculation of Financial Trouble, Says FTX Exposure Is Minimal

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Binance CEO Likens FTX Fiasco to 2008 Financial Crisis — Warns of ‘Cascading Effects’ – Economics Bitcoin News

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Binance CEO Changpeng Zhao has compared the FTX collapse to the 2008 financial crisis. Warning of “cascading effects,” he stressed: “A lot of consumer confidence is shaken, and I think basically it sets us back a few years.” Binance’s CEO Discusses the Impact of FTX’s Collapse on the Crypto Industry The CEO of cryptocurrency exchange Binance, Changpeng Zhao (CZ), shared his thoughts on the potential impact that the collapse of FTX has on the crypto industry Friday at a conference in Indonesia. FTX filed for Chapter 11 bankruptcy Friday; Sam…

Ark Invest CEO Warns Fed’s Actions Could Lead to 1929-Like Great Depression — Elon Musk Agrees – Economics Bitcoin News

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The CEO of investment management firm Ark Invest has warned that if the Federal Reserve does not pivot, the current economic setup will be similar to 1929 when the Great Depression started. Tesla CEO and Twitter chief Elon Musk agreed. The Fed, Inflation, and the Great Depression Ark Invest CEO Cathie Wood, who is also the investment management firm’s founder and CIO, shared her thoughts about inflation and how the Federal Reserve could push the global economy into a 1929-like depression in a series of tweets Saturday. She explained that…

Kraken CEO Discusses Impact of FTX Failure — Says Damage to Crypto Industry Is Huge, Will Take Years to Undo – Featured Bitcoin News

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The CEO of cryptocurrency exchange Kraken has outlined the impact of FTX’s failure on the crypto industry. After listing multiple red flags, the executive stressed: “The damage here is huge … We’re going to be working to undo this for years.” Crypto Exchange Kraken’s CEO on Damage to Crypto Industry Caused by FTX’s Failure The CEO of cryptocurrency exchange Kraken, Jesse Powell, shared his thoughts on the collapse of FTX in a series of tweets Thursday. FTX filed for Chapter 11 bankruptcy Friday. “This is a massive setback,” he began.…