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☆ Bitcoin is poised to climb above $80,000 as investors pile into ETFs, Binance CEO says
▼ + stars: | 2024-03-18 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

Bitcoin is set to top $80,000 on strong ETF inflows, Binance CEO Richard Teng said. After hitting a record high of $73,679 early last week, bitcoin tumbled back below $70,000. The boss of the world's biggest crypto exchange, Richard Teng, said he now sees the crypto poised to jump past $80,000 after initially predicting it would end the year around that level. Related storiesHe acknowledged that volatility would still shake the world's biggest crypto and that the uptrend won't be a "straight line." AdvertisementBitcoin soared to its record high of $73,679 last week.

Persons: Richard Teng, bitcoin, —, We're, Teng, Kris Marszalek Organizations: Service, Bloomberg, CNBC Locations: Bangkok

☆ Here's what bitcoin experts see ahead for the world's biggest cryptocurrency
▼ + stars: | 2024-03-17 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +5 min

The narrative on bitcoin is still bullish, though commentators see more volatility ahead. Bernstein analysts wrote this week that the rally firms up their view that bitcoin is on track to hit $150,000 by mid-2025. Here's what some of the market's top commentators have said about the outlook for the world's most popular cryptocurrency. Related stories"We built bitcoin institutional flows in our estimates to arrive at bitcoin price. Saylor said that following the bitcoin halving in April, dwindling supplies would continue to fuel demand, propelling the price momentum even higher, saying "the natural sellers are the miners."

Persons: Bitcoin, Bernstein, —, Kris Marszalek, Gautam Chhugani, Mahika Sapra, Michael Novogratz, Jamie Dimon, He's, Michael Saylor, Saylor Organizations: Service, CNBC, Galaxy, Galaxy Digital, Wednesday, JPMorgan JPMorgan, Australian Financial

☆ Bitcoin shows its volatility once again, tumbling back to $67,000 in overnight decline
▼ + stars: | 2024-03-15 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

Data from Coin Metrics shows bitcoin was trading above $72,000 late Thursday night before fall to about $67,000 on Friday, a decline of roughly 7%. Bitcoin is still up about 57% year to date, and the overnight drop came from near record highs. The cryptocurrency has climbed over the past few months, in part due to anticipation and then demand from the new bitcoin ETFs that launched in the U.S. in January. Rapid rallies and steep drops have been a recurring feature of bitcoin's history. Crypto optimists say that the volatility of the asset class should decline as bitcoin matures.

Persons: Bitcoin, Kris Marszalek, bitcoin, Crypto Organizations: Coin Metrics, Rapid Locations: U.S

☆ Bitcoin is an asset you want to hold for decades, not days or weeks: Crypto.com CEO Kris Marszalek
▼ + stars: | 2024-03-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin is an asset you want to hold for decades, not days or weeks: Crypto.com CEO Kris MarszalekCrypto.com CEO Kris Marszalek joins 'Squawk Box' to discuss the latest bitcoin rally, what it means for the crypto sector at large, and more.

Persons: Kris Marszalek

☆ Crypto.com wins Dubai licence
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Nov 14 (Reuters) - Virtual assets exchange Crypto.com's Dubai entity CRO DAX Middle East FZE has received a licence from the city state's regulator, subject to operational approval, the company said in a statement on Tuesday. Once approved, the Virtual Assets Service Provider (VASP) licence will allow Crypto.com to offer various services in-market to retail and institutional investors, including exchange services, broker-dealer services, investment services, and lending and borrowing services, the statement said. “Dubai continues to show it is a leading market when designing effective regulation for the crypto space while still supporting adoption and innovation," Kris Marszalek, CEO of Crypto.com said. With more than 80 million customers globally, Crypto.com announced Dubai as its regional hub for the Middle East and North Africa in March 2022, following a trend of other major industry players gravitating towards the Gulf city state. Reporting by Rachna Uppal; Editing by Michael PerryOur Standards: The Thomson Reuters Trust Principles.

Persons: DAX, Kris Marszalek, Crypto.com, Rachna Uppal, Michael Perry Organizations: Virtual Assets Service, Assets Regulatory Authority, Dubai International Financial, Crypto.com, Thomson Locations: DUBAI, Dubai, VARA, East, North Africa, Gulf

☆ A look at the companies behind the pricey 'Crypto Bowl' ads, then vs. now, as Super Bowl LVII approaches
▼ + stars: | 2023-01-21 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +5 min

Super Bowl LVI was dubbed the "Crypto Bowl" after ads from crypto companies made a splash. The larger crypto industry suffered billions in losses in 2022, highlighted by the collapse of FTX. But in 2022, the game was dubbed the "Crypto Bowl," with FTX, Coinbase, Crypto.com, and eToro all debuting ads, along with Bud Light incorporating NFTs into its ad. Here's a look back at how the four companies who advertised during the last Super Bowl are doing now. Compared to FTX, other crypto companies that advertised during the Super Bowl had a remarkably stable year given volatility in the industry, but each had its troubles.

It came after Amazon said in November it was looking to cut staff, including in its devices and recruiting organizations. The company had 2,450 employees, according to PitchBook data, suggesting around 490 employees were laid off. In a letter to employees, CEO Logan Green and President John Zimmer pointed to "a probable recession sometime in the next year" and rising ride-share insurance costs. Shopify: 1,000 jobs cutIn July, Shopify announced it laid off 1,000 employees, which equals 10% of its global workforce. Tesla: 6,000 jobs cut

☆ Crypto.com Cuts 20% of Staff, Citing Economic Downturn and FTX Collapse
▼ + stars: | 2023-01-13 | by ( Weilun Soon | ) www.wsj.com time to read: 1 min

Crypto.com’s splashy marketing efforts include buying the rights to rename the arena that is home to the Los Angeles Lakers. SINGAPORE—Crypto.com is cutting a fifth of its global workforce, in a second round of layoffs in six months, after a plunge in the value of many cryptocurrencies and the collapse of rival FTX. The cryptocurrency exchange’s co-founder and chief executive officer, Kris Marszalek , blamed “a confluence of negative economic developments” for the reductions, which followed staff cuts that took place last July. The additional reductions were necessary to position Crypto.com for long-term success, he said in a blog post on Friday.

☆ Crypto.com to cut 20% jobs as industry rout deepens after FTX collapse
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

Jan 13 (Reuters) - Crypto.com said on Friday it would be reducing about 20% of its workforce, as cryptocurrency exchanges face industry-wide challenges brought on by the collapse of FTX last year. A source told Reuters last week that Genesis, too, had cut jobs, equating to 30% of its workforce. Th recent FTX collapse "significantly damaged trust in the industry," Crypto.com Chief Executive Officer Kris Marszalek said in a statement. The collapse of Sam Bankman-Fried's FTX was the biggest in string of big crypto-related failures in 2022. It sparked a cryptocurrency rout and has left an estimated 1 million creditors facing losses of billions of dollars.

☆ Crypto.com lays off 20% of workforce after FTX collapse blunted ambitious growth
▼ + stars: | 2023-01-13 | by ( Rohan Goswami | ) www.cnbc.com time to read: +1 min

Crypto.com announced Friday that it's laying off 20% of its workforce. The company has 2,450 employees, according to PitchBook data, suggesting around 490 employees were laid off. Like FTX, Crypto.com entered into high-profile promotion deals and sponsorships, signing an eye-popping naming deal for the former Staples Center in 2021 that is valued at $700 million over 20 years. "We have a significant year ahead of us as we continue to help restore trust in our industry," Marszalek wrote. Marszalek founded Singapore-based Crypto.com in 2016, overseeing a company that reportedly reached at least $1.2 billion in revenue by 2021.

☆ Factbox: From BlockFi to Genesis, crypto firms reel from exposure to FTX
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +5 min

Jan 5 (Reuters) - After the collapse of major cryptocurrency exchange FTX, the industry has felt a ripple effect due to the exposure of many companies to FTX and its affiliated trading firm Alameda Research. Here are some firms that have given information about their exposure to FTX. The crypto lending arm of U.S. digital asset broker Genesis Trading suspended customer redemptions last month, citing the sudden failure of FTX. Genesis said in a tweet on Nov. 10 that its derivatives business has approximately $175 million in locked funds on FTX. COINSHARESCrypto asset manager CoinShares has $30.3 million worth of exposure to crypto exchange FTX, it said in a statement on Nov. 10.

In this article BTC.CM=ETH.CM= Follow your favorite stocks CREATE FREE ACCOUNTKris Marszalek, CEO of Crypto.com, speaking at a 2018 Bloomberg event in Hong Kong, China. Paul Yeung | Bloomberg | Getty ImagesKris Marszalek wants everyone to know that his company, Crypto.com, is safe and in good hands. While no evidence has emerged of wrongdoing at Crypto.com, Marszalek's business history is replete with red flags. Over the course of 2008 and 2009, Marszalek and his partner were transferred nearly $3 million in payments from Starline, according to the documents. As a result, when the bank forced Starline into liquidation, Marszalek and his partner were forced into bankruptcy as well.

☆ Another tech bubble bursts: 2022 has been brutal for Silicon Valley workers
▼ + stars: | 2022-11-27 | by ( David Ingram | David Ingram Covers Tech For Nbc News. | ) www.nbcnews.com time to read: +28 min

Gem: 100A maker of recruiting software, the startup cut a third of its workforce Nov. 1, The Information reported. HealthCare.com: 149The health insurance marketplace announced the job cuts Aug. 3, Miami Inno reported, citing state regulatory filings. Fabric: 120The robotics startup said July 13 that it was layoffing off 40% of them, TechCrunch reported, citing company confirmation. It affected about 300 people, the Silicon Valley Business Journal reported, citing company confirmation. Policygenius: 170The online insurance company cut about 25% of its staff, Axios reported June 6, citing company confirmation.

☆ As the FTX fallout spreads, smaller cryptocurrencies may have to stop be taken off exchanges to protect consumers, Crypto.com CEO says
▼ + stars: | 2022-11-18 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

The CEO of Crypto.com said exchanges may have to delist smaller cryptocurrencies to protect users as FTX-related volatility spreads. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. One consequence of the fallout has been reducing the liquidity in the broader market, and various exchanges are going to have adjust accordingly. "The business generated over a billion dollars last year, and almost generated a billion dollars in revenue this year. Marszalek cautioned that the broader sector could face trouble as confidence erodes in the wake of the lastest crypto chaos.

☆ FTX says it could have over 1 million creditors
▼ + stars: | 2022-11-15 | by ( Ryan Browne | ) www.nbcnews.com time to read: +4 min

Beleaguered cryptocurrency exchange FTX may have more than 1 million creditors, according to a new bankruptcy filing, hinting at the huge impact of its collapse on crypto traders. Last week, when it filed for Chapter 11 bankruptcy protection, FTX indicated that it had more than 100,000 creditors with claims in the case. But in an updated filing Tuesday, lawyers for the company said: “In fact, there could be more than one million creditors in these Chapter 11 Cases.”Typically in such cases, debtors are required to provide a list of the names and addresses of the top 20 unsecured creditors, the lawyers said. Over the past 72 hours, FTX has been in contact with “dozens” of regulators in the U.S. and overseas, the company’s lawyers wrote. Over the weekend, FTX was hit with an apparent cyberattack resulting in the theft of more than $400 million worth of tokens.

related investing news Cathie Wood's ARK Invest keeps buying more crypto assets despite FTX bankruptcy Crypto.com is smaller than FTX but still ranks among the top 15 global exchanges, according to CoinGecko. Kris Marszalek, CEO of Crypto.com, speaking at a 2018 Bloomberg event in Hong Kong, China. Marszalek has spent the early part of the week trying to reassure users and regulators that the business is fine. FTX CEO Sam Bankman-Fried said his company's assets were "fine" two days before he was desperate for a rescue because of a liquidity crunch. Marszalek said on Monday that this was just a reflection of the assets Crypto.com customers were buying.

☆ Watch CNBC's full interview with Crypto.com CEO Kris Marszalek
▼ + stars: | 2022-11-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Crypto.com CEO Kris MarszalekCrypto.com CEO Kris Marszalek joins CNBC's 'Squawk Box' to weigh in on the fallout of crypto exchange FTX and what it means for the market for digital assets. "After this FTX collapse, liquidity in the market is poor," Marszalek tells CNBC. "A number of these smaller coins may have to be delisted in an effort to protect the consumers."

☆ Smaller cryptocurrencies may have to be delisted to protect consumers, says Crypto.com CEO
▼ + stars: | 2022-11-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSmaller cryptocurrencies may have to be delisted to protect consumers, says Crypto.com CEOCrypto.com CEO Kris Marszalek joins CNBC's 'Squawk Box' to weigh in on the fallout of crypto exchange FTX and what it means for the market for digital assets.

Kris Marszalek, CEO of Singapore-based crypto exchange Crypto.com, refuted suggestions it could be in trouble, saying in a YouTube livestream address the platform would prove all naysayers wrong. Crypto.com is among the top 10 exchanges by turnover globally, but smaller than FTX and market leader Binance. Former CEO and FTX founder Sam Bankman-Fried has previously told Reuters some of the transfers out of FTX were a result of "confusing internal labelling". Another crypto exchange Kraken said on Twitter on Sunday it had frozen the accounts of FTX, affiliated crypto trading firm Alameda Research and their executives. The logo of FTX is seen at the entrance of the FTX Arena in Miami, Florida, U.S., November 12, 2022.

☆ As regulators scrutinise FTX, investor focus swings to Crypto.com
▼ + stars: | 2022-11-14 | by ( Vidya Ranganathan | ) www.reuters.com time to read: +3 min

SINGAPORE, Nov 14 (Reuters) - The fallout from the collapse of crypto exchange FTX kept bitcoin and other cryptocurrencies under pressure on Monday, with market participants worrying about heavy withdrawals at Singapore-based exchange Crypto.com. Crypto.com is among the top 10 exchanges by turnover globally, but smaller than FTX and market leader Binance. Bahamas securities regulator and financial investigators are investigating potential misconduct over the collapse of cryptocurrency exchange FTX, the Royal Bahamas Police Force said on Sunday. Visa Inc (V.N), the world's largest payments processor, said on Sunday it was severing its global credit card agreements with collapsed crypto exchange FTX. Zhao abandoned a deal with FTX chief Sam Bankman-Fried (SBF) last week to buy FTX’s non-U.S. assets, precipitating the bankruptcy.

☆ Sports-Teams may look beyond crypto after FTX collapse, say industry experts
▼ + stars: | 2022-11-14 | by ( Shrivathsa Sridhar | ) www.reuters.com time to read: +3 min

Nov 14 (Reuters) - Sports teams and businesses may shy away from long-term deals with crypto firms to minimise their risks after troubled crypto exchange FTX filed for U.S. bankruptcy protection last week, industry experts told Reuters on Monday. "I think crypto will be at the bottom of prospect lists for quite some time. Until that industry stabilises and has better oversight and controls -- if it happens -- then maybe it might be a viable partner." "As it relates to increasing sponsorship revenue, teams/leagues are always looking for new opportunities, but what's happening with FTX is a wake-up call." Singapore-based crypto exchange Crypto.com said on Monday it had moved about $1 billion to FTX over the course of a year, but most of it was recovered and exposure at the time of FTX's collapse was less than $10 million.

SINGAPORE, Nov 14 (Reuters) - Singapore-based crypto exchange Crypto.com's chief executive said the firm will prove all naysayers wrong on the platform being in trouble, and that it has a robust balance sheet and took no risks. Chief executive Kris Marszalek took questions in a livestreaming YouTube address, and also said the platform always maintained reserves to match every coin customers held on its platform. Marszalek had tweeted to say the ether was recovered and returned to the exchange, but that failed to calm a jittery market. Crypto.com is among the top 10 exchanges by turnover globally, but smaller than FTX and market leader Binance. Marszalek said Crypto.com had 70 million individual customers worldwide, and had made revenues of a billion dollars in 2021 as well as in 2022.

☆ Factbox: From Binance to Voyager, crypto firms' exposure to FTX is coming to light
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +5 min

LONDON, Nov 14 (Reuters) - After major crypto exchange FTX filed for U.S. bankruptcy protection on Friday, the crypto industry is bracing for further fallout. While the extent of the contagion across crypto markets remains unclear, here are some firms who have given information about their exposure to FTX. loadingCOINBASECoinbase Global Inc (COIN.O) said in a blog post on Nov. 8 that it had $15 million worth of deposits on FTX. It said it had no exposure to FTT, no exposure to Alameda Research, and no loans to FTX. COINSHARESCrypto asset manager CoinShares has $30.3 million worth of exposure to crypto exchange FTX, CoinShares said in a statement on Nov. 10.

☆ Crypto.com CEO downplays FTX contagion fears, says he’ll prove naysayers wrong as withdrawals rise
▼ + stars: | 2022-11-14 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

"We do not run a hedge fund, we do not trade customers' assets. Alameda Research, FTX's sister company, borrowed billions in customer funds from the exchange to ensure it had enough funds on hand to process withdrawals, CNBC reported Sunday. Bankman-Fried declined to comment on allegations of misappropriating customer funds but said its recent bankruptcy filing was the result of issues with a leveraged trading position. Asked about this Monday, Marszalek said this was just a reflection of the assets Crypto.com customers were buying. Crypto.com has 70 million users globally and made revenues of $1 billion annually in both 2021 and 2022, according to Marszalek.

☆ FTX collapse: The latest updates on the cryptocurrency crisis
▼ + stars: | 2022-11-14 | by ( Diksha Madhok | ) edition.cnn.com time to read: +6 min

New Delhi CNN Business —Aftershocks from the massive earthquake in the trillion-dollar crypto industry last week continued to be felt on Monday. The episode has not just destroyed confidence in the crypto industry, but it will also embolden global regulators to tighten the screws. There is a “lot of risk,” said Changpeng Zhao, who runs the crypto exchange Binance. On Saturday, FTX said it was looking into whether crypto assets were stolen and has since moved all its digital assets offline. Crypto risk management firm Elliptic said although the theft was unconfirmed, $473 million in crypto assets were apparently stolen from FTX.

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