As the ongoing crypto bloodbath has brought many crypto-focused businesses to the brink of collapse, general sentiment points to Crypto.com as the next victim.
While many other crypto companies are changing their policies to protect platforms from the drastic impact of the current macro headwinds, rumors have swirled that the crypto exchange has imposed restrictions on withdrawals. However, Kris Marszalek, the CEO of Crypto.com, appropriately took to Twitter to reassure the exchange’s community that management is not imposing a “special deposit promotion” and other withdrawal restrictions.
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Kris added:
Our withdrawal policy is the same as always. We have not introduced any new restrictions. We do not run any special deposit promotions (and we make sure that all regular promotions we run are profitable).
The CEO further highlighted in the same Twitter thread that the platform has a strong position in the crypto space, calling these rumors “fake clickbait.” He added:
People are free to FUD whatever they want, but that doesn’t change the facts: http://Crypto.com will be a top 5, maybe even a top 3, crypto platform by revenue worldwide this year. Only two other players have a higher user count than us.
In the same thread, he emphasized that the company has made enough money scaling over the past few years to be able to afford to deal with low trading volumes and earnings during this challenging time today. And the company has decided to apply unit economics to take security measures.
Bitcoin price is currently trading above $20,000. | BTC/USD price chart from TradingView.com
Crypto.com recently reduced its workforce to cut costs
The platform’s latest move to reduce its workforce by 260 employees, which was 5% of the total workforce, relates to the unit economy to minimize its costs to survive in the protracted bear market.
In the tweet series, Kris offered his take on the current market situation, calling ongoing crises an industry cleanup to eliminate bad crypto projects. He said:
The industry will be better off when small companies with broken business models exit. There will be some short-term pain, and we’ve seen some of it before, but the entire space will emerge stronger from this much-needed purge.
Similarly, in May, the exchange removed Dogecoin and Shiba Inu from its rewards programs, along with other 13 cryptocurrencies. However, the exchange’s policies for Bitcoin, Ethereum, etc. remained unchanged. Without giving a reason for not listing these tokens, the company also tweeted that it also revised the prices of five stablecoins.
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Like other coins that have tumbled significantly, crypto.com’s native token Cronos (CRO) has lost around 80% in a year. However, at the time of writing, CRO has gained over 3.5% over the last day and is trading at $0.117.
Featured image from Pixabay and chart from TradingView.com
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