As the crypto community swallows FTX’s dramatic downfall last week and tries to anticipate where the contagion may head next, questions have been spinning around Crypto.com, a rival exchange that’s taken a similar approach to marketing and celebrity endorsements.
Like FTX, which filed for bankruptcy protection on Friday, Crypto.com is privately held, based outside the U.S., and offers a range of products for buying, selling, trading, and storing crypto. The crypto giant is headquartered in Singapore, and CEO Kris Marszalek is based in Hong Kong.
Crypto.com is smaller than FTX but still stands among the top 15 global exchanges, according to CoinGecko. FTX wreaked havoc on the market not just by its rapid collapse but also because the company could not honor withdrawal requests, to the tune of billions of dollars, from users who wanted to recuperate their funds. When it became clear that FTX didn’t have the liquidity necessary to give users their money, concern mounted that rivals may be next.
