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Crypto.com plans to further its Web3 endevours at a time when interest in crypto markets has declined
Singapore-based exchange Crypto.com has named a new managing director to help guide the business’ Web3 ambitions.
Former Bittrex executive Kwon Park has been picked to lead the charge and will answer directly to Crypto.com Chief Operating Officer Eric Anziani, the company said Thursday.
The executive will also seek out new business opportunities and develop partnerships by leveraging his more than three years’ experience at Bittrex, in which he was both that exchange’s chief strategy officer and director of business development. He was also a board member of several Bittrex-affiliated companies.
Prior to joining Bittrex and Crypto.com, Park spent more than four years at US government affairs firm Delta Strategy Group as counsel. In that role, Kwon was involved in multiple industries across a range of areas including regulatory compliance, enforcement, business strategy and policy issues.
“Kwon brings tremendous expertise in developing and operationalizing complex opportunities across a range of disciplines and a deep understanding of how to effectively scale in the crypto industry,” Anziani said.
Crypto.com’s latest hire comes as the firm seeks to shore up its business opportunities amid a market downturn that has ultimately shaken the bottom line of many of the industry’s largest names.
The exchange has spent more than a billion dollars on marketing over the last 12 months, including a lavish ad in a prime-time slot during the Superbowl.
Crypto.com tapped NBA superstar Lebron James to front its commercial during that event as part of a multi-year deal to support Web3-related “educational and workforce development opportunities.”
Park is hoping to drive home the exchange’s Web3 strategy, recoup some of its marketing spend and further partnerships as it attempts to leverage the nascency of crypto’s newest sector.
That strategy involves leveraging products along four main verticals, including payment, financial services, trading, and the metaverse, according to the exchange’s white paper.
“This strategy creates and self-sustains a virtuous cycle: payment channels bring users onto the platform, whereas trading and financial services generate revenue that can be reinvested into payment and used to build the ecosystem to offer full-suite crypto services,” the white paper states.
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