The CEO of the crypto trading and payments platform Crypto.com (CRO), Kris Marszalek, took to Twitter today to calm down his platform’s users.
“In spite of our scale and our public unit economics optimisation exercise, there is still plenty of FUD [fear, uncertainty, doubt] being manufactured every day. I have seen two just this week — that we are slowing down withdrawals and running special deposit promotions. This is all false clickbait,” Marszalek wrote in a Twitter thread posted on Tuesday.
He added that the firm’s withdrawal policy is “the same as it always was,” and made it clear that no special deposit promotions have been introduced.
Our withdrawals policy is the same as it always was, we didn’t implement any new restrictions.
We run no special deposit promotions (and we make sure all regular ones that we do run are profitable).
The CEO further wrote that,
“People are free to FUD all they want, but this doesn’t change the facts: Crypto.com will be a top5, maybe even top3 crypto platform globally by revenue this year.”
He went on to say that the industry as a whole will be better off “after sub scale companies with broken business models are out.”
“There will be some short term pain, and we’ve seen some of it play out already, but the whole space will emerge stronger because of this much needed cleanup,” the Crypto.com CEO wrote.
The Twitter thread came after some Twitter users in recent days claimed that major crypto lending and borrowing firms are running special deposit promotions to bring in new money, while at the same time trying to limit withdrawals.
At 10:47 UTC on Tuesday morning, CRO is trading at USD 0.114, up over 1% in a day and down nearly 8% in a week. It’s down 88% from its November 2021 all-time high.
– BlockFi, Crypto.com, and Others Come Forward as Three Arrows Hires Advisers, Babel Finance Pauses Withdrawals
– CRO Trims Losses as Crypto.com Scraps Plan to Cut Rewards After Community Backlash
– Crypto.com App to Accept Apple Pay for Crypto Purchases in US
– Crypto Payments on Shopify
– CRO Jumps as Crypto.com Releases USD 34M Hack Report
– Crypto.com Suspends Withdrawals After ‘Unauthorized Activity’
A quick 3min read about today’s crypto news!