Crypto.com Balance Sheet is Strong: CEO

Crypto.com Balance Sheet is Strong: CEO
  • Crypto.com has said its balance sheet is strong.
  • The community was concerned about a possible fresh liquidity problem at Crypto.com.
  • Crypto.com’s token has never been used as loan collateral.

The CRO token, a native asset of Crypto.com, has experienced a precipitous loss of 43% during the past week. After that, there were fears from the community about a potential new liquidity crisis. However, the CEO of Crypto.com, Kris Marszalek, stated in a recent interview that the exchange would not be closing.

According to Marszalek, it was exposed to FTX’s abrupt collapse. But the amount was only $10 million. He continued by reiterating that Crypto.com has a strong balance sheet.

In addition, Marszalek acknowledged that money had been transferred from FTX to Crypto.com and said;

We recovered $990 million from FTX.

FTT, CRO, Crypto.com’s token, has never been used as loan collateral, in contrast to the relationship between FTX and Alameda and FTX’s token, said Marszalek. With the exception of assets relating to GALA, SRM, and Ray, withdrawals on the platform have been operating properly as of late.

He continued, “We’re never going to raise funds,” further reiterating that the company has good cash flow.

In addition, Marszalek acknowledged that money had been transferred from FTX to Crypto.com and said, “We recovered $990 million from FTX.”

The “AMA” (ask-me-anything) was held after investors questioned a $400 million transfer. This transfer was alleged of ether tokens to another exchange named Gate.io in October.

Even though Marszalek tweeted that the ether had been found and returned to the exchange, the market remained uneasy. Following Marszalek’s tweet, the Wall Street Journal reported that withdrawals at Crypto.com increased over the weekend.

Tags:
disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer