Crypto.com continues expansion with Cyprus

Cryptocurrency platform Crypto.com received Regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) just three days after registering with the Italian Watchdog.

Crypto.com CEO Kris Marszalek said Europe is the first step in the company’s expansion plans. Presentation quote:

“Europe is a priority region for Crypto.com, and continued expansion in the market is a testament to our commitment to regulatory compliance and collaboration. Registration in Cyprus brings our products and services to more customers. This is the next important step in continuous progress to expand. “

With CySEC approval, Crypto.com will be able to offer all products and services to Cyprus customers as long as they comply with local law. Crypto.com has also recently received approval from Greece, Singapore and Dubai.

Bear Market Crypto.com

Crypto.com continues to grow, but has unveiled plans to cut costs early in the bear market.

On June 13, the company announced that it would dismiss 5% of its 260 staff. Crypto.com pointed out bear market conditions as a reason for the layoff. He added that additional precautions are needed to reduce costs.

Crypto.com CEO Kris Marszalek posted on Twitter:

Our approach is to stay focused on implementing the roadmap and optimizing profitability, which means making difficult and necessary decisions to ensure sustainable and sustainable growth over the long term. Means to give … “

Spending too much

Many crypto companies shrank at the beginning of winter, but only Crypto.com was badly criticized. Critics said the campaign was too much for campaigns and naming rights and spent too fast.

700 million naming rights contract
/ 20 years
= 35 million a year

More than covering those 260 jobs.

And it doesn’t even go into all the other nonsensical marketing costs you’ve spent.

ElenDegenerate (@ ElenDegenerate1) June 11, 2022

Crypto.com launched a brave campaign in October 2021 with the motto “Luck supports the brave”. Within five months, we released three videos featuring renowned actors Matt Damon and NBA stars Lebron James and Joel Envid. Each celebrity appeared in one video, emphasizing the company’s courageous motto.

The total amount spent is unknown, but Matt Damon’s video cost about $ 100 million. Meanwhile, the LeBron James video was played during a Super Bowl commercial that charges businesses about $ 7 million just to display ads.

Crypto.com received a lot of attention by purchasing the naming rights for the Staples Center in Los Angeles for $ 700 million and renaming it to “Crypto.com Arena.” In addition, the company spent an additional $ 400 million on trading six sports teams last year.