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[CNBC] As the crypto universe reckons with the fallout of FTX’s rapid collapse last week and tries to figure out where the contagion may head next, questions have been swirling around Crypto.com, a rival exchange that’s taken a similarly flashy approach to marketing and celebrity endorsements.
Like FTX, which filed for bankruptcy protection 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 company is headquartered in Singapore, and CEO Kris Marszalek is based in Hong Kong.
Crypto.com is smaller than FTX but still ranks among the top 15 global exchanges, according to CoinGecko.
FTX spooked the market not just by its speedy downfall but also because the company was unable to honor withdrawal requests, to the tune of billions of dollars, from users who wanted to retrieve their funds during a run on the firm.
When it became clear that FTX didn’t have the liquidity necessary to give users their money, concern mounted that rivals may be next. [FULLSTORY]
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