It’s been revealed that the CEO of Crypto.com explains the differences from the troubled FTX. Check out the latest reports below.
Crypto.com vs FTX
Crypto.com CEO Kris Marszalek made sure to recently explain the fact that his exchange operates differently than FTX, the digital asset trading platform that famously imploded last week.
In a new interview, Marszalek said that his exchange’s focus on the retail part of the business distinguishes it from Sam Bankman-Fried’s embattled company.
“Essentially there are two business models in the cryptocurrency space, right? One is the brokerage model, where our platform, for example, is a counterparty to the transaction, and every time our users buy or sell crypto, we immediately hedge the other position to have zero market risks, and we take a fee for providing the access to it. This is 95% of our business. That’s also 95% of the business of Coinbase.”
He continued and said this:
“And the other model is taking a fee on an exchange where people trade hundreds of millions of dollars. High-volume traders.”
Marszalek also says mixing up hedge fund businesses and exchanges is a “terrible idea” that should be outlawed.
It seems that MicroStrategy’s Michael Saylor addresses FTX and the failure of FTT. He is making an important comparison with Bitcoin.
Michael Saylor on Bitcoin
Here’s the tweet that he shared on social media below.
The failure of FTX & FTT represents the collapse of a corrupt crypto-bank fueled by an inflationary fiat crypto-currency. #Bitcoin is an incorruptible, deflationary asset and ethical network offering property rights & freedom to billions of people.
— Michael Saylor⚡️ (@saylor) November 14, 2022
A lot of fuss has been created online following the latest events that involve FTX. Stay tuned for more news and make sure to keep an eye on the crypto market as well.