Crypto.com Trimmed $1 Billion FTX Exposure to $10 Million

CEO of Crypto.com, Kris Marszalek, revealed in a live YouTube public interview that his exchange only has a $10 million exposure to collapsed rival, FTX. Earlier this year, Crypto.com had about $1 billion on the doomed exchange.

“We recovered $990 million from FTX,” Marszalek said in the ask-me-anything (AMA) session hosted on Crypto.com’s official YouTube channel. “We only had an exposure of $10 million when FTX shut down.”

He further highlighted that an audit of Crypto.com’s books is ongoing, which will bring further transparency to the exchange’s operations. However, the audit process might take some time as, according to Marszalek, audit firms “don’t work at crypto speed.”

He also assured of the normal withdrawals on the exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly…