FinTech news in crypto.com category
The firm received a vote of confidence from auditing firm Mazars, which said Crypto.com users’ crypto assets were fully backed one-to-one. The firm received some criticism for its cringey/overly enthusiastic Matt Damon ad; accidentally sent an Australian customer more than $10 million in a snafu, and grappled with industry concerns over its financial health performance. This is the second major layoff at the Singapore-headquartered Crypto.com, which cut 250 jobs in mid-last year — though a report suggested that more than 2,000 people were either let go or left at their own will. As with firms in other industries, crypto companies are aggressively undertaking major decisions to survive the downturn in the broader market, which has reversed much of the gains from the 13-year bull run.
Whether their app ends up passing the test, developers need to pay validators in Magic Square’s tokens to audit their apps. Validators are the ones who eventually decide what gets to be on Magic Square, and they do so by vetting projects by three criteria — content, security and user experience — not unlike traditional app store inspection. Crypto.com Capital, the VC arm of the namesake crypto exchange, has joined as a strategic investor and will leverage the large pool of projects listed on the exchange to help Magic Square onboard more developers. Founded last year, Magic Square is building an app store that lets developers list projects that are vetted by the community.
Singapore-based cryptocurrency platform Crypto.com has acquired two startups in South Korea — payment service provider PnLink and virtual asset provider OK-BIT — for an undisclosed amount, Crypto.com said. South Korea is an important market for Crypto.com in terms of blockchain technology advancement and high-level crypto interests, said Crypto.com’s South Korea general manager Patrick Yoon. Crypto.com had received several approvals to offer crypto exchange products and services, including in-principle approval from the Monetary Authority of Singapore and provisional approval of its virtual asset license from the Dubai Virtual Asset Regulatory Authority in June, as well as regulatory approval from the Cyprus Securities and Exchange Commission in July. The company also said Monday it has secured registrations under South Korea electronic financial transaction act and as a virtual asset service provider.
The safety and risk of crypto-based financial products are in question this week as Celsius Network, a major crypto lender that lets users make deposits to earn interest and take out loans in crypto, paused withdrawals this week, sending the price of its token tumbling.
KuCoin, which has amassed over 18 million users in 200 countries and regions and is one of the largest exchanges by daily SPOT trading volume, plans to invest the fresh funds in broadening its portfolio of crypto wallets, GameFi, DeFi, and NFT platforms and DAOs, Lyu said. KuCoin valuation has surged to $10 billion in its first financing round.
To qualify for the program, users must enable multi-factor authentication on all transaction types where it is available, set up an anti-phishing code at least 21 days prior to the reported unauthorized transaction, file a police report and provide it to Crypto.com, complete a questionnaire to support a forensic investigation, and not be using a jailbroken device, according to the company.
While Crypto.com is the world’s fourth-largest crypto exchange, it has been pushing hard into U.S. markets in recent months, with stunts including viral advertisements featuring actor Matt Damon and a $700 million purchase of the naming rights to the Los Angeles Lakers and Clippers Arena.
Crypto.com, a popular cryptocurrency exchange, has extended its venture arm fund size to $500 million as it looks to more aggressively back early-stage startups to help the nascent ecosystem grow, following similar moves by rivals Binance, Coinbase and FTX.