Crypto.com separates after layoffs from NFT Head
Crypto.com separates after layoffs from NFT Head
- The emerging NFT platform was one of the fastest growing business areas of Crypto.com this year
- Nevertheless, it has to face a strong competition between industry giants such as OpenSea and the upstart of the Coinbase
The top exchange for digital assets Crypto.com has separated from the head of its aspiring NFT business after an extensive round of discharge, two sources familiar with the matter.
Joe Conyers III helped the stock exchange to get their first NFT platform (non-fungable token) on the way when he came to Crypto.com in March 2021. Conyers, based in New York, left the company with its headquarters in Singapore last week in the course of a restructuring of the unit, said sources.
The sources were granted anonymity to discuss sensitive business relationships. A spokesman for the stock exchange refused to comment on Conyers and the reasons for the restructuring, Blockworks said that the NFT unit was one of the “highest priorities” of the company.
CONYERS, a serial entrepreneur and risk capital provider, previously worked for technology companies and in the music industry. His next step is not known.
"He is a big loss," said a source.
A source said that the restructuring, not a reduction, was started to improve efficiency.
The Platform -Companies that competes with the established giants OpenSea and the upstart offer of the rival coinbase-it enables lovers of digital collectors, NFTS to both shape and act. Crypto.com earns money by taking part of the transaction proceeds.
The focus is on the new department, since Crypto.com and other stock exchanges are increasingly trying to diversify the sources of income from their historical bread and butter by taking part of the spreads between buyers and sellers as market makers.
This once constant cash flow has decreased drastically, since retailers with deep pockets analyze the consequences of the collapse of the stable coin VAT and the increasingly likely insolvency of the crypto loan Celsius.
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The article Crypto.com separates from NFT head to layoffs is not a financial advice.