Singapore’s Crypto.com «Bullish» on the US
After meeting US President Donald Trump several times, a co-founder waxes effusively about the American market.
Bitcoin has indeed lost some of its luster after a thick blanket of Trump 2.0 executive orders in January, but that doesn’t seem to be bothering the digital asset world all that much.
Tweets sent overnight Thursday by Crypto.com co-founder and CEO Kris Marszalek show little trace of the white-knuckle ride that equity and bond investors are experiencing given the raft of knee-jerk tariffs against anyone and every one, along with an escalating trade war that has even threatened to return the Statue of Liberty (pictured above) to its erstwhile kind-of-but-not-really Paris home.
Global Leader
Marszalek indicated the Singapore-based digital asset provider is «very bullish» about the future given the enthusiasm the new American administration has shown for the sector.
«My meetings with the President give me confidence that he will deliver on his campaign promise to make the US a global leader in cryptocurrency,» Marszalek tweeted.
Efficient Management
Cryto.com itself is sitting very pretty right now, he went on to indicate. It generated $1.5 billion in revenue and currently has over 140 million users on the platform. It is also being run efficiently. According to him, it has about $1 billion in gross profit after salaries and other operating expenses.
Record Balance Sheet
«Of that, user acquisition, user incentives and branding cost us about $700 million last year, leaving us with about $300 million from operations,» he maintained.
Part of the reason for the improvement was the rise in Bitcoin, which helped Crypto.com to strengthen its balance sheet to «all-time-high levels».
Strong Expansion Plans
Given its strength, it is now able to «invest aggressively» in an «unlikely» market downturn by building its business both organically and through acquisitions.
Marszalek also said it leads all other crypto exchanges when it comes to licensing. It now covers 100 jurisdictions in five continents, and its 2025 roadmap foresees it expanding into stocks, banking, and credit cards.
Stocks and ETFs
As part of that, it has bought both companies and licenses that allow it to offer derivatives trading in various markets, while it has already launched stocks and ETF trading in the US.
It all sounds suspiciously bank- and brokerage-like, and with numbers like that, particularly on the cost side, it could very well be instilling a measure of fear in many financial sector incumbents.
