Crypto.com Hires Exec to Further Firm’s Web3 Ambitions

Crypto.com plans to further its Web3 endevours at a time when interest in crypto markets has declined

article-image

Crypto.com Arena, another sports sponsorship struck by the digital asset exchange | Source: Shutterstock

share

key takeaways

  • Crypto.com is hoping to drive its Web3 ambitions across four product verticals with the addition of its newest executive
  • As managing director, Kwon Park will lead Crypto.com’s partnership developments and attempt to map out new business opportunities

Singapore-based exchange Crypto.com has named a new managing director to help guide the business’ Web3 ambitions.

Former Bittrex executive Kwon Park has been picked to lead the charge and will answer directly to Crypto.com Chief Operating Officer Eric Anziani, the company said Thursday.

The executive will also seek out new business opportunities and develop partnerships by leveraging his more than three years’ experience at Bittrex, in which he was both that exchange’s chief strategy officer and director of business development. He was also a board member of several Bittrex-affiliated companies.

Prior to joining Bittrex and Crypto.com, Park spent more than four years at US government affairs firm Delta Strategy Group as counsel. In that role, Kwon was involved in multiple industries across a range of areas including regulatory compliance, enforcement, business strategy and policy issues.

“Kwon brings tremendous expertise in developing and operationalizing complex opportunities across a range of disciplines and a deep understanding of how to effectively scale in the crypto industry,” Anziani said.

Crypto.com’s latest hire comes as the firm seeks to shore up its business opportunities amid a market downturn that has ultimately shaken the bottom line of many of the industry’s largest names.

The exchange has spent more than a billion dollars on marketing over the last 12 months, including a lavish ad in a prime-time slot during the Superbowl.

Crypto.com tapped NBA superstar Lebron James to front its commercial during that event as part of a multi-year deal to support Web3-related “educational and workforce development opportunities.”

Park is hoping to drive home the exchange’s Web3 strategy, recoup some of its marketing spend and further partnerships as it attempts to leverage the nascency of crypto’s newest sector.

That strategy involves leveraging products along four main verticals, including payment, financial services, trading, and the metaverse, according to the exchange’s white paper.

“This strategy creates and self-sustains a virtuous cycle: payment channels bring users onto the platform, whereas trading and financial services generate revenue that can be reinvested into payment and used to build the ecosystem to offer full-suite crypto services,” the white paper states.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

AERODROME TEMPLATE.png

Research

Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap V2 and V3, Curve, Convex, and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495M in value locked, doubling Uniswap's Base deployment.

article-image

And a look into the newest name on the Trump ticket: Sen. JD Vance

article-image

Plus, Imran Khan’s intriguing experiment on the speeds of crypto onramps

article-image

The SEC has signaled a timeline to issuers that could lead to a July 23 launch for the ETH funds, people close to the process told Blockworks

article-image

PayPal has unequivocally made a name for itself as a crypto adopter among fintech giants

article-image

Also, a look into how the highly-debated SAB 121 could end up shaking out for crypto custodians

article-image

Vance, an Ohio Republican, is largely seen as crypto-friendly