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.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

HYATT REGENCY SALT LAKE CITY

TUES, OCT. 8, 2024

Guided by the expertise of Blockworks Research Analysts team, this one day event will feature senior leaders, entrepreneurs, and developers from across the crypto industry. Attendees will have the opportunity to participate in an immersive experience to explore the latest trends, […]

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

hivemapper.jpeg

Research

We believe crypto market participants overlook Hivemapper’s fundamental potential due to a poor understanding of both the niche map data market and Hivemapper’s positioning relative to incumbents. Hivemapper’s token model catalyzes both a cost and product advantage via unmatched map freshness and near real-time accuracy, which is its wedge into a market characterized by stale data and high data collection costs. Its current and potential future product suite may represent one of the strongest possibilities for PMF in crypto today.

article-image

👨‍⚖️ SBF’s courtroom sequel: Plus, Coinbase’s legal loss was DeFi’s gain

article-image

Public mining companies have been acquiring sites, refreshing machine fleets and diversifying business models in preparation for the event

article-image

Exploit shows centralization can sometimes be an asset

article-image

The Fidelity Ethereum Fund, like other proposed ETH ETFs, seeks to stake a portion of its assets, according to the firm’s Wednesday registration statement

article-image

The DAO first voted on enabling SAFE transfers over a year ago