Crypto Industry Will Come Back Very Strongly, says the world’s top exchange CEO.
Kris Marszalek, the CEO, and co-founder of the Singapore-based cryptocurrency exchange CryptoCom, said Wednesday that the crypto industry would come back very strongly from the current unstable market conditions.
CryptoCom CEO is Bullish on Crypto
In an interview with CNBC, the millionaire CEO addressed the current bear market that erased billions of dollars from the entire market value of $3 trillion, with Bitcoin (BTC) and Ethereum (ETH) trading as low as $17,000 and $900, respectively, noting that the market will eventually recover.
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Marszalek explained that the crypto space has grown to a decent size industry. Like the broader economic market, cryptocurrencies are influenced by factors like inflation, tax policies, and global conflicts that play an important in the recovery of assets.
The CryptoCom boss believes that although no one knows when or how the comeback will play out, he is confident that the crypto market will come back more robust because of the fundamental utility of the technology and how it can transform the world.
“We just believe that eventually, markets will find their bottom, and cryptocurrency is going to come back really strong because of the fundamental utility of the technology and how it can change the world for the better, so we remain extremely well positioned. To be one of the companies that during this downturn, strengthen their position, get more market share and be ready for the bounce,” he told CNBC.
CryptoCom Working closely with Regulators
During the interview, Marszalek also noted that crypto.com plans to establish its presence across the global market by working closely with the financial regulatory agencies across every market that matters for the cryptocurrency industry.
Just yesterday, the company secured the Electronic Financial Transaction Act and Virtual Asset Service Provider registration from South Korean regulators to better serve its customers in the jurisdiction.
The CryptoCom CEO described the South Korean market as an “important market” where the firm is committed to working with financial watchdogs to offer its regional products and services.
The exchange had earlier obtained licenses in Singapore and Dubai as part of its plans to become an industry leader and reach a broader global market.