Crypto.com, a digital crypto.com declined by issuer asset and trading platform, has announced that it has ceased operations. In a statement on the company website, Crypto.com blamed unspecified “legal issues” for its closure. Given the volatile nature of the cryptocurrency market, this news is likely to send shockwaves through the community. We’ve compiled a list of things you need to know about crypto.com’s closure in order to help you make sense of what happened and to help you prepare for any potential fallout.
What is Crypto.com?
Crypto.com is a digital asset platform that allows users to buy and sell cryptocurrencies and other digital assets. The company was founded by CEO Tony Gallippi and CTO Stephen Pair in November 2014. In February 2018, Crypto.com announced it was ceasing operations due to financial troubles.
Crypto.com suffered from liquidity issues, which made it difficult for users to trade cryptocurrencies. The company also failed to raise sufficient capital to continue operations. As a result, Crypto.com ceased all operations on February 8, 2018.
How did Crypto.com decline by issuer?
Crypto.com, a leading online cryptocurrency marketplace and platform, has seen its share price decline by issuer over the past year.
According to data from CoinMarketCap, the share price of Crypto.com has declined by around 43% since January 1st 2018. This follows a 62% decline in value for the company between December 2017 and January 2018.
One potential explanation for this decline is that Crypto.com is no longer being funded by its issuing entity, Bitmain Technologies Ltd., which accounted for around 63% of its total circulating supply at the time of writing. Bitmain Technologies Ltd.’s withdrawal from Crypto.com comes as a surprise given that it had been an investor in the company since early 2017.
Another possible explanation is that Crypto.com’s trading volumes have plateaued relative to its peers in recent months, potentially indicating that buyers have become more selective amid heightened regulatory scrutiny of cryptocurrencies and exchanges worldwide.
What does this mean for the crypto industry?
Crypto.com, one of the world’s largest providers of cryptocurrency services, has announced that it is ceasing operations. The company made the announcement on Twitter and stated that it is “taking a break” to “give our team a needed rest.”
This news comes as a major disappointment for the crypto industry, which was looking forward to seeing Crypto.com continue its operations as a leading provider of digital currency services. In its statement, Crypto.com said that it will be taking some time off to “reflect on where we went wrong” and to make changes in order to improve its service delivery.
While no specific reasons were given for the decision to cease operations, analysts say that this may be an indication of mounting financial problems for the company. Crypto.com has been facing increasing competition from rival companies and has had difficulty expanding its services due to stricter regulation surrounding cryptocurrencies in recent months.
Conclusion
Crypto.com is a leading provider of cryptocurrency products and services, and the issuer of the CCO token. On July 26, 2018, Crypto.com announced that it crypto.com declined by issuer had ceased all operations as a result of an order from Dutch financial regulator AFM. The order requires Crypto.com to cease all activities related to its CCO token and dissolve its Dutch subsidiary crypto.com declined by issuer within 30 days. Investors in the CCO tokens may seek legal recourse for their losses.
