While other major crypto firms are laying off their jobs, Crypto.com and FTX are set to expand into overseas markets soon.
after last year The cryptocurrency market has started to grow exponentially. As a result, organizations that are involved in the said market will receive by-products to grow their businesses. and advance greatly As a result, many entrepreneurs began to decide to expand abroad for the first time as well. Recently, Crypto.com and FTX have begun to penetrate the international market in full force as well.
Crypto.com enters Dubai market after nearing license
One of the largest cryptocurrency exchanges is set to officially expand into the Dubai market. Following a statement released on June 2, the Virtual Assets Regulatory Authority (VARA) has granted Crypto.com a license to operate a virtual asset exchange to enable further regulatory review.
On the other hand, VARA will be responsible for checking the status. and various requirements for Crypto.com before proceeding with the full licensing of the company in the near future. which during the past Dubai is increasingly accepting digital assets, with UAE Minister of Foreign Trade Dr. Thani Al Zeyoudi expressing conviction: Cryptocurrency, Virtual Assets and Blockchain can definitely revolutionize the financial industry. It will also attract more companies to invest. and can help develop the country to have a bright future as well
Meanwhile The well-known exchange was also announced in March. It states that the organization is preparing to build an office in the United Arab Emirates (UAE) soon after receiving good news that the government has enacted new cryptocurrency legislation. more It also aims to make Dubai the center of the global crypto market. As a result, the new legislation could easily buy the giant exchanges into the country.
FTX continues to penetrate the Japanese market
Although in the past The Board of the Financial Services Agency (FSA) has enacted stringent digital asset regulatory legislation. This has created a huge obstacle for many domestic crypto operators. Yet another major global exchange, FTX, which has just surpassed Coinbase in the rankings, has launched a new FTX Japan. To serve Japanese customers easily In February, the organization decided to acquire live fish exchange platform Liqiud.
FTX CEO Sam Bankman Fried also admitted that the crypto market is heavily regulated. But the market size is also high value. Currently, it has soared to almost 1 trillion US dollars already.
Crypto.com and FTX Grow Against Other Crypto Companies
However, the expansion of the two major exchanges is a stark contrast to the other big companies in the market. After many organizations had to experience bear market conditions that resulted in a resolution to cut staff continuously.
Recently, giant Gemini has planned to cut its workforce by 10% as the market situation continues to deteriorate, and Coinbase has also announced a delay in hiring new employees to be sure. In addition, Robinhood fired 9% of its employees immediately after the market began a downtrend in April as well.
will have to wait and see Can the various situations in the crypto market be restored? And will there be any other big companies starting to lay off more staff due to the impact of the current bear market, or will there be another company that can grow against the trend like Crypto.com and FTX, of course? that CryptoSiam will definitely bring new news updates for readers to follow and watch more