• The up-and-coming NFT platform has been considered one of Crypto.com’s fastest-growing enterprise strains this 12 months
  • Nonetheless, it’s up towards steep competitors from the likes of trade large OpenSea and upstart Coinbase

Prime digital property alternate Crypto.com, recent off a substantial spherical of layoffs, has parted methods with the pinnacle of its nascent NFT enterprise, in keeping with two sources conversant in the matter. 

Joe Conyers III helped the alternate get its first NFT (non-fungible token) platform off the bottom when he joined Crypto.com in March 2021. Conyers, primarily based in New York, left the Singapore-headquartered firm final week amid a restructuring of the unit, sources stated.

Sources had been granted anonymity to debate delicate enterprise dealings. A spokesperson for the alternate declined to touch upon Conyers and the rationale behind the reorganization, however instructed Blockworks the NFT unit is among the firm’s “highest priorities.”  

Conyers, a serial entrepreneur and enterprise capitalist, beforehand labored for expertise companies and within the music trade. His subsequent transfer isn’t identified. 

“He’s a giant loss,” one supply stated. 

One supply stated the restructuring, not a downsizing, was put in movement to enhance efficiencies.

The platform — which competes with incumbent large OpenSea and rival Coinbase’s upstart providing — lets digital collectible aficionados each mint and commerce NFTs. Crypto.com makes cash by taking a slice of transaction proceeds.

The emphasis on the brand new division comes as Crypto.com and different exchanges more and more look to diversify income streams away from their historial bread and butter of taking a portion of the spreads between patrons and sellers as a market maker.

That after-steady money circulate has diminished drastically as deep-pocketed merchants parse the aftermath of stablecoin UST’s collapse and crypto lender Celsius’ more and more possible insolvency.

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  • Managing Editor

    Michael Bodley is a New York-based managing editor for Blockworks, the place he focuses on the intersection of Wall Avenue and digital property. He beforehand labored for the institutional investor publication Hedge Fund Alert. His work has been printed in The Boston Globe, NBC Information, The San Francisco Chronicle and The Washington Submit.

    Contact Michael through e-mail at [email protected]

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