Crypto.com shares roads with NFT head after layoffs

Top exchange for digital assets Crypto.com, fresh from a significant round of layoffs, has parted ways with the boss of its nascent NFT business, according to two sources familiar with the matter.

Joe Conyers III helped the stock market launch its first NFT (non-fungible token) platform when it launched Crypto.com in March 2021. New York-based Conyers left the company with headquarters in Singapore last week in the middle of a restructuring of the unit, sources said.

Sources were given anonymity to discuss sensitive business. A spokesman for the stock exchange declined to comment on Conyers and the rationale behind the reorganization, but told Blockworks that the NFT unit is one of the company’s “highest priorities.”

Conyers, a series founder and venture capitalist, previously worked for technology companies and the music industry. His next move is not known.

“He’s a big loss,” said one source.

One source said that the restructuring, not a downsizing, was initiated to improve efficiency.

The platform – which competes with the incumbent giant OpenSea and rival Coinbase’s upstart offerings – allows digital collectibles to both create and trade NFTs. Crypto.com makes money by taking a portion of the transaction revenue.

The emphasis of the new division comes as Crypto.com and other exchanges are increasingly looking to diversify revenue streams away from their historical bread and butter by taking some of the spreads between buyers and sellers as marketers.

The once steady cash flow has declined drastically as traders with deep pockets analyze the wake of the collapse of stablecoin UST and cryptocurrency lender Celsius’ increasingly likely insolvency.

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