Crypto winter hits Crypto.com’s Irish entity as revenues plunge 80%

Crypto.com Arena in Los Angeles is home to the LA Lakers basketball. The crypto exchange bought the naming rights to the arena in 2021. Photograph: Harry How/Getty Images

Foris Dax Global, which owns the Crypto.com business name and is registered at an office in Dundrum Business Park in Dublin 14, is one of the Hong Kong-founded Foris group’s main European entities after it established a base here in 2021. It said revenues from the fees it charges customers to exchange crypto assets on the Crypto.com platform slumped by 86 per cent to €25.1 million in the year.The drop-off coincided with a sell-off in crypto assets that began in 2022 as confidence in the industry was shaken following the collapse of the Terra stablecoin and Sam Bankman-Fried’s FTX in May and November of that year.

Crypto.com’s Irish entity swung to a small €124,633 loss in 2022 compared with a €2.9 million profit in 2021, its first in operation.

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