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“No risk” for funds on Crypto.com
The German company FinTech Wirecard finds itself since yesterday unable to have its accounting balance sheet certified for the year 2019. Indeed, the audit firm Ernst & Young detected possible falsified balances in the consolidated balance sheet of Wirecard, for a total of 1.9 billion euros.
Wirecard happened to be the debit card issuer of several companies in the cryptocurrency industry, with potential repercussions for them. Especially if Wirecard’s significant financial problem is not overcome.
Kris Marszalek, CEO of Crypto.com, was in any case very reassuring on Twitter, first by recalling the facts in a first tweet:
“(…) The debit cards issued by Wirecard for CRYPTO.COM are fully pre-funded. These funds are held by an EMI establishment regulated by the British FCA in separate customer accounts. The [fiat] funds are held in another bank (not by Wirecard) as required by the FCA. "
On the other hand, Kris Marszalek wished to remind in a second tweet that all the cryptoactive assets held by Crypto.com have no connection with the future of Wirecard:
"For the sake of clarity, Wirecard does not have custody of any of the cryptos held by Crypto.com (...)"
There is therefore no risk whatsoever on the crypto funds of Crypto.com, nor in the immediate future on the functioning of the debit cards provided by the company of Kris Marsalek. As for Wirecard, it is still far too early to say what consequences this hole will have in its balance sheet, especially since we do not even know its exact origin yet.
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