Crypto.com Launches Institutional Custody Service in the United States
Update (Dec. 24, 8:30 am UTC)
This article has been updated to include a clarification from Crypto.com that while its exchange is still not live in the US, the Crypto.com app never was suspended.
Introduction
Crypto.com has launched an institutional cryptocurrency custody service in the United States as part of a broader plan to expand its presence in the country. This move marks a significant step forward for the company’s growth plans in North America and solidifies its position as a leading player in the digital asset space.
Launch of Crypto.com Custody Trust Company
The chartered trust, dubbed Crypto.com Custody Trust Company, is eligible to custody assets for US institutions and high-net-worth individuals. This development reflects the growing demand for secure and regulated digital asset storage solutions among institutional investors and high-net-worth individuals in the US.
Digital Assets Migration
As part of this launch, digital assets held by Crypto.com’s US and Canadian customers will migrate to Crypto.com Custody Trust Company over the coming weeks. This transition is expected to provide a more secure and compliant environment for these customers, who will benefit from the robust regulatory framework offered by the trust company.
Quotes from Kris Marszalek
According to Kris Marszalek, CEO of Crypto.com, "This step reflects our confidence in the North American market." He further emphasized that this development advances Crypto.com’s roadmap for building its business and presence in two of the most important and active crypto markets in the world — the US and Canada.
Related Developments
In related news, US President-elect Donald Trump met with Marszalek at Trump’s home in Mar-a-Lago to discuss crypto policies. The same day, Crypto.com dropped its lawsuit against the US Securities and Exchange Commission (SEC), citing its intent to work with the incoming administration on a regulatory framework for the industry.
Regulatory Framework
Trump has expressed his desire for the US to become "the world’s crypto capital" and is tapping pro-industry leaders to head key regulatory agencies when he starts his presidential term in January. This shift towards a more favorable regulatory environment is expected to boost the growth of the digital asset space in the US.
Background on Crypto.com
Crypto.com is headquartered in Singapore and launched in the US in 2022, initially only for institutional investors. Although the exchange is still not live in the US, the app was never suspended in the jurisdiction. The company’s expansion plans were further solidified with its acquisition of Watchdog Capital, a broker-dealer registered with the SEC, in October.
Regulated Custodians
Regulated digital asset custodians are proliferating in the US. In September, BitGo launched a regulated platform designed to custody and manage native tokens for Web3 protocols. Other institutional crypto companies, including Coinbase Custody Trust, Fidelity Digital Asset Services, and Anchorage Digital NY, have also obtained similar licenses.
Conclusion
The launch of Crypto.com Custody Trust Company marks a significant milestone in the company’s expansion plans in North America. With its commitment to providing secure and compliant digital asset storage solutions, Crypto.com is well-positioned to capitalize on the growing demand for institutional custody services in the US and Canada.
What Does This Mean for Investors?
This development is expected to provide a more secure environment for investors, who will benefit from the robust regulatory framework offered by the trust company. The increased confidence in the North American market is likely to attract more institutional investors and high-net-worth individuals to the digital asset space.
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About Crypto.com
Crypto.com is a leading digital asset exchange that provides secure and compliant storage solutions for institutional investors and high-net-worth individuals. With its global presence and expanding US operations, the company is well-positioned to capitalize on the growing demand for institutional custody services.
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