Introduction
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.*
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. The crypto exchange announced this development on Dec. 23 through its institutional investors and high-net-worth individuals.*
Crypto.com’s New Custody Service
The Crypto.com Custody Trust Company, which was chartered earlier this year,
will provide secure storage and management of assets for U.S. institutions and high-net-worth individuals. This service is designed to address growing demand from institutional investors seeking reliable custody solutions in the U.S.*
According to Crypto.com, digital assets held by its US customers will begin migrating to the trust company within the coming weeks. This move reflects their confidence in the North American market as well as their long-term roadmap for expanding operations in both the U.S. and Canada.
CEO’s Statement
Kris Marszalek, Crypto.com’s CEO, issued a statement highlighting the significance of this development.
" This step reflects our confidence in the North America market and advances Crypto.com’s roadmap for building our business and presence in two of the most important and active crypto markets in the world — the U.S. and Canada. "
"The same commitment to innovation and regulatory compliance that has driven our success in other regions will continue to shape our strategy as we expand into these key markets," Marszalek added.*
Related Articles & Developments
In December, U.S. President-elect Donald Trump met with Crypto.com CEO Kris Marszalek at Trump’s home in Mar-a-Lago to discuss cryptocurrency policies.
The same day, Crypto.com dropped its lawsuit against the U.S. Securities and Exchange Commission (SEC), citing its ‘intent to work with the incoming administration on a regulatory framework for the industry.’
Trump has expressed his desire to establish the U.S. as the world’s crypto capital and is working closely with industry leaders to head key regulatory agencies when he takes office in January.
Crypto.com, headquartered in Singapore, launched its services in the U.S. in 2022, initially targeting institutional investors only.
The exchange remains pending clearance from the U.S. Securities and Exchange Commission (SEC) for its institutional custody operations in the U.S., despite being cleared to operate in Canada earlier this year.
In a move to expand its U.S. footprint, Crypto.com recently acquired Watchdog Capital, a broker-dealer registered with the SEC, in August 2023.
Competition in U.S. Cryptocurrency Custody
The U.S. cryptocurrency market continues to attract growing interest from institutional investors seeking secure and reliable custody solutions.
In the meantime, several other crypto platforms are also vying for a foothold in the U.S. institutional space.
- BitGo (Binance): A leading provider of secure storage and exchange services for cryptocurrencies, operating fully compliant with U.S. regulatory requirements.*
- Fireblocks: A decentralized finance (DeFi) project offering custody and transaction services through its native token, d fireblocks, which is gaining traction in the institutional space.*
- Coinbase: A major U.S.-based cryptocurrency exchange that has also launched its own stablecoin, USD Coin (USDC), to address liquidity needs in the market.*
Other notable providers include:
- Coinbase Custody Trust: Offering custory services for institutional investors.
- Kraken: Providing secure storage solutions for cryptocurrencies.
- Binance US: A U.S.-based branch of the global crypto exchange, offering various financial services to U.S. customers.*
Additional Articles & Insights
For more insights into the U.S. cryptocurrency market and regulatory developments, readers are encouraged to explore additional articles on this topic.
In the meantime, Crypto.com’s ongoing expansion efforts in North America demonstrate its commitment to becoming a leader in the institutional crypto space.
To stay updated with the latest developments in the U.S. cryptocurrency ecosystem, we recommend following our curated selection of resources for comprehensive coverage.
Conclusion
Crypto.com’s launch of an institutional cryptocurrency custody service marks a significant milestone in its quest to expand into the U.S. market.
While the exchange remains pending clearance from the SEC, Crypto.com’s strategic moves and partnerships highlight its determination to establish itself as a key player in North America.
For more details on this and other related developments, readers are encouraged to explore our comprehensive coverage of the U.S. cryptocurrency market.
Until next time, we’ll keep you informed about the latest trends and updates in the ever-evolving world of cryptocurrencies.
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This article is part of a series on Crypto.com’s efforts to expand its presence in key markets while maintaining regulatory compliance and investor confidence.
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