Crypto.com has expanded its operations in the United States by launching a new institutional cryptocurrency custody service. This strategic move is part of the company’s broader plan to enhance its presence in one of the world’s most active crypto markets.
Named Crypto.com Custody Trust Company, the newly chartered trust is authorized to custody assets for U.S. institutions and high-net-worth individuals. The company announced that digital assets held by its U.S. and Canadian customers would be transferred to this new entity in the coming weeks.
Kris Marszalek, CEO of Crypto.com, highlighted the launch as a reflection of the company’s confidence in the North American market and its commitment to expanding operations in both the U.S. and Canada.
In a significant development related to its U.S. expansion, Crypto.com‘s leadership, including CEO Kris Marszalek, met with U.S. President-elect Donald Trump to discuss future crypto policies. This meeting at Trump’s Mar-a-Lago estate coincided with Crypto.com’s decision to withdraw its lawsuit against the U.S. Securities and Exchange Commission, indicating a willingness to collaborate on developing a regulatory framework for the industry.
Trump has expressed a desire to position the U.S. as “the world’s crypto capital” and plans to appoint pro-industry leaders to head key regulatory agencies upon assuming office in January.
Crypto.com’s Growth in the U.S. Market
Crypto.com, headquartered in Singapore, made its foray into the U.S. market in 2022, initially targeting institutional investors. The company recently acquired Watchdog Capital, a broker-dealer registered with the SEC, as part of its efforts to expand its U.S. footprint.
The regulatory environment in the U.S. is becoming increasingly conducive for digital asset custodians. Companies like BitGo and Fireblocks have launched regulated platforms, and others including Coinbase Custody Trust, Fidelity Digital Asset Services, and Anchorage Digital NY have obtained the necessary licenses to operate as custodians. This trend underscores a growing movement towards compliance and security in digital asset management.
What The Author Thinks
The introduction of regulated custody services by Crypto.com and other firms is a positive development for the cryptocurrency industry, suggesting a shift towards greater regulatory clarity and enhanced market stability. As the industry aligns more closely with traditional financial markets in terms of regulation, these changes are likely to attract more institutional investors, potentially leading to increased market maturity and stability.
Featured image credit: Wikimedia Commons
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