December 24, 8:30 am UTC – Update on Crypto.com Custody Trust Company
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 Expands Presence in the United States with Institutional Cryptocurrency Custody Service
On December 23, Crypto.com announced the launch of 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 stated that this development reflects their confidence in the North American market and advances their roadmap for building a significant business and presence in two of the most active crypto markets in the world – the US and Canada.
Crypto.com Custody Trust Company
Dubbed Crypto.com Custody Trust Company, the chartered trust is eligible to custody assets for US institutions and high-net-worth individuals. Digital assets held by Crypto.com’s US and Canadian customers will migrate to Crypto.com Custody Trust Company "over the coming weeks," according to the exchange.
"This step reflects our confidence in the North America[n] market," said Kris Marszalek, Crypto.com’s CEO, in a statement. The launch of this service is part of Crypto.com’s broader plan to expand its presence in the US and Canada, which includes expanding its business and building a significant presence in these markets.
Related Developments
In December, 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."
Trump’s Crypto Policies
Trump has said he wants the US to be "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 in policy is seen as an opportunity for companies like Crypto.com to expand their presence in the US.
Crypto.com’s US Expansion Plans
Crypto.com is headquartered in Singapore and launched in the US in 2022, initially only for institutional investors. However, Crypto.com told Cointelegraph that the exchange is still not live in the US, but the app was never suspended in the jurisdiction.
In October, Crypto.com bought Watchdog Capital, a broker-dealer registered with the SEC, in a bid to expand its US footprint. This acquisition is part of Crypto.com’s broader plan to expand its presence in the US and build a significant business in this market.
Regulated Custodians
Regulated digital asset custodians are proliferating in the US. In September, BitGo, a US crypto custodian, 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 – are also similarly licensed.
Conclusion
The launch of Crypto.com’s institutional cryptocurrency custody service in the United States is part of a broader plan to expand its presence in the country. This development reflects the exchange’s confidence in the North American market and advances its roadmap for building a significant business and presence in two of the most active crypto markets in the world – the US and Canada.
With the US government looking to create a favorable regulatory environment for cryptocurrencies, companies like Crypto.com are well-positioned to take advantage of this opportunity. As the regulatory landscape continues to evolve, it will be interesting to see how companies like Crypto.com navigate these changes and build a significant presence in the US market.
Additional Reading
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