KEY FACT: Crypto.com has launched a U.S.-based institutional cryptocurrency custody service under the name Crypto.com Custody Trust Company, catering to institutions and high-net-worth individuals. This move strengthens its presence in North America, with plans to transition digital assets held by U.S. and Canadian customers to the new platform in the coming weeks. CEO Kris Marszalek emphasized the company’s confidence in the region, highlighting its potential as a major crypto market. The announcement follows Crypto.com's acquisition of Watchdog Capital and its strategic withdrawal of a lawsuit against the SEC to foster regulatory collaboration.
Source: Crypto.com
Crypto.com Launches Crypto Custody Service for Institutions in U.S.
Crypto.com, a prominent cryptocurrency exchange headquartered in Singapore, has launched its institutional cryptocurrency custody service in the United States. This move is part of the company's initiative to strengthen its presence in the North American market, particularly in the U.S. and Canada. The launch announced through a blog post and on X platform on December 23, named the custody service "Crypto.com Custody Trust Company".
Crypto.com launched its U.S. Trust Company, Crypto.com Custody Trust Co.
This is a big step in building our business and presence in two of the most important and active crypto markets in the world - the U.S. and Canada.
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Crypto.com Custody Trust Company, is a chartered trust authorized to provide custody services for U.S. institutions and high-net-worth individuals. In the coming weeks, digital assets held by Crypto.com's U.S. and Canadian customers are scheduled to transition to this new custody platform. Kris Marszalek, CEO of Crypto.com, emphasized that this development underscores the company's confidence in the North American market and aligns with its roadmap to expand business operations in two of the world's most significant and active crypto markets.
In December, Marszalek met with U.S. President-elect Donald Trump at Trump's Mar-a-Lago residence to discuss cryptocurrency policies. Following this meeting, Crypto.com withdrew its lawsuit against the U.S. Securities and Exchange Commission (SEC), expressing an intent to collaborate with the incoming administration on establishing a regulatory framework for the cryptocurrency industry. President-elect Trump has expressed a desire for the U.S. to become "the world's crypto capital" and reportedly appoint pro-industry leaders to key regulatory positions as he prepares to assume office in January.
Crypto.com initially entered the U.S. market in 2022, focusing exclusively on institutional investors. Although the company temporarily suspended its exchange services in the country in 2023, it has since reversed that decision. In October, Crypto.com acquired Watchdog Capital, a broker-dealer registered with the SEC, to expand its footprint in the U.S.
The establishment of regulated digital asset custodians is becoming increasingly prevalent in the United States. In September, BitGo, a U.S.-based crypto custodian, launched a regulated platform designed to manage native tokens for Web3 protocols. Similarly, in August, Fireblocks received approval from New York's financial regulator to offer custody services to U.S. clients. Other notable institutional crypto companies with similar licenses include Coinbase Custody Trust, Fidelity Digital Asset Services, and Anchorage Digital NY.
Crypto.com's expansion into institutional custody services will offer secure and regulated solutions for institutional investors. This initiative alongside other related is expected to play a crucial role in the broader adoption and integration of digital assets into the traditional financial system.
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