This week, Crypto.com announced the formation of a new trust company in the US, marking an important phase in its expansion in North America.Called Crypto.com Custody Trust Company, this new entity provides digital asset custody services to high-net-worth individuals and qualified institutions in the United States and Canada.
Major Expansions in North America
Crypto.com is a Singapore-based Cryptocurrency exchange that offers a variety of financial services, from trading, exchange, NFT marketplace to cryptocurrency payments. After successfully securing licenses in multiple jurisdictions around the world, Crypto.com has reached a major milestone with the launch of its trust company in the US.
“Launching a trust company in the US is the most important step in our product development roadmap to build our business and presence in two of the world’s most important and vibrant Cryptocurrency markets. – United States and Canada. This move reflects our confidence in the North American market, and we look forward to continuing to enhance and innovate the market for our customers,” stated Kris Marszalek, co-founder and CEO of Crypto.com.
The platform will migrate the digital assets of customers in the US and Canada to the new custody platform in the coming weeks to ensure uninterrupted access to accounts and capital during the transition.
Earlier this month, Crypto.com CEO Kris Marszalek visited President-elect Donald Trump at the luxury Mar-a-Lago resort in Palm Beach. Around that time, Crypto.com withdrew the lawsuit it filed against the U.S. Securities and Exchange Commission in October after receiving a Wells notice signaling an upcoming enforcement action. In the spirit of cooperation, Crypto.com representatives said they withdrew the lawsuit to work with the incoming administration in establishing a legal framework for the Cryptocurrency industry.
A Positive Year for Crypto.com
Despite facing regulatory hurdles, Crypto.com has succeeded in expanding its global reach this year. In October, the firm acquired Watchdog Capital, a US SEC registered broker-dealer, strengthening its presence in the US market. In August, Crypto.com became the first Cryptocurrency sponsor of the prestigious UEFA Champions League tournament. This is a major milestone in building sports brands through stadium activities, media integration and global campaigns. Last year, the platform achieved regulatory approval in the UK, confirming Electronic Money Institution (EMI) status under regulation by the Financial Conduct Authority (FCA).