On December 23, 2024, Crypto.com announced the launch of its institutional cryptocurrency custody service in the U.S. as part of its efforts to strengthen its position in the key market of the global crypto ecosystem.
Crypto.com Custody Trust Company
With the establishment of the Crypto.com Custody Trust Company, the platform aims to meet the growing demand for secure and regulated cryptocurrency custody services. The new trust company provides institutional-level solutions, offering a safe environment for storing digital currencies. In the coming weeks, Crypto.com will begin migrating the digital assets of its U.S. and Canadian customers to the Crypto.com Custody Trust Company. Kris Marszalek, co-founder and CEO of Crypto.com, expressed confidence in the North American market, emphasizing that this expansion will allow the company to provide enhanced services to its growing customer base.
Growing Trend in Digital Asset Custody
Crypto.com is not alone in recognizing the importance of secure and compliant digital asset custody. The U.S. market has seen a surge in regulated custodians for crypto assets. For instance, BitGo, a prominent U.S.-based crypto custodian, launched a regulated platform in September 2024 for managing Web3 protocol native tokens. Additionally, Fireblocks, known for its treasury management products, received approval from New York's financial regulator to offer custody services to U.S. clients. These developments indicate that institutional interest in cryptocurrency custody services is rising, as more firms and high-net-worth individuals seek secure ways to hold their digital assets.
What's Next for Crypto.com in the U.S. and Beyond
In addition to launching its custody service, Crypto.com continues to expand its services and partnerships. The company recently introduced a new sports trading feature in its app, allowing users in the U.S. to earn rewards for engaging with sports events. This feature is part of a broader initiative to enhance the Crypto.com app’s offerings and attract new users. Crypto.com’s expansion strategy also includes increasing its regulatory engagement. The company recently dropped a lawsuit against the U.S. Securities and Exchange Commission (SEC), signaling its intent to work with the incoming administration to develop a clear regulatory framework for the cryptocurrency industry.
The launch of cryptocurrency custody services by Crypto.com in the U.S. underscores the company's strategic ambition to strengthen its presence in key markets. The company's expansion of services and willingness to cooperate with regulators highlights its adaptation to the evolving cryptocurrency industry.
