On December 23, 2024, Crypto.com announced the launch of new custody services for institutional clients in the U.S., marking a significant move in strengthening the company's position in the North American market.
Crypto.com Custody Trust Company
With the establishment of the Crypto.com Custody Trust Company, the platform aims to address the growing demand for secure, compliant cryptocurrency custody services. The new trust company is designed to provide institutional-grade custody solutions for crypto assets, ensuring a safe and reliable environment for storing digital currencies. In the coming weeks, Crypto.com will begin migrating its U.S. and Canadian clients' digital assets to the Crypto.com Custody Trust Company. The migration process will be seamless, with clients maintaining access to their funds and accounts.
Digital Asset Custody: A Growing Trend in the U.S. Market
Crypto.com is not alone in recognizing the importance of secure and compliant digital asset custody. The U.S. market has experienced a surge in regulated custodians for crypto assets. For instance, BitGo launched a regulated platform in September 2024 for managing Web3 protocol native tokens. Additionally, Fireblocks, known for its treasury management solutions, received approval from New York’s financial regulator to offer custody services.
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 U.S. users to earn rewards for engaging with sports events. This initiative is part of a broader effort to enhance the Crypto.com app's offerings and attract new users. The expansion strategy also includes increasing regulatory engagement. Crypto.com recently dropped a lawsuit against the U.S. Securities and Exchange Commission (SEC), indicating its intention to collaborate with the incoming administration to develop a clear regulatory framework for the cryptocurrency industry.
Crypto.com continues to actively develop its services in the North American market, aiming to provide secure and regulated cryptocurrency custody solutions and attract new users with innovative offerings.
