On December 23, 2024, Crypto.com announced the launch of its institutional cryptocurrency custody service in the U.S., marking a significant step towards solidifying its presence 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 and compliant cryptocurrency custody services. The newly launched trust company provides institutional-grade custody solutions for crypto assets, ensuring a safe environment for storing digital currencies. In the coming weeks, Crypto.com will begin transferring the digital assets of its U.S. and Canadian customers to the Custody Trust, ensuring a seamless migration process. Kris Marszalek, the co-founder and CEO of Crypto.com, expressed confidence in the North American market, highlighting that this expansion allows the company to offer enhanced services to its growing customer base.
Growth of Custodial Services in the U.S.
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 launched a regulated platform in September 2024 for managing Web3 protocol native tokens, and Fireblocks was approved by New York’s financial regulator to provide custody services to U.S. clients. These developments indicate a rising institutional interest in secure crypto asset storage solutions.
Crypto.com’s Future in the U.S. and Beyond
Alongside its custody service launch, Crypto.com continues to expand its service offerings. It recently introduced a new sports trading feature in its app, allowing U.S. users to earn rewards by engaging with sports events. This initiative is part of a broader strategy to enhance the app's offerings and attract new users. Crypto.com's expansion plan also includes increasing regulatory engagement, as demonstrated by the recent withdrawal of its lawsuit against the SEC, signaling its intent to collaborate with the incoming administration on developing a clear regulatory framework.
Crypto.com is making significant strides in expanding its services in North America, focusing on providing secure and compliant custody solutions for crypto assets to its clients.
