On December 23, 2024, Crypto.com announced the launch of institutional custody services in the U.S., strengthening its presence in a key cryptocurrency market.
Crypto.com Custody Trust Company
With the launch of the Crypto.com Custody Trust Company, the platform aims to meet the growing demand for secure and compliant cryptocurrency custody services. The newly established trust company offers institutional-grade custody solutions for crypto assets, providing a safe and reliable 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 custody trust company, ensuring users maintain access to their funds and accounts throughout the transition.
Growth of Custody 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, 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.
Crypto.com's Plans 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, with a $1 million promotion running through January 2025. Crypto.com's expansion strategy also includes increasing its regulatory engagement.
The launch of Crypto.com's custody services strengthens its position in the North American market. The company continues to develop its services and engage with regulators to build a transparent and secure ecosystem for users.
