On December 23, 2024, Crypto.com, a leading cryptocurrency trading platform, announced the launch of its institutional cryptocurrency custody service in the United States.
Crypto.com Custody Trust Company
With the launch of the Crypto.com Custody Trust Company, the platform aims to address the growing demand for secure and compliant cryptocurrency custody services. The newly established trust company is chartered to provide institutional-grade custody solutions for crypto assets, offering 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 Crypto.com Custody Trust Company, ensuring a seamless transition with users maintaining access to their funds and accounts.
Kris Marszalek, co-founder and CEO of Crypto.com, expressed confidence in the North American market:
> “Launching a U.S. trust company is our latest significant step in our product roadmap to building our business and presence in two of the most important and active crypto markets in the world – the U.S. and Canada,” Marszalek said.
The Growing Trend of Digital Asset Security 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.
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, with a $1 million promotion running through January 2025. 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 a crypto custody service for institutional clients in the U.S. and Canada underscores the significance of the North American market for Crypto.com and indicates a growing interest in secure and regulated digital asset custody solutions.
