On December 23, 2024, Crypto.com announced the launch of its institutional cryptocurrency custody service in the U.S., strengthening its presence in the key North American market.
Crypto.com Custody Trust Company
The launch of the Crypto.com Custody Trust Company aims to meet the growing demand for secure and regulated cryptocurrency custody services. The new trust company is chartered to offer institutional-grade solutions for asset storage, providing a safe environment for digital currencies. In the coming weeks, Crypto.com will begin migrating digital assets of U.S. and Canadian customers to the Custody Trust Company. The process is expected to be seamless, allowing users to maintain access to their funds and accounts. Kris Marszalek, co-founder and CEO of Crypto.com, expressed that this expansion will enable the company to offer enhanced services to its growing customer base.
Digital Asset Custody: A Growing Trend
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. Additionally, Fireblocks received approval from New York’s financial regulator to offer custody services to U.S. clients. These developments indicate a rising institutional interest in cryptocurrency custody services as more firms and 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 from sports events. This is part of a broader initiative to enhance the app’s offerings and attract new users. Crypto.com's expansion strategy also includes increasing its regulatory engagement, having recently dropped a lawsuit against the U.S. Securities and Exchange Commission, which signals its intent to work with incoming administration to develop a clear regulatory framework for the cryptocurrency industry.
The launch of the institutional custody service in the U.S. is a significant milestone for Crypto.com. The company continues to expand its presence and solidify its position in the cryptocurrency market.
