On December 23, 2024, Crypto.com announced the launch of its institutional cryptocurrency custody service in the United States, marking a significant step in strengthening its presence in a key market for the global crypto ecosystem.
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, and regulated cryptocurrency custody services. The newly created trust company is designed to offer institutional-grade custody solutions for crypto assets, ensuring a safe 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 users maintain access to their funds throughout the transition.
Digital Asset Custody Trend 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 witnessed 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 an increasing institutional interest in cryptocurrency custody services, as more firms and high-net-worth individuals seek secure ways to hold their digital assets.
The Future of 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 feature is part of a broader initiative to enhance the Crypto.com app’s offerings and attract new users. The company’s expansion strategy also includes increasing its regulatory engagement. Recently, Crypto.com dropped a lawsuit against the U.S. Securities and Exchange Commission (SEC), indicating its intention to work with the incoming administration to develop a clear regulatory framework for the cryptocurrency industry.
The launch of Crypto.com's institutional crypto custody service in the U.S. signifies significant expansion into North American markets. This effort reflects the company's desire to provide more secure and regulated services for its clients amid the growing institutional interest in crypto-assets.
