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Crypto.com Launches U.S. Institutional Cryptocurrency Custody Service

by Soumen Datta

December 24, 2024

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The trust company, which is fully chartered, will offer secure, regulated custody solutions for digital assets.

On December 23, 2024, Crypto.com, one of the leading cryptocurrency trading platforms, announced the launch of its institutional cryptocurrency custody service in the United States. This move marks a milestone in the company’s efforts to strengthen its presence in North America, a key market for the global crypto ecosystem. 

By establishing the Crypto.com Custody Trust Company, Crypto.com is now able to offer asset custody services to U.S. and Canadian institutions and high-net-worth individuals.

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, compliant, and regulated 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. The migration process will reportedly be seamless, with users maintaining access to their funds and accounts throughout the transition.

Kris Marszalek, co-founder and CEO of Crypto.com, expressed confidence in the North American market, emphasizing that this expansion will allow the company to provide enhanced services to its growing customer base.

“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. 

Digital Asset Custody: A Growing Trend in the U.S. Market

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. 

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.

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

Author

Soumen Datta

Soumen is an experienced writer in cryptocurrencies, DeFi, NFTs, and GameFi. He has been analyzing the space for the last several years and believes there is a lot of potential with blockchain technology, even though we are still at an early stage. In his spare time, Soumen enjoys playing his guitar and singing along. Soumen holds bags in BTC, ETH, BNB, MATIC, and ADA.

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