The well-known exchange Crypto.com officially announced on December 23 that it would establish a Crypto.com trust company in the United States, focusing on cryptocurrency asset custody services for institutions and high-net-worth clients.
Crypto.com's custody service debuts, focusing on the North American market
Crypto.com established a trust company (Crypto.com Custody Trust Company) on December 23, specifically providing cryptocurrency asset custody services for institutional and high-net-worth clients in the United States and Canada, with digital assets of U.S. and Canadian clients set to be transferred to this new custody platform 'in the coming weeks.'
Crypto.com CEO Kris Marszalek expressed great confidence in the North American market, aiming to drive business development in the two most important crypto markets globally: the United States and Canada.
Crypto.com's progress in the U.S. market
Headquartered in Singapore, Crypto.com first entered the U.S. market in 2022, but initially only offered services to institutional investors. In 2023, it temporarily suspended trading services in the U.S., stating that the demand from U.S. institutional users was limited, and decided to pause related trading activities. However, it later resumed operations and actively expanded its market.
For Crypto.com, the key event is the merger activity in October 2023, where Crypto.com acquired the SEC-registered broker Watchdog Capital to strengthen its business development in the United States.
Prospects for cooperation with the Trump administration
According to previous reports from Chain News, as early as October this year, Crypto.com received a Wells Notice enforcement warning issued by the SEC, and subsequently filed a lawsuit against the SEC on the grounds of 'defending the future of the crypto industry.' However, according to foreign media quoting Crypto.com's official statement, due to the Trump administration's active willingness to cooperate and discuss the development of a cryptocurrency regulatory framework, they chose to withdraw the lawsuit against the SEC.
The U.S. digital asset custody market is highly competitive
The U.S. digital asset custody market can be described as highly competitive. Since 2023, digital asset custodians BitGo and blockchain security service provider Fireblocks have both received regulatory approval to launch related services.
For institutional-grade custody services, well-known exchanges such as Coinbase's trust company Coinbase Custody Trust, asset management giant Fidelity's Fidelity Digital Asset Services, and cryptocurrency custodian Anchorage Digital NY have all obtained similar licenses, indicating that Crypto.com will undoubtedly face intense competition in the institutional-grade market.
This article discusses Crypto.com establishing a foothold in the U.S. institutional-grade asset custody market, directly competing with institutions like Coinbase and Fidelity. It first appeared in Chain News ABMedia.
