The well-known exchange Crypto.com officially announced on December 23 that it will establish a Crypto.com trust company in the U.S., targeting institutional and high-net-worth clients for cryptocurrency asset custody services.
Crypto.com’s custody services debut, focusing on the North American market
Crypto.com established a trust company (Crypto.com Custody Trust Company) on December 23, specifically to provide cryptocurrency asset custody services for institutional and high-net-worth clients in the U.S. and Canada, with digital assets of U.S. and Canadian clients expected 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, determined to promote business development in the two most important crypto markets globally: the United States and Canada.
Progress of Crypto.com in the U.S. market
Headquartered in Singapore, Crypto.com first entered the U.S. market in 2022, but initially provided services only to institutional investors. In 2023, it temporarily suspended trading services in the U.S., citing limited demand from U.S. institutional users, but later resumed operations and actively expanded the market.
For Crypto.com, the merger activities in October 2023 are crucial, as Crypto.com acquired the SEC-registered brokerage Watchdog Capital to strengthen its business development in the United States.
Prospects for collaboration 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 establishment of a cryptocurrency regulatory framework, it chose to withdraw the lawsuit against the SEC.
The U.S. digital asset custody market is highly competitive
The digital asset custody market in the United States 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 inevitably face fierce competition in the institutional market.
This article about Crypto.com entering the U.S. institutional asset custody market, directly competing with institutions like Coinbase and Fidelity, first appeared on Chain News ABMedia.