The popular crypto exchange announced the launch of its institutional custody service, officially named the Crypto.com Custody Trust Company.
This move is part of a broader strategy to boost its presence in the United States, especially following the election of Donald Trump.
The big money
The newly established Crypto.com Custody Trust Company is designed to hold digital assets for U.S. institutions and high-net-worth individuals, so this means that if you’re a big player in the crypto world, you can now store your assets with a regulated trust that’s got your back.
Customers in the U.S. and Canada will see their digital assets migrate to this new custody service over the coming weeks, but don’t worry, you’ll still have access to your accounts and funds throughout this transition.
Kris Marszalek, the CEO of Crypto.com, expressed confidence in the North American market, stating that this step is important for building their business in two of the most vibrant crypto markets globally, namely, the U.S. and Canada.
The Trump effect
Marszalek lately met with President-elect Donald Trump at his Mar-a-Lago estate to discuss cryptocurrency policies, and that same day, Crypto.com dropped its lawsuit against the U.S. SEC, signaling their intent to collaborate with the new administration on a regulatory framework for digital assets.
Trump has been vocal about his desire for the U.S. to become the “world’s crypto capital,” and he’s bringing in pro-crypto individuals to lead key regulatory agencies when he takes office in January.
Conquering markets
Crypto.com isn’t new to the U.S. scene, as it launched there in 2022 but initially focused only on institutional investors, and after a brief pause in 2023, they’re back and looking to make some money.
In October, they acquired Watchdog Capital, a broker-dealer registered with the SEC, further solidifying their commitment to expanding in the U.S.
The trend of regulated digital asset custodians is gaining momentum in America, because just this year, BitGo launched a platform for managing native tokens for Web3 protocols, while Fireblocks received approval from New York’s financial regulator to offer custody services for U.S. clients.
