Crypto.com Establishes US Trust Company for Digital Asset Custody Services
Crypto.com has established a US-based trust company to provide custody services for digital assets, marking a significant milestone in its North American expansion. Targeting high-net-worth individuals and institutional clients in the United States and Canada, the Crypto.com Custody Trust Company will oversee secure storage for qualified clients.
In the coming weeks, Crypto.com will transition assets for US and Canadian customers to this custody platform, ensuring continuous access to accounts and funds. CEO Kris Marszalek emphasized the importance of the US and Canada as key markets in the crypto space, aligning the launch with the company's strategy to innovate and expand its offerings.
Headquartered in Singapore, Crypto.com has made considerable progress globally this year, including obtaining various regulatory approvals. The establishment of the US trust company follows the acquisition of Watchdog Capital, a US SEC-registered broker-dealer, enhancing the company's standing in North America.
Marszalek recently met with President-elect Donald Trump, indicating Crypto.com's willingness to collaborate with the incoming administration. The company also withdrew a lawsuit against the US Securities and Exchange Commission (SEC), filed after a Wells notice regarding potential enforcement actions, signifying its intent to work cooperatively with regulators for a robust cryptocurrency framework.
Despite facing regulatory challenges, 2023 has been favorable for Crypto.com, including becoming the first cryptocurrency sponsor of the UEFA Champions League, which increased its global visibility through various marketing initiatives. In 2022, the company achieved Electronic Money Institution status under the UK's Financial Conduct Authority.
These developments underscore Crypto.com's commitment to expanding and innovating within the global cryptocurrency market, focusing on North America and Europe.