Crypto.com, a global cryptocurrency exchange headquartered in Singapore, has launched a new institutional cryptocurrency custody service in the United States called Crypto.com Custody Trust Company.
The new chartered trust is designed to custody digital assets for U.S. institutions and high-net-worth individuals. Over the coming weeks, Crypto.com’s U.S. and Canadian customers will have their digital assets migrated to this service. This marks a strategic expansion of the exchange’s footprint in North America, reflecting its confidence in the region’s crypto market.
Crypto.com announced the launch of its institutional custody service on Dec. 23, 2024. The migration of assets to Crypto.com Custody Trust Company will occur incrementally in the following weeks.
The service will initially cater to customers in the United States and Canada, two of the most active cryptocurrency markets. Crypto.com plans to use this launch as a stepping stone to solidify its presence in North America.
CEO Kris Marszalek stated that the move aligns with Crypto.com’s roadmap for growth in two key crypto markets. The launch also comes amid discussions between Marszalek and U.S. President-elect Donald Trump, who has expressed intentions to position the U.S. as a global leader in the cryptocurrency industry. Crypto.com’s decision to drop its lawsuit against the SEC highlights its intent to collaborate with the incoming administration on a regulatory framework for digital assets.
Crypto.com Custody Trust Company joins a growing list of regulated digital asset custodians in the U.S., including Coinbase Custody Trust, Fidelity Digital Asset Services, and Anchorage Digital NY. Crypto.com’s October acquisition of SEC-registered broker-dealer Watchdog Capital strengthened its regulatory position, paving the way for this launch. The company is also leveraging its presence in Canada to expand its North American reach.
This development underscores the increasing competition among crypto firms to offer regulated institutional services, especially as the U.S. regulatory landscape evolves under a pro-crypto administration.
