As a seasoned researcher with a keen interest in blockchain technology and its applications, I find myself intrigued by the latest moves of Crypto.com. Having closely followed the crypto landscape for years, it is evident that the company’s expansion into the US institutional cryptocurrency custody service is a strategic move to capitalize on the growing demand for secure digital asset storage solutions.
Crypto.com unveiled an institutional cryptocurrency storage solution within the U.S., marking an expansion of their American operations, according to statements made on December 23.
The company known as Crypto.com Trust Company, which has been granted a charter, is now authorized to safeguard digital assets for American institutions and wealthy individuals, according to Crypto.com.
Over the next few weeks, the digital assets owned by users of Crypto.com in the United States and Canada will be moved to the Crypto.com Custody Trust Company. This is according to a statement made by the exchange.
Kris Marszalek, CEO of Crypto.com, expressed this action demonstrates their faith in the North American market, as stated.
Additionally, it aligns with Crypto.com’s strategy for strengthening our operations and influence in two significant and bustling global cryptocurrency markets – the United States and Canada, as stated by Marszalek.
US expansion plans
In December, Donald Trump, who was then the U.S. President-elect, convened with Marszalek at Trump’s residence in Mar-a-Lago for a discussion on cryptocurrency policies.
On the very same day, Crypto.com withdrew their legal action against the U.S. Securities and Exchange Commission (SEC), stating their desire to collaborate with the upcoming government administration in shaping regulations for the cryptocurrency sector.
Trump expresses his desire for the U.S. to become a global leader in cryptocurrency, and he’s planning to appoint individuals who are supportive of the industry to lead crucial regulatory bodies once his presidency begins in January.
crypto.com, based in Singapore, first appeared on the U.S. market in 2022, initially catering exclusively to institutional investors. However, it temporarily halted operations within the nation in 2023. Since then, they have made a change of heart and resumed their services.
In October, Crypto.com acquired Watchdog Capital, a Securities and Exchange Commission (SEC) registered broker-dealer, as part of an effort to strengthen its presence in the United States.
Regulated custodians
In the United States, there’s been an increase in the number of digital asset custodians that operate under regulation. For instance, in September, BitGo – a U.S-based crypto custodian – introduced a regulated platform aimed at safeguarding and managing native tokens for Web3 protocols.
In August, it was announced by CryptoMoon that the company Fireblocks, well recognized for its self-managed treasury services, received authorization from the New York State financial authority to secure assets for their American clientele.
Additionally, similar regulatory approvals have been granted to other institutional cryptocurrency firms such as Coinbase Custody Trust Company, Fidelity Digital Asset Services LLC, and Anchorage Digital Trust Company (New York).
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2024-12-23 23:23