Crypto.com has launched a custody service in the United States, aimed at institutional investors and high-net-worth individuals. The company is migrating digital assets held by its U.S. and Canadian customers to the new custody service.
This move reflects the growing trend among crypto exchanges to offer regulated and secure custodial services. The CEO of Crypto.com expressed confidence in the North American market and emphasized the importance of this development in the company's roadmap.
The launch of the custody service coincided with a meeting between the CEO and U.S. President-elect Donald Trump, where they discussed potential crypto policies. The company dropped its lawsuit against the U.S. Securities and Exchange Commission (SEC) and expressed its intention to collaborate with the incoming administration to establish a regulatory framework for the cryptocurrency industry.
The emergence of regulated custodians in the U.S. market, such as BitGo and Fireblocks, highlights the need for secure and compliant custodial solutions. Other notable players in the institutional custody arena include Coinbase Custody Trust, Fidelity Digital Asset Services, and Anchorage Digital NY.
Crypto.com initially faced challenges in the U.S. market but has since reversed its decision and is determined to expand its operations. The acquisition of Watchdog Capital further demonstrates its commitment to the U.S. market. The establishment of a dedicated custody service positions Crypto.com as a key player in the institutional segment, attracting a broader range of institutional clients.
The increasing institutional interest in cryptocurrencies presents an opportunity for exchanges like Crypto.com to differentiate themselves by offering robust custodial services. With a favorable regulatory environment and strategic partnerships, Crypto.com is well-positioned to capitalize on the institutional adoption of cryptocurrencies and shape the future of institutional cryptocurrency services.