Crypto.com announced a significant move in its expansion plan. On Dec. 23, the exchange launched an institutional custody service in the U.S. The new entity, Crypto.com Custody Trust Company, aims to strengthen the firm’s presence in North America.
The trust company charter allows Crypto.com to finally extend its custody services toward institutional and high-net-worth customers in both the US and Canada. Over the next few weeks, the digital assets of all U.S. and Canadian customers will be migrated onto the new trust company.
Confidently assuring of no hindrance during such transition time, the leading exchange shared that users would not have problems accessing their full accounts whatsoever.
CEO of Crypto.com, Kris Marszalek, said:
Launching a U.S. trust company is our latest significant step in our product roadmap to building our business and presence in two of the most important and active crypto markets in the world – the U.S. and Canada. This step reflects our confidence in the North America market, and we look forward to continuing to enhance and innovate the market for our customers in the market.
The development came after Marszalek met with President-elect Donald Trump at Mar-a-Lago on Dec. 16 to discuss policies supportive of the crypto industry. One idea presented was a national Bitcoin reserve proposed by Trump.
Crypto.com drops lawsuit against the SEC
The meeting coincided with Crypto.com’s decision to drop its lawsuit against the U.S. Securities and Exchange Commission. In a lawsuit filed in October, Crypto.com wanted to challenge the Wells notice issued by the SEC. On Dec. 16, the firm dropped the case to show it intends to cooperate with the incoming administration.
A Crypto.com representative explained the shift in approach. “We aim to work with policymakers to create a favorable regulatory framework,” the spokesperson said. The move reflects a strategic pivot toward cooperation amid shifting political winds.
Crypto.com’s efforts in both directions point out its ambition to consolidate its standing in the U.S. market. As the crypto world is going through a tough time with regulatory challenges, these proactive steps by the exchange could be an example for many others.
