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Crypto.com launches U.S. custody service, enhancing security and compliance for institutional crypto assets.
Crypto.com just dropped its institutional cryptocurrency custody service in the U.S. This is a big deal for anyone involved in money and crypto. With the whole digital asset world growing, having something like this could change the game for companies that are accepting crypto.
Basically, these custody services are supposed to keep digital assets secure. You know, the usual stuff like multi-signature wallets or advanced encryption. It's not just tech talk—this is important for anyone trying to do business with crypto. Imagine the fallout if companies in crypto can't secure their assets. This is the first line of defense.
On December 23, 2024, Crypto.com made its move, announcing that they were launching their custody service in the U.S. This is a big play for North America, which is a major market in the crypto financial landscape.
With the Crypto.com Custody Trust Company, they’re now offering custody services to both U.S. and Canadian institutions and high-net-worth individuals. So, they’re trying to carve out a niche in the crypto security space. The trust company is licensed to provide custody for crypto assets, which is the kind of signal that builds trust.
They say they’ll start moving digital assets from their U.S. and Canadian clients over to this new custody company soon. The migration is supposed to be smooth, meaning you won’t even know it’s happening. You’ll still have access to your funds and accounts.
Kris Marszalek, Crypto.com’s co-founder and CEO, seems pretty confident. He pointed out that this is part of a bigger plan.
“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,” he said.
Now, custody services don’t directly enable cross-border payments, but they do secure the assets that can be used for them. For Indian freelancers and SMEs, having a secure way to hold digital assets can help them tap into global markets.
Secure asset custody builds trust. And trust is what you need for smooth international payments. Plus, being compliant with regulations means your transactions are less likely to get flagged. That’s where services like Banking Circle and Skydo come in, trying to make international payments easier and cheaper.
Of course, these custody services have to play by the rules, like KYC and AML. In India, they need to follow the Prevention of Money Laundering Act and report suspicious transactions. This compliance is a must to keep everything above board.
Crypto.com seems to be aware of this. They recently dropped a lawsuit against the SEC, suggesting they want to work with the incoming administration on regulations.
Crypto.com isn't the only one seeing the potential here. The U.S. is getting more regulated custodians for crypto assets. BitGo launched a regulated platform for Web3 tokens in September 2024. Fireblocks also got the green light from New York's financial regulator to offer custody services.
There's definitely a growing interest in institutional crypto custody as firms and wealthy individuals look for secure ways to hold their assets.
In short, these custody services could help make cross-border payments safer for Indian freelancers and SMEs. The security and compliance they offer can lend legitimacy to cross-border transactions, even if they happen through traditional channels.
Crypto.com launching its custody service in the U.S. is a step towards making digital assets more secure. As they keep expanding, they might end up playing a big role in this evolving crypto security landscape.
