Crypto.com has secured a $400m investment from market maker Citadel Securities.
The deal values the cryptocurrency exchange at $20bn, according to a company statement. The transaction also marks its “first institutional funding round” in its decade-long history, it added.
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Crypto.com co-founder and CEO Kris Marszalek said: “We are thrilled to work with Citadel Securities to continue driving the crypto industry into a new era of institutionalisation.
“The size of the opportunity in front of us is staggering, as crypto increasingly becomes the rails for finance.
“Having built the right regulatory and tech infrastructure over the last decade, Crypto.com is now perfectly positioned to capture this new wave of growth across all asset classes.”
Singapore-based Crypto.com operates a centralised mobile app and exchange platform that enables users to buy, sell and trade cryptocurrencies. According to its website, the company has more than 150 million users and supports 400 cryptocurrencies.
The company plans to use the proceeds support its expansion across asset classes, including tokenised securities and derivatives.
Citadel Securities president Jim Esposito said: “The convergence of traditional financial markets and digital asset infrastructure is an exciting evolution with the potential to further improve market efficiency.
“Crypto.com has built a foundation to support the continued institutionalization of the digital asset market, and we are pleased to collaborate with the Crypto.com team as we help create the capital markets of the future.”
In February this year, Crypto.com received conditional approval for a national trust bank charter from the Office of the Comptroller of the Currency (OCC).
Once fully approved, Crypto.com National Trust Bank will be able to operate as a federally regulated national trust bank.
