Crypto Exchange Crypto.com Expands to the US to Challenge Coinbase's Dominance

Crypto.com, a major global cryptocurrency exchange, has expanded its presence in the United States with the launch of institutional services.

Crypto.com, a major cryptocurrency exchange with a global presence, has now expanded its services in the United States by launching institutional services.

The exchange, which will operate under the brand Crypto.com Exchange, already caters to retail users in the US. With the launch of institutional services, it will now offer a wider range of crypto trading options to cater to different types of traders.

Announced on Tuesday, the institutional exchange will be known as Crypto.com Exchange. The exchange is already serving retail users in the US.

“We tested an early version of the Crypto.com Exchange in the US in 2022, and since then, we have made significant investments in the Exchange’s technological capabilities and banking infrastructure, which has resulted in substantial global growth and our positioning as the leading USD-supporting cryptocurrency exchange,” said Kris Marszalek, Co-Founder and CEO of Crypto.com.

“We took the time to build the best possible product for institutional and advanced users worldwide, and we are now thrilled to fully introduce it in a market we remain optimistic about – the US.”

The launch of the institutional exchange comes at a time when many US corporations are considering adding Bitcoin to their reserves. Microstrategy alone has 461,000 Bitcoins, which is currently valued at around $48.5 billion. Other American companies that own Bitcoin include Tesla and Coinbase.

Interestingly, shareholders of tech companies like Microsoft, Amazon, and Meta have also proposed that these firms consider holding Bitcoin reserves.

While Coinbase is the leading crypto exchange in the US, both in the retail and institutional segments, global players like Crypto.com are gradually eating into its market share.

According to the announcement, Crypto.com Exchange will allow institutions to trade over 300 cryptocurrencies and 480 trading pairs. The platform is designed to cater to both active traders and passive users.

Moreover, the exchange will provide instant transfers to institutional clients via CUBIX and offer OTC trading services supported by FIX 4.4, WebSockets, and REST APIs. Clients will be able to fund their accounts through direct Fedwire transfers from local bank accounts.

In other related news, Crypto.com is continuing to expand its operations globally. Last November, the exchange acquired an Australia-licensed contract for differences (CFDs) broker and recently obtained an in-principal crypto license from the regulator in Malta.