Crypto.com Partners with Canary Capital to Launch a CRO Trust for US Accredited Investors

Crypto.com has partnered with Canary Capital Group LLC to launch the Canary CRO Trust, a private investment vehicle aimed at US accredited investors.

Crypto.com, the cryptocurrency exchange platform, has partnered with Canary Capital Group LLC to launch the Canary CRO Trust, a private investment vehicle that will provide US accredited investors with exposure to CRO, the native token of the Cronos blockchain.

The trust will offer a security that tracks the market price of CRO, marking the first private investment vehicle of its kind to provide US investors with access to CRO.

This initiative follows Crypto.com’s recent efforts to expand the availability of digital assets through regulated products in the US. Notably, the company partnered with Trump Media & Technology Group to launch an exchange-traded fund (ETF) earlier in December.

Highlighting the demand for institution-grade crypto investment options and the scalability of the Cronos blockchain, which is based on the Cosmos SDK and supports EVM compatibility for broad developer access, Crypto.com and Canary Capital stated that the trust will be available to accredited individual and institutional investors in the US.

The partnership marks a significant milestone in expanding institutional investors’ access to cryptocurrencies in a compliant manner.

The news comes as the US Securities and Exchange Commission (SEC) has concluded its investigation into Crypto.com without pursuing any enforcement action. The SEC had issued a Wells Notice in August, indicating possible concerns but not necessarily an intent to charge the company.

In response to the SEC's investigation, Crypto.com filed a lawsuit in October, arguing that the regulator was overstepping its authority by classifying certain tokens as securities.

However, following a change in SEC leadership after the 2024 US presidential election and the subsequent adjustment in the regulatory landscape, Crypto.com decided to withdraw the lawsuit in December.

As the company's Chief Legal Officer put it, the SEC's investigation was "protracted" and influenced by "regulatory overreach" under the previous administration.

Meanwhile, Crypto.com has also introduced a new feature allowing its EU users to purchase cryptocurrencies directly using their PayPal accounts.

This integration aims to streamline access for millions of European customers, connecting traditional finance with digital assets.

By enabling crypto purchases via PayPal, Crypto.com is aiming to lower the barrier to entry for users who might be hesitant to link their bank accounts or credit cards.

PayPal has been steadily expanding its crypto offerings, including support for buying, selling, and transfers in select markets, and recently added cryptocurrency functionality for US business account holders.