Crypto.com to Invest $145M in France

  • Part of the investment will support the establishment of a new Crypto.com European headquarters in the capital city of Paris.
  • Funds will also be alocated to hire new talent in the region, and advance the exchange’s brand presence in Europe through customer engagement and education.
Kris Marszalek, Co-Founder and CEO at Crypto.com

Kris Marszalek, Co-Founder and CEO of Crypto.com, during RISE 2018 conference, Hong Kong, June 2018. Seb Daly/RISE via Sportsfile

Cryptocurrency exchange Crypto.com will be investing €150 million (around $145 million) in France to support the establishment of its market operations in the region, the company said in a press release on 12 October.

According to the announcement, the investment will support the establishment of a European regional headquarters in the capital city of Paris, which reflects Crypto.com’s “long-term commitment to France”. Funds will also be allocated to hiring local talent — focused on compliance, business, and product development — in addition to advancing the exchange’s brand presence in the region through customer engagement and education. Crypto.com COO Eric Anziani said in a statement:

“We are incredibly excited to cement our commitment to France and Europe through the establishment of our regional headquarters in Paris. Our regulatory approval was the first important step in our journey in France, and we look forward to continuing to engage with stakeholders across sectors to help facilitate the new digital economy in France and providing customers a best-in-class crypto experience.”

The move comes only weeks after Crypto.com was registered as a Digital Asset Service Provider (DASP) with the French stock market regulator, the Autorité des Marchés Financiers (AMF). The approval allowed the exchange to expand its products and services in the region, with CEO Kris Marszalek saying the European market was “central to the long-term growth and success of Crypto.com”.

Being one of the largest crypto exchanges in the world, with over 50 million users worldwide, Crypto.com has achieved several regulatory milestones in the past year. Since the start of 2022, the company has already secured regulatory approvals in Dubai, Singapore, Italy, South Korea, and the United Kingdom.

Discussion
Related Coverage
Bitstamp Reportedly Raising Funds for Global Expansion
  • Bitstamp, the world’s longest-running crypto exchange, has been raising funds since late June, with its advisor being Michael Novogratz’s Galaxy Digital.
  • The new funds will reportedly be used to launch a new derivatives platform in Europe, expand to new markets in Asia, scale its operations in the U.K..
August 8, 2023, 12:28 PM
bitstamp

Shutterstock

Binance to Lose Support of its EUR Banking Partner in September
  • Binance’s current banking partner for euro deposits and withdrawals via the SEPA network, Paysafe, said it will stop its support for the exchange on 25 September.
  • Binance said it will be changing its EUR banking partner, and assured users that no other services on its platform will be affected.
Crypto.com Granted Major Payment Institution License in Singapore
  • Crypto.com has once again expanded its regulatory achievements with the acquisition of a major payment institution license for digital payment token services in Singapore.
  • The license, for which the company received an in-principle approval last June, enables the exchange to provide a greater range of payment services in Singapore.