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 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.
- Crypto.com CEO Kris Marszalek addressed customer concerns during a live AMA session today, claiming that the exchange had a strong balance sheet.
- He also clarified that Crypto.com had sent $1 billion in stablecoins to FTX over a the past year to fulfill order liquidity, and that it had only $10 million exposure to FTX when it fell.
Kris Marszalek, Co-Founder and CEO of Crypto.com, during RISE 2018 conference, Hong Kong, June 2018. Seb Daly/RISE via Sportsfile
- Crypto.com was registered as a Digital Asset Service Provider, which is mandatory for any company that provides crypto custody or trading services in France.
- In order to receive regulatory approval, Crypto.com was subject to rigorous review of its processes, particularly around AML and CFT.
- The Singapore-based exchange has been registered as a “cryptoasset business” by the FCA, enabling it to launch a suit of products and services in the country.
- The company underscored the importance of the U.K. market by citing a BanklessTimes research, which showed the country had experienced a 650% increase in adoption from 2018 to 2021.