The Singapore-based crypto exchange, Crypto.com, announced a $145 million investment to support some of its operations in France, including establishing a regional headquarters in Paris.
The growing crypto company also broke the news via a Twitter post, saying:
“We’re excited to deepen our commitment and presence in France by making Paris our new European regional headquarters.”
Crypto.com’s move comes after the crypto exchange was recognized by the stock market regulator Autorité des Marchés Financiers (AMF) as a registered Digital Asset Service Provider (DASP) with clearance from the Autorité de Contrôle Prudentiel et de Résolution (ACPR).
The company’s COO, Eric Anziani, said:
“We are incredibly excited to cement our commitment to France and Europe by establishing our regional headquarters in Paris. Our regulatory approval was the first important step in our journey in France. We look forward to engaging with stakeholders across sectors to help facilitate the new digital economy in France and provide customers with a best-in-class crypto experience.”
Nevertheless, the firm has attested that the investment will anchor its long-term commitment to France through hiring local talent to focus on the company’s business development, compliance, and product. In addition, support will be driven to the platform’s in-market brand through engagement, consumer activation, and educational initiatives.
Crypto.com’s Aggressive Expansion
Founded in 2016, Crypto.com is among the fastest-growing global cryptocurrency exchanges, with over 50 million users. The company has grown by expanding its market and gaining approvals globally.
In early July, the crypto exchange gained regulatory approval from Organismo Agent e Mediatori ( OAM) to offer its services in Italy. The CEO, Kris Marszalek, stated that the crypto trading platform was committed to lasting growth in the region and will keep working with the regulators to ensure their esteemed customers are satisfied.
In August, the firm also rooted its services in the U.K. This was after the Singapore-based company obtained approval from the U.K.’s Financial Conduct Authority (FCA) to provide crypto services in the region. According to the FCA filing, Crypto.com was registered under FORIS DAX UK LIMITED after it met the country’s anti-money laundering (AML) regulations.
Other countries in which the company has gained regulatory approval include Australia, South Korea, Greece, and the Cayman Islands.
Apart from Crypto.com, many crypto exchange firms have desired to expand their services globally. In April, the world’s largest crypto exchange Binance announced an investment of $108 million in France and a partnership with Paris-based startup incubator Station F. Binance CEO Changpeng Zhao stated that France is uniquely positioned to lead the crypto industry in Europe. The director of Station F, Roxanne Varza, added that for all the people who are willing to understand the blockchain and crypto world, the space would enable them to get into the Web3.0 world.
The U.S.-based crypto company Coinbase hasn’t been left behind in thriving and expanding its services across the globe. Early this month, the crypto exchange became the first central global digital asset trading platform approved by the Dutch Central Bank (De Nederlandsche Bank — DNB) to operate in the Dutch market.
The efforts by many crypto exchanges are paying off amid the bear market crisis. The steps among various platforms give hope to many crypto users globally that, despite the current conditions, companies are building and positioning themselves ahead of the next bull cycle.