Yesterday, Crypto.com US announced a major development: the launch of a crypto platform dedicated to institutional investors in the United States.
The announcement states that, thanks to this platform, institutional and advanced traders in the USA will have access to the leading crypto exchange in the world that supports USD, with high liquidity and extremely low latency.
Summary
The history of Crypto.com US
The famous crypto exchange is actually already active in the USA for a long time.
For example, its numerous sports sponsorships are well known, especially since 2021 when it decided to sponsor the arena in which the famous NBA basketball team, the Lakers, plays in Los Angeles.
Following the events of 2022, however, the exchange was forced to withdraw from the US market, also and especially due to the SEC’s campaign against the crypto sector.
The exchange had already experienced problems in 2022 after the implosion of the Terra/Luna crypto ecosystem, and especially after the collapse of FTX, and to avoid potential new problems in 2023, it chose to withdraw from the US market.
This decision had a significant impact on the activities of the exchange, and now that the SEC is changing course, it can finally return to operating in the US market.
“`htmlThe announcement
“`In the announcement published yesterday, Crypto.com states that it has more than 100 million customers worldwide and full regulatory compliance.
Furthermore, it reveals that it has launched Crypto.com Exchange, which is its institutional-level offering aimed specifically at the United States. This offering will also make the classic Crypto.com app available again to US users.
The announcements, therefore, are actually two.
The first is the reopening of the app to US users, and the second is the launch of the exchange dedicated to institutional investors. Both things specifically concern the US market.
On Crypto.com Exchange, you can trade more than 300 cryptocurrencies in 480 trading pairs, with an interface optimized for speed and responsiveness and based on widgets to be fully customizable.
Moreover, they claim that it will be the main crypto exchange in the world that will support the United States fiat currency (USD) based on the spot market volume.
The token CRO
Crypto.com in fact also has its own cryptocurrency, namely CRO of Cronos.
Thanks to these announcements, the price of CRO has risen by 10% in the last 24 hours, although the gain is reduced to 4% if considering the last seven days instead.
The problem is that the crash of 2022 was really significant, so much so that even today it is at -85% from the highs.
CRO debuted on the crypto markets at the end of 2018 with a price of about 2 cents of a dollar.
Already in 2020, however, it had risen above 16 cents, and during the great bull run of 2021, it approached $1.
In 2022, however, it plummeted to 5 cents, which is a figure well below even the peak of 2020, and in fact, it failed to budge from that bottom until October 2023.
Since then, it has gone through three mini-bullrun. The first, at the end of 2023, brought it back above 10 cents, the second, at the beginning of 2024, brought it to almost 17 cents, and the fourth, at the end of 2024, brought it back above 21 cents.
Subsequently, however, it dropped to the current 14 cents of the dollar.
The fact is that with the mini-bullrun at the end of 2024, it was not even able to consistently rise above the peaks of 2020, and this is scaring many holders. However, the return of Crypto.com to the US market could be a turning point from this perspective as well.
Crypto.com US: the new exchange for institutional investors
The new Crypto.com Exchange primarily dedicated to institutional investors will also host key features such as advanced order types and sub-account creation for portfolio management. Additionally, users will be able to implement strategies using a selection of trading bots (including DCA, GRID, and TWAP).
An interesting thing is that it will be possible, through the “USD” Bundle balance, to withdraw US dollars or USDC flexibly at a 1:1 ratio without conversion fees or spread incurred.
Institutional clients will also be provided with instant transfers via CUBIX, customized OTC trading services, and the Market Maker and VIP programs that offer commission incentives, access to industry events, professional market insights, and personalized customer support 24/7.
The comment
The co-founder and CEO of Crypto.com, Kris Marszalek, stated:
“Since we initially tested a first version of Crypto.com Exchange in the United States in 2022, we have invested significantly in the technological capabilities and banking rails of the Exchange, resulting in exponential global growth and becoming the leading cryptocurrency exchange supporting USD in the industry. We have taken the time to create the best possible product for institutional and advanced users worldwide and now we are incredibly excited to fully introduce it to the market we continue to be bull about: the United States”.
