- Crypto.com has partnered with Deutsche Bank to expand corporate banking in Asia-Pacific (APAC).
- The collaboration aims to expand into the UK and Europe, supporting Crypto.com’s global leadership goals.
- Crypto.com is “deemed to be licensed” by Hong Kong’s Securities and Futures Commission (SFC).
- The platform integrates traditional finance with crypto and plans to offer more products by 2025.
Crypto.com, a cryptocurrency exchange, has announced a strategic partnership with Deutsche Bank in a move that will see the furtherance of corporate banking services in the Asia-Pacific (APAC) region. The collaboration will grant businesses in key markets such as Singapore, Australia, and Hong Kong access to Deutsche Bank’s expertise in digital assets custody, fiat-to-crypto exchange, and cross-border trading services.
Crypto.com Expands APAC Presence with Key Moves
The partnership between Crypto.com and Deutsche Bank is likely to expand from the APAC region, with both companies indicating their intent to pursue the United Kingdom and European markets over the coming months. This aligns with Crypto.com’s mission of being a world leader in digital asset services while connecting the gap in the realm of cryptocurrencies with traditional financial systems.
Crypto.com, headquartered in Singapore, has been aggressively scaling its operations across the APAC region. This includes an acquisition of Fintek Securities, an Australian brokerage and trading firm, in November. It has, therefore, enabled the platform to introduce traditional financial products, such as stock and derivatives trading through a regulated platform in Australia.
In Hong Kong, Crypto.com is listed as “deemed to be licensed” by the Securities and Futures Commission (SFC), a designation that puts it among the first crop of companies trying to figure out Hong Kong’s digital asset rules. The SFC’s decision to grant at least 11 crypto companies permits in 2024 speaks to Hong Kong’s commitment to developing a sound digital asset ecosystem.
The Asia Pacific is experiencing a rapid tide of cryptocurrency adoption. A recent report by Henley & Partners listed Singapore, Hong Kong, and the United Arab Emirates as leaders in global crypto adoption. Singapore was ranked number one because of its strong banking infrastructure, extensive funding, and a clear regulatory system for digital assets.
Crypto.com bridges crypto and traditional finance
While traditional financial institutions are venturing into digital assets, Crypto.com is charting a unique course by integrating traditional financial services into its crypto-first platform. The exchange’s roadmap for 2025 emphasizes diversifying its product offerings, including stocks and derivatives trading, banking services, cash balance yields, and credit card solutions.
In a significant move in October, Crypto.com acquired Watchdog Capital, a U.S.-regulated broker-dealer. This acquisition enables the platform to offer stocks and equity options to eligible U.S. traders, further blurring the lines between traditional and digital financial services.
The platform is not alone in the attempt to merge traditional and digital financial services. OKX, the second-largest crypto exchange by market volume, has just launched fiat deposit and withdrawal options for Singapore-based customers. This comes weeks after it secured a local payment institution license and named a former regulator as the CEO of its subsidiary.
Crypto.com’s partnership with Deutsche Bank and forays into traditional finance marks a big evolution in the cryptocurrency sector. By doing this, the platform is all set to change what it means to be a modern financial services provider catering to crypto enthusiasts and traditional investors.
