Crypto exchange, Crypto.com, has announced that it is setting up its European Regional headquarters in Paris, France.
This comes after the Singapore-based company received its French Digital Asset Service Provider license from the Autorité des Marchés Financiers (AMF) after clearance with the Autorité de Contrôle Prudentiel et de Résolution (ACPR) in September.
The firm unveiled that it already has initiated plans on investing 150 million Euros, equivalent to 145.7 Million US dollars, in France. This is to facilitate the establishment of its market operations in the country.
Crypto.com’s €150 Million Investment for a New European Headquarters
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Crypto firms and exchanges are expanding aggressively due to the rise in crypto adoption. Crypto.Com continues to strengthen its position in the cryptocurrency industry after establishing Paris, France, as its European Regional headquarters. The firm is building on its recent regulatory approval from the AMF last month as a Digital Asset Provider after a rigorous evaluation procedure.
It has invested over 150 million Euros that will be utilised in setting up its European Headquarters. In addition, Crypto.com exchange intends to showcase its long-term commitment to the country by hiring local talent. The talent will steer the company’s initiatives in the region and focus on compliance, business development, and product. Additional support will be towards Crypto.com’s brand growth to establish further presence via consumer activations, engagement, and education.
Crypto Lists caught up with the Chief Operation Officer( COO) of Crypto.com, Eric Anziani, who comments on the latest development in the exchange. He mentioned that the company was prospecting to further engage with various stakeholders across sectors to assist in the new digital economy of France. He recognised the firm’s regulatory approval was the initial step in embarking on France. This facilitates French citizens and its residents to access the best-in-class crypto experience.
The news serves as an exciting prospect to crypto enthusiasts in the European region after much debate about the regulation of cryptocurrencies in the region. Those based in France are eager to work with the cryptocurrency exchange that has over 50 million users globally and is amongst the largest digital asset exchanges.
Crypto.Com’s Resilient Journey into Europe
The exchange has been operational since 2016 and has risen in popularity over the years. Its popularity soared as it offers its users a mobile app interface that enables users to buy and sell cryptocurrencies with direct fiat onramps conveniently. Crypto.com also offers its users a VISA debit card and access to its token, Cronos.
Despite recent scrutiny, the exchange has been fast growing and expanding while adding new features to its interface. The exchange has also input an auto to-up feature for its cardholders recently. It has also added Google Pay and Apple Pay support for Crypto.com Visa Card users in Canada.
Several Milestones Accomplished
This year, the exchange has accomplished several milestones, as reported by Crypto Lists. It secured regulatory commissions in several countries, including the United Kingdom, Italy, Cyprus, South Korea, and Dubai. This lay fundamental developments in its ambition to delve into the European market and beyond. The crypto exchange firm followed in the footsteps of its rival, FTX, by betting significantly on sports marketing. It pursued a further interest in Europe by having a strategic sponsorship agreement with the English Premier League, NASCAR, and the Formula One branch of Aston Martin in 2021 worth $100 million. Earlier this year, the firm announced that it would also sponsor November’s FIFA World Cup in Qatar. Crypto.com has also inked deals with NBA’s Philadelphia 76ers and Ultimate Fighting Championship.
Its recent announcement of establishing its headquarters in Paris follows the world’s biggest crypto exchange, Binance. Binance is the first crypto exchange to gain a license as a digital asset service provider in France in May. This also made France the first European Country to accommodate Binance within its jurisdiction. At the time, Binance CEO, Changpeng Zhao, praised the pro-crypto regulations in the country. He mentioned that France is uniquely positioned to be the leader of the crypto industry in Europe. True to his words, several exchanges, including Crypto.com, want to tap its potential.
Firms and exchanges around the globe are growing to appreciate the potential of the European market. They had traditionally focused on the Asian market for a considerable time. There were several reports on Crypto.com’s efforts in receiving endorsements from regional regulators. Its latest development stamps authority on its ambition.