Crypto.com Citadel investment brought the crypto firm $400 million and set its valuation at $20 billion, the company said on Thursday. It marked the first institutional funding round in Crypto.com’s 10-year history. The company said the deal was strategic.
The announcement came as the crypto sector sees fast institutional growth. Crypto.com said digital assets are becoming core market infrastructure. As a result, the company said the new funding should speed up its push across all asset classes.
Crypto.com Citadel Investment Backs Expansion
Crypto.com said it plans to expand into areas that include tokenised securities and derivatives. It said that effort aims to link digital asset markets with traditional markets. Therefore, the company said it wants to help build a financial system that runs around the clock and works more efficiently.
Kris Marszalek, Co-Founder and CEO of Crypto.com, said the firm is pleased to work with Citadel Securities. He said the company wants to help move the crypto sector into a new phase of institutional growth. Moreover, he said the opportunity ahead is large as crypto becomes part of the rails for finance.
Executives Outline Market Convergence
Marszalek also said Crypto.com has spent the last decade building its regulatory and tech base. Because of that, he said the company is in a strong position to capture the next wave of growth across asset classes.
Meanwhile, Jim Esposito, President of Citadel Securities, said traditional financial markets and digital asset infrastructure are moving closer together. He said that shift could improve market efficiency. Additionally, Esposito said Crypto.com has built a base that can support further institutional growth in digital assets.
He added that Citadel Securities is pleased to work with Crypto.com as the firm helps shape future capital markets.
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Source: LeapRate
