CryptoCom Set For French Expansion, Will Invest $145M
- Singapore-based crypto exchange platform Cryptocom has invested €150 million (around $145 million) into France, aiming to support its operations in the nation.
- The exchange will establish its EU headquarters in the capital city and seek to onboard local talent in the blockchain field, with a focus on compliance, product, and business development.
- Cryptocom is planning to use some portion of the fund in marketing efforts in Europe, solidifying its position in the region.
Singapore-based crypto exchange platform Cryptocom (CRO) is continuously expanding its presence in the European crypto market. According to the latest development, the exchange has invested €150 million (around $145 million) into France, aiming to support its operations in the nation.
The exchange’s new investment, which will establish its EU headquarters in the capital city, will also seek to onboard local talent in the blockchain field, with a focus on compliance, product, and business development. Moreover, Cryptocom is planning to use some portion of the fund in marketing efforts in Europe, solidifying its position in the region.
The approvals from the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) come following checks on its procedures for AML and countering the financing of terrorism, according to an emailed statement on Wednesday.
“The European market is critical to Crypto.com’s long-term growth and success and we are extremely proud to have received AMF approval in France,”
Kris Marszalek, CEO of Crypto.com, said in the statement.
Notably, the new development comes soon after the exchange won approval from the French regulators to operate as a Digital Asset Service Provider (DASP) in L’hexagone.
“We are incredibly excited to cement our commitment to France and Europe through the establishment of our regional headquarters in Paris,”
Eric Anziani, the COO of the exchange said at the time (September 28).
Before France, in July this year, Crypto.com had already impressed regulators in Italy to obtain license for legally offering its services in the country.
In addition to Cryptocom, several cryptocurrency exchanges based outside of France, including London-headquartered Luno and Changpeng Zhao’s Binance, have recently acquired licences in France as the nation works to position itself as a hub for blockchain technology.
Similar to Cryptocom, the world’s largest crypto exchange Binance also made headlines when it announced its €100 million (about $97 million) investment into France while calling the country “uniquely positioned to be the leader of [crypto] industry in Europe.”
Binance, which announced the funding news during the Paris Blockchain Week Summit in April this year, aimed to enable local startups to benefit from the BNB Chain, NFT Labs, and Binance Labs to give life to their ideas.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
