Crypto.com

Crypto · Fintech · Capital Markets

Funding

Crypto.com raises $400M from Citadel Securities at $20B valuation

It's the market maker's third crypto bet this year, following stakes in Kraken and Ripple, showing Wall Street building direct equity in exchanges.

• Citadel Securities invested $400 million in Crypto.com, valuing the exchange at $20 billion in its first institutional funding round since founding in 2016.
• Crypto.com, based in Singapore, has grown into one of the world's largest crypto exchanges spanning retail trading, cards and institutional products.
• Crypto.com plans to use the capital to expand into tokenized securities, derivatives and other asset classes, building round-the-clock infrastructure bridging digital and traditional markets.
• Citadel Securities president Jim Esposito said the deal reflects 'the convergence of traditional financial markets and digital asset infrastructure' improving market efficiency.
• The investment follows Citadel Securities' $200 million stake in Kraken and its co-leading of Ripple's funding round, part of a pattern of market makers taking direct equity in crypto exchanges.
• The deal underscores how spot bitcoin ETFs since January 2024 have pushed Wall Street firms deeper into crypto trading, custody and tokenization, with institutional allocations still rising.