Cryptocurrency exchange Crypto.com announced on Wednesday it will invest €150 million in France to support the establishment of its market operations, including a regional headquarters in Paris.
This investment follows Crypto.com being registered as a Digital Asset Service Provider (DASP) by the Autorité des Marchés Financiers (AMF) after clearance with the Autorité de Contrôle Prudentiel et de Résolution (ACPR) in September.
Focus on Hiring Local Talent The company stated that by recruiting local people to lead the company's operations throughout the area with a focus on compliance, business development and product, Crypto.com's investment will help solidify its long-term commitment to France in addition to establishing its regional headquarters in Paris.
Initiatives to strengthen Crypto.com's in-market brand presence through consumer activations, engagement and education will receive further support from the exchange.
“We are incredibly excited to cement our commitment to France and Europe through the establishment of our regional headquarters in Paris,” said Crypto.com COO Eric Anziani.
“Our regulatory approval was the first important step in our journey in France, and we look forward to continuing to engage with stakeholders across sectors to help facilitate the new digital economy in France and providing customers a best-in-class crypto experience.”
With more than 50 million users since its founding in 2016, Crypto.com has developed into one of the biggest digital asset exchanges in the world.
The mobile app serves as the exchange's primary user interface and enables quick buying and selling of cryptocurrencies with direct fiat onramps.
Several Milestones for the Exchange This Year This year, Crypto.com secured regulatory permissions in the UK, Italy, Cyprus, South Korea and Dubai, among other countries.
The exchange announced sponsorship agreements with the English Premier League, NASCAR and the Formula One branch of Aston Martin in 2021, at the height of the bull market.
Crypto.com might be best known for its advertising campaign starring actor Matt Damon in a commercial highlighting how “fortune favors the brave,” spending a reported $100 million on it.
This also comes after a rough year for the company. It had laid off employees during the bear market.
Photo: Crypto.com
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.