Singapore-based digital currency trading platform, Crypto.com is making significant strides in its push to establish its brands in France following the receipt of the Digital Asset Service Provider (DASP) license by the Autorité des marchés financiers (AMF) last month.
In its latest announcement, the trading platform said it will inject the sum of $150 million to build out its headquarters in the country, while also making significant investments to establish its brand in the region.
“We are incredibly excited to cement our commitment to France and Europe through the establishment of our regional headquarters in Paris,” said Eric Anziani, COO of Crypto.com. “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.”
Crypto.com has done a lot to advance its brand name as it has been pursuing an aggressive expansion into new markets. The approval received from the AMF is just one of its direct licenses to operate in the European region considering it has also tapped related licenses from Italy, Greece, and Cyprus amongst others.
The exchange has had it rough this year as it experienced a hacking event earlier in the year and also laid off staff by reason of the crypto winter that was ushered in with the collapse of LUNA and the UST algorithmic stablecoin, both of which are connected to the Terraform Labs.
With the $150 million earmarked funds, Crypto.com plans to hire local talents, a move that will also contribute to its core mission to deepen its ties in the country
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