Crypto.com is strengthening its foothold in the U.S. market with the establishment of a new regional office in Washington, D.C. This strategic move aligns with the recent launch of an Exchange-Traded Product (ETP) by 21Shares, which offers investors regulated access to the Crypto.com-supported blockchain, Cronos.
Return to the American Market
In a May 7 press release shared with CryptoPotato, it was announced that the new office will be situated in Downtown D.C., conveniently close to the White House.
“The U.S. market is central to the growth strategy of Crypto.com and the most exciting frontier for our entire industry,” stated Matt David, President of North America and Chief Corporate Affairs Officer at the exchange.
David elaborated that with the current Administration fostering a more stable regulatory environment and influential members of Congress taking a proactive stance, elevating the company’s presence and workforce in the capital will facilitate their shared objectives of responsibly advancing both the business and the broader cryptocurrency sector.
This new D.C. office will primarily concentrate on managing public and government-related affairs tied to the company’s operations in the United States. This initiative marks Crypto.com’s ongoing expansion in North America, following the inauguration of its regional headquarters in Tyler, Texas, earlier this year.
Additionally, last month, the Singapore-based exchange forged a partnership with Trump Media to unveil a series of crypto-related exchange-traded products slated to be launched later this year. This endeavor is part of a broader trend of global cryptocurrency firms reinstating their operations and enhancing their activities within the U.S. market.
Other firms, including OKX, have recently disclosed plans to re-open their American crypto exchange and launch new Web3 wallets tailored for users in the region. In a similar vein, crypto lender Nexo has also announced its re-entry into the U.S. market, attributing its return to an improved regulatory framework under the current administration.
21Shares Launches Cronos-Focused ETP
In related developments, 21Shares has introduced a new ETP that provides investors with regulated access to the Cronos blockchain and its native CRO token.
Mandy Chiu, head of financial products development at 21Shares, remarked, “By launching a Cronos ETP, we are offering investors … regulated exposure to a blockchain ecosystem that is driving real-world adoption.”
This innovative ETP will be listed on Euronext Paris and Amsterdam under the CRON ticker. With a management fee set at 2.5%, this product aims to provide investors with access to emerging Web3 infrastructure.
Cronos is a Layer 1 blockchain designed to facilitate decentralized finance (DeFi), NFTs, and AI-driven Web3 applications. By ensuring compatibility with both Ethereum and Cosmos, it aspires to bridge the gap between centralized and decentralized systems.
Crypto.com has played a pivotal role in the development of the Cronos network and continues to be a significant contributor. The CRO token serves essential functions, including transaction fees on the blockchain, and offers various benefits on the exchange.
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