Crypto exchange Crypto.com has collaborated with Deutsche Bank to offer corporate banking services in Asia-Pacific markets, including Hong Kong, Singapore, and Australia.
Established in 1870, Deutsche Bank provides multiple services, such as fiat-to-crypto swaps and digital assets custody. Together with its new partner, it plans to expand the corporate banking service in several European countries and the United Kingdom in 2025.
Meanwhile, Singapore-based exchange Crypto.com has been expanding its presence in the Asian-Pacific region over the last few months. It recently acquired Australian broker and trading firm Fintek Securities to offer conventional financial products via a regulated platform.
Crypto.com to Secure License From SFC
Furthermore, Crypto.com could start serving crypto users in Hong Kong in the coming months as the city’s financial watchdog, the Securities and Futures Commission (SFC), plans to issue the exchange and ten other crypto firms with operating licenses.
The Crypto.com-Deutsche Bank partnership comes when the Asia-Pacific region is witnessing significant crypto adoption. According to Henley & Partners’ recent study, Hong Kong, United Arab Emirates, and Singapore have had the highest crypto adoption rates in 2024. Singapore, in particular, has seen massive growth in digital asset adoption due to its comprehensive regulatory framework for cryptocurrencies.
Crypto.com Plans to Explore Opportunities in Traditional Finance
As traditional financial institutions seek to integrate crypto into their systems, Crypto.com, on the other hand, is looking to explore investment opportunities in the TradFi sector. According to the exchange’s roadmap for 2025, the firm plans to provide a stock trading platform and cash-based credit cards.
Crypto.com is already serving traditional investors in the United States following its October acquisition of Watchdog Capital, a broker-dealer regulated by the Securities and Exchange Commission.
More Crypto Companies Expand to the Asia-Pacific Region
Crypto.com isn’t the only exchange eyeing the Asia-Pacific markets. In the past few months, OKX has announced several moves intended to gain traction in Singapore. For instance, the trading platform secured a local payment institution license in the country, allowing the residents to deposit and withdraw fiat from their exchange accounts. Moreover, OKX hired the former Commissioner of the Monetary Authority of Singapore, Gracie Lin, to head the regional subsidiary.
