Crypto.com has recently unveiled Crypto.com Custody, an institutional-grade custody solution aimed at providing institutions with a secure place to store cryptocurrencies. The service is based in two primary locations, the United States of America and Singapore with a worldwide reach for institutional clients.
U.S. and Canadian institutions will engage Crypto.com Custody Trust Company, a Qualified Custodian incorporated under the New Hampshire Banking Department. However, clients from other jurisdictions will be able to use Crypto.com Custody Singapore, which is regulated by the Monetary Authority of Singapore.
This launch is another testament to Crypto.com’s focus on safety and adherence to the regulations. The platform uses client-segregated wallets that are based on multiparty computation so that all private keys are shielded by proprietary randomization and trusted execution environments (TEE). These measures are in compliance with the international standards for AML/CFT and the local laws thus enhancing Crypto.com’s commitment towards compliance and safety.
Crypto.com Advance Security and Compliance Features
Crypto.com Custody has dynamic policy management and detailed reporting features to enable ease of use and monitoring. It also has a strong insurance coverage in its system on cyber risks, technical errors, fidelity bonds, and cold wallet security. These safeguards consider the remote risk situations and protect the institutional assets in case of certain events.
The MPC implementation of the platform ensures that private keys are split and randomized across different environments thus providing maximum protection. Crypto.com Custody offers client-segregated wallets and a compliance toolkit, making it a suitable solution for institutions seeking secure digital asset storage.
Future Expansion of Services
In addition to asset protection, Crypto.com Custody is designed to work well with other institutional trading solutions provided by Crypto.com. This approach allows clients to trade directly and at the same time keep their assets in wallets that are not exposed to bankruptcy risk. This feature highlights the platform’s focus on offering end-to-end institutional digital asset management services.
