Citadel Securities has made a strategic $400 million investment in Crypto.com at a $20 billion valuation, according to an announcement on Thursday.
The funding will help accelerate Crypto.com’s ongoing expansion into tokenized securities and derivatives, as 24/7 blockchain tech continues to disrupt the legacy finance industry.
"We are thrilled to work with Citadel Securities to continue driving the crypto industry into a new era of institutionalization," Crypto.com co-founder and CEO Kris Marszalek said. "The size of the opportunity in front of us is staggering, as crypto increasingly becomes the rails for finance."
The move marks Crypto.com’s "first institutional funding round" in its decade-long history, according to the announcement.
Although one of the largest global crypto exchanges, Crypto.com has raised a relatively modest amount of capital, including a $13 million early-stage round and a Series A and angel round where the amounts were undisclosed, according to PitchBook.
