Digital asset exchange Crypto.com has chosen Paris, France as the center for its European headquarters and has invested $145.7 million in the country to establish the new operations.
The Singapore-based crypto exchange announced on Oct. 12 that its new regional headquarters reflects its “long-term commitment to France” and that it plans to hire local talent to support its European operations. Additional resources will be allocated to advancing Crypto.com’s brand presence through customer engagement and education initiatives.
Crypto.com selected the French capital as its European base mere weeks after the exchange secured regulatory approvals in the country. On Sept. 28, Crypto.com was officially recognized as a Digital Asset Service Provider by France’s market regulator Autorité des Marchés Financiers. During the same month, the exchange also received clearance from the Autorité de Contrôle Prudentiel et de Résolution, which is responsible for monitoring banking and insurance activity in the country.
Founded in 2016, Crypto.com has grown to become one of the largest digital asset exchanges in the world, with over 50 million users. The exchange’s main interface is a mobile app that lets users easily buy and sell cryptocurrencies with direct fiat onramps.
As reported by Cointelegraph, Crypto.com has hit several regulatory milestones this year, including securing approvals in the United Kingdom, Italy, Cyprus, South Korea and Dubai. During the height of the bull market in 2021, the exchange announced sponsorship deals with the English Premier League, Nascar and Aston Martin’s Formula One division.