Cryptocurrency exchange Crypto.com has finalized negotiations with Deutsche Bank to become its banking partner in the APAC region. According to the announcement, the financial issue institution will help the crypto exchange in its Singapore, Australia, and Hong markets. The exchange also mentioned that the partnership could grow out of the region in the future, noting Europe and the United Kingdom as likely destinations.
According to Crypto.com, it will leverage the partnership to push its operational efficiency, providing seamless banking to its users in the region. Deutsche Bank, on the other hand, has cemented its place in the banking industry, being one of the leading institutions in Germany. Crypto.com’s Global Head of Banking Partnerships Karl Mohan discussed the partnership, offering full insight into the details.
Crypto.com to provide retail crypto offerings
According to Mohan, the partnership will help its already budding global influence. “Teaming up with one of the world’s leading financial services providers further cements our, already strong, presence globally and we are excited to build on this with the support of Deutsche Bank,” he said. Although Deutsche Bank’s announcement did not shed light on the full details, it confirmed the deal through Kriti Jain, its Head of New Economy Corporate Coverage in the APAC region.
Jain, in his statement, confirmed that the bank provides a working environment for its new economy clients, noting that its innovation will serve Crypto.com’s goals. This partnership is one of the last few that the exchange has inked. The exchange has entered into a series of partnerships over the last few months, with the latest being a deal with Singaporean payment provider Triple-A. With this partnership, Crypto.com’s users will be able to spend crypto buying things online.
The exchange also recently announced a partnership with PayPal to serve its US clients, with another partnership with Standard Chartered helping users move fiat to their Crypto.com account. The partnerships are in line with the exchange’s goals to expand services for its retail users. However, there is a likelihood that it wants to expand beyond crypto.
Crypto.com recently announced an acquisition of United Arab Emirates-based Orion Principals Limited. The acquisition will allow Crypto.com to offer products like securities, options, and futures to eligible users through Orion’s Abu Dhabi Global Market (ADGM) license. These partnerships are in place with the recently released Crypto.com roadmap for 2025. The exchange revealed that it wants to focus on cards, banking, and stocks in the future. It also noted that the accessibility of the products to users will depend on compliance within the jurisdiction.
Crypto.com inches ahead in spot exchange gains for 2024
Crypto.com’s choice to focus on its retail market paid dividends this year, with the exchange taking a huge share of spot exchange gains in 2024. According to CCData, its spot market share increased by 5.82% in 2024, putting it at 8.24% year-to-date. CoinGecko puts its overall market share around 11%. With the gain this year, it ranks only second to Binance in exchanges by market share.
However, its usage trend dropped a bit, with its market share in this aspect dropping by 1%. Regardless, it is still ahead of Coinbase in the United States. Despite the drop, Crypto.com looks set on expanding in the Asia Pacific and Middle East regions. Some days ago, it announced a partnership with Mastercard to offer services to its users in Bahrain. The platform’s CEO Eric Anziani also reportedly met with Bahraini Crown Prince and Prime Minister Prince Salman bin Hamad Al Khalifa.