CRO Surges as Crypto.com Secures $400M in Citadel Securities-Led Funding

Crypto.com, the 10-year-old cryptocurrency exchange with tens of millions of users, announced a strategic $400 million investment from Citadel Securities. The funding round values the company at $20 billion, according to a statement.

CEO Kris Marszalek expressed gratitude for the partnership, stating, “The size of the opportunity in front of us is staggering, as crypto increasingly becomes the rails for finance. Having built the right regulatory and tech infrastructure over the last decade, Crypto.com is now perfectly positioned to capture this new wave of growth across all asset classes.”

Jim Esposito, President of Citadel Securities, noted that Crypto.com has developed a “foundation to support the continued institutionalization of the digital asset market.” He added that the convergence of traditional finance and cryptocurrency infrastructure presents an “exciting evolution” that could “further improve market efficiency.”

The funding is expected to accelerate Crypto.com’s expansion into all asset classes, including tokenized securities and derivatives, aiming to bridge the gap between cryptocurrencies and traditional markets to create a more efficient 24/7 financial ecosystem.

Following the announcement, Crypto.com’s native token CRO surged nearly 25%, rising from around $0.056 to $0.07 before being halted. It currently trades above $0.06. Despite this rally, CRO remains down over 93% from its all-time high of $0.89 set nearly five years ago.

Source: https://cryptopotato.com/cro-surges-as-crypto-com-secures-400m-in-citadel-securities-led-funding/