In a move to expand its operations, Crypto.com has acquired Fintek Securities Pty Ltd. (Fintek), a brokerage service and trading company that holds an Australian Financial Services Licence and is regulated by the Australian Securities and Investments Commission (ASIC).
Founded in 2016, Crypto.com reports over 100 million customers worldwide.
Crypto.com said the acquisition will enable a broad range of services, including traditional brokerage features.
family of companies will be able to offer eligible users a broad range of financial products, including deposit products, derivatives, securities, foreign exchange, managed investment schemes and more. Previously, Crypto.com eacquired regulated firm Watchdog Capital, LLC, in the US.
Kris Marszalek, CEO of Crypto.com, said the path to expansion is to provide customers with the most comprehensive services, and the purchase of Fintek is another step in this strategy.
“The goal is to create one destination for all financial services where users can simplify their experience and maximize rewards.”
Vakul Talwar, General Manager of Australia for Crypto.com, stated:
“This is a huge step for our business in terms of the industry-leading products and services we can offer our customers. As part of this brokerage acquisition we will be able to launch equities trading on Australian and international exchanges including, but not limited to, the Australian Securities Exchange, London Stock Exchange, New York Stock Exchange, and NASDAQ. It also gives us the option to offer CFDs on multiple asset-classes to retail customers and sophisticated investors. What this means for eligible Crypto.com customers is that they can use just one app to manage a whole range of investment assets and enjoy broader and easier access to different investment classes – more details will be released in the coming months. We are really excited about what this means for our product expansion in Australia in a compliant manner, and also what this means for crypto adoption and the growth of our user base here. We are aiming to be at the forefront of bridging traditional finance and digital assets through the integration of traditional brokerage capabilities into our Crypto.com App and will continue to push in this direction.
Talwar noted there remains limited guidance regarding crypto in Australia but said they are working closely with ASIC to help move things forward.