Crypto.com, the largest cryptocurrency exchange, has made a big stride towards strengthening financial options in Australia with its purchase of Fintek Securities, a brokerage under the thumb of the Australian Securities and Investments Commission (ASIC).
In a blog post Thursday, the company announced it had acquired the company and, according to the post, the move allowed Crypto.com to provide eligible users with a range of services, including deposit products, securities, derivatives, foreign exchange and managed investment schemes.
Crypto.com Aims to Bridge Traditional and Digital Finance
‘This is a significant step for our mission to build the whole financial ecosystem,’ Kris Marszalek, CEO of Crypto.com, said. “We are determined to deliver a consistent platform to the users, which adapts to the cryptocurrency and traditional finance products at the same time.”
Crypto.com’s second major brokerage purchase this year is of Fintek Securities, a purchase of a U.S. SEC registered brokerage following its acquisition of Watchdog Capital earlier this month. The Watchdog deal was finalized on Oct 31, a deal that gives Crypto.com the ability to offer equities and equity options to eligible US investors supervised by the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC).
With these acquisitions, Crypto.com looks to evolve into a one-place financial service destination. Its global subsidiaries are set to roll out services from crypto derivatives to stock trading by the end of 2024.
However, Crypto.com is developing rapidly and is being watched by regulators in some locales. Foris DAX MT, the Maltese operator of the freezing account, was added to the alert list of Poland’s Financial Supervision Authority on November 6, on suspicion it was providing unauthorized financial services in Poland. It has been referred to the regional prosecutor’s office in Warsaw for further investigation.
While it’s faced some challenges, Crypto.com is committed to its growth strategy. With the new entrant Fintek Securities, the company is ready to serve the ever changing financial needs of users in Australia and the rest of the word.
Crypto.com’s latest acquisition goes to show that they aren’t merely playing devil’s advocate, as they firmly believe in bridging the gap between traditional and digital finance, making them a global leader in the cryptocurrency industry.
