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Crypto.com picks Deutsche Bank as corporate banking partner for APAC region

Source Cryptopolitan

Cryptocurrency exchange Crypto.com has partnered with Deutsche Bank to become its corporate banking partner for Singapore, Australia, and Hong Kong. In an announcement today, the exchange said the banking relationship could soon extend to other regions, including Europe and the UK.

According to the crypto exchange, this partnership is a milestone that will improve its operational efficiency and enable seamless banking. Deutsche Bank is one of the leading financial institutions in Germany.

Speaking on the development, Crypto.com’s Global Head of Banking Partnerships, Karl Mohan, describes it as a major milestone showing its high compliance and security standards.

He said:

“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.”

Although the announcement did not specify the relationship, the bank acknowledged the partnership through its Head of New Economy Corporate Coverage for APAC, Kriti Jain. Jain noted that Deutsche Bank has a track record of working with new economy clients, and its global footprints and commitment to innovation will enable it to serve Crypto.com.

Crypto.com expands retail offerings with crypto and financial products

The partnership is only another in Crypto.com’s series of expansion efforts over the last few weeks. Launched in 2016, the exchange has also doubled down on its partnership network recently.

Last month, it partnered with Singapore payments solution provider Triple-A to offer crypto payments to users globally, starting with the country. Through this partnership, Crypto.com users can shop online using digital assets in their wallets.

It inked a similar e-commerce payments deal with PayPal for its users in the US. It also partnered with Standard Chartered a few months ago to enable the transfer of fiat currencies to Crypto.com accounts. The partnerships are seen as demonstrations of the exchange’s self-proclaimed commitment to expanding access for retail users.

However, its long-term goal appears to extend beyond just crypto, as the exchange recently announced the acquisition of a licensed brokerage firm, Orion Principals Limited, in the United Arab Emirates (UAE). The acquisition of a firm with an Abu Dhabi Global Market (ADGM) license will allow Crypto.com to offer financial products such as securities, options, and futures, to eligible users.

All these deals and partnerships align with the 2025 product roadmap that the exchange released last month, where it noted that its products will now include stocks, banking, and cards. The exchange has also stated that all its products and services will depend on compliance within jurisdictions.

Crypto.com leads spot exchanges in market share gains in 2024

The focus on retail appears to be paying off for Crypto.com. According to CCData, Crypto.com’s market share in the spot market has increased by 5.81%, reaching 8.24% year-to-date. CoinGecko pegs its overall market share at 11.4%.

Crypto.com Market Share — YTD change in exchanges market share shows Crypto.com is the best performer. CCData

Following its gains this year, Crypto.com has become the second-largest crypto exchange by market share, only behind Binance and ahead of UpBit and Coinbase. However, the upward trend in usage appears to have plateaued last month as the exchange’s market share fell over 1% in November. Still, it continues to outperform Coinbase in the US.

Crypto.com now appears focused on expanding its user base in the Asia Pacific (APAC) and Middle East (MEA) regions. A few days ago, it announced a partnership with Mastercard to issue prepaid crypto cards to its users in Bahrain. The exchange’s CEO, Eric Anziani, has reportedly met with Bahrain’s Crown Prince and Prime Minister, Prince Salman bin Hamad Al Khalifa.

A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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