Crypto.com is Citadel Securities’ third crypto exchange stake in thirteen months, after Kraken and Ripple.
Citadel also co-owns a fourth venue, EDX Markets, which applied for a national trust bank charter in April.
In December, Citadel asked the SEC to regulate DeFi platforms trading tokenized stocks like traditional exchanges.
The combined moves give Citadel a position in retail exchanges, an institutional venue, and a settlement network.
Most coverage of Citadel Securities’ $400 million stake in Crypto.com is treating it as a standalone funding round. A look back at the market maker’s activity over the past thirteen months tells a fuller story. Crypto.com is the third crypto exchange Citadel has bought into during that stretch, after a $200 million position in Kraken and a $500 million round that valued Ripple at $40 billion. It also comes weeks after EDX Markets, the institutional exchange Citadel co-founded in 2023, applied for its own national trust bank charter, and seven
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