Crypto.com invests $145 million into France as it chooses Paris for EU HQ

Quick Take

Cryptocurrency platform Crypto.com has announced a €150 million ($145 million) investment into France to support its operations in the country.
This includes the establishment of a Parisian headquarters as its base of operations in the European region.

Crypto.com has announced a €150 million ($145 million) investment into France to support its operations in the country, including a European headquarters in Paris.

Along with the establishment of its EU headquarters in the capital city, the investment will also seek to hire local talent to focus on compliance, business development, and product along with funding marketing efforts in the region said the statement released Wednesday.

Most recently, Crypto.com won approval from the French regulator to operate as a Digital Asset Service Provider (DASP). Along with France, the company also gained regulatory approval in Italy back in July.

“We are incredibly excited to cement our commitment to France and Europe through the establishment of our regional headquarters in Paris,” said COO of Crypto.com Eric Anziani in the announcement.

Along with Crypto.com other overseas crypto exchanges such as Luno and Binance have procured licenses in France as the country seeks to establish itself as a hub for blockchain technology.

Similar to Crypto.com, Binance announced a €100 million ($97 million) investment into the country, calling it "uniquely positioned to be the leader of this industry in Europe".

Editor's Note: Converted headline amount to USD.