Crypto.com joins forces with CoinRoutes but shuns US institutional investors

Crypto.com and CoinRoutes have formed a partnership to offer more liquidity to their institutional customers respective. At the same time, theSingapore exchange announced the closure of its institutional service at United States.

Crypto.com said Thursday it had reached an agreement alliance with crypto service provider CoinRoutes aimed at “improving institutional access” to the liquidity on the market crypto while reducing friction for customers of both platforms.

We are delighted to partner with CoinRoutes to further empower institutional investors seeking liquidity in the digital asset space,” said Giuseppe Giuliani, Director of Crypto.com Exchange.

CoinRouteswhich raised $16 million in Series B funding last year, offers an “institutional-grade” crypto management and execution system based on some 50 leading CEXs, DEXs and liquidity providers. According to the Miami-based company’s CEO, Dave Weisberger, the merger of the two firms’ technologies will enable institutions to “navigate the market more efficiently”.

Last week, Crypto.com has also announced a term to its services for institutional at US.

“We have recently taken the commercial decision to suspend Crypto.com Exchange’s institutional offering to the. United States from June 21, 2023 due to limited institutional demand in the current market landscape,” the Asia-based platform wrote in a statement, without further elaboration.

The american crypto market is now floundering as the SEC has opened hostilities against the country’s two largest exchanges and qualified a number of tokens as financial securities. And, according to some observers, its repressive action “has only just begun”.

Earlier this month, Crypto.com has obtained a Digital Token license from the Monetary Authority of Singapore.

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