Crypto.com Expands Reach with Acquisition of Australian Brokerage Fintek Securities
Singapore-based Cryptocurrency Platform Eyes Australian Market
In a strategic move aimed at enhancing its market presence, Crypto.com has successfully acquired Fintek Securities, a brokerage service and trading company based in Australia. The acquisition deal, the terms of which have not been disclosed, underscores Crypto.com’s commitment to expanding its offerings and operational capabilities in the international financial landscape.
About Fintek Securities
Operating out of Melbourne, Fintek Securities specializes in trading solutions specifically designed for contracts for difference (CFDs) and foreign exchange (FX). The company is also licensed under the Australian Financial Services License and is regulated by the Australian Securities and Investments Commission (ASIC), ensuring a robust framework for operating within the rapidly evolving financial sector. This operational framework positions Crypto.com to utilize Fintek’s existing licensing, thereby enabling the platform to offer a wider array of financial products to eligible customers in Australia.
New Offerings on the Horizon
With this acquisition, Crypto.com plans to leverage Fintek Securities’ infrastructure to introduce a variety of new services. These will include managed investment schemes, derivatives, securities, deposit accounts, and foreign exchange services. The company has indicated that further details regarding the launch of these impending services will be revealed in the near future, signaling exciting prospects for both existing and potential customers.
Recent Acquisitions and Growth Strategy
The acquisition of Fintek Securities is part of a larger growth strategy for Crypto.com. This is the second acquisition in recent weeks for the cryptocurrency platform, following a recent deal to purchase Watchdog Capital, a broker-dealer based in the United States. This previous acquisition was aimed at expanding Crypto.com’s service offerings to include equities and equity options for traders in the U.S. market.
Founded in 2016, Crypto.com has witnessed significant growth, reportedly serving over 100 million customers globally. The company has actively pursued regulatory approvals and licenses to broaden its service portfolio. Notably, last year, it acquired an Electronic Money Institution (EMI) license from the UK’s Financial Conduct Authority (FCA) to facilitate the introduction of e-money products to the UK market. Additionally, in 2022, Crypto.com established a presence in South Korea through regulatory registrations.
Conclusion
The purchase of Fintek Securities marks a critical step for Crypto.com as it seeks to further establish itself in the competitive landscape of cryptocurrency and financial services. By expanding its offerings and regulatory framework, Crypto.com is positioned to enhance its appeal to a broader customer base in Australia and beyond. As Crypto.com prepares to unveil its new services, stakeholders in the financial and cryptocurrency sectors will be closely watching the developments stemming from this acquisition.
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