S'pore-based crypto exchange eyes super rich to lift business

Move in step with market pickup amid expectations of Bitcoin halving

- Claire Huang

Singapore-headquartered cryptocurrency exchange Crypto.com is zooming in on the super rich to lift its business, even as it prepares for a widely expected pickup in the crypto market.

Its president and chief operating officer Eric Anziani told The Straits Times in an interview that highnet-worth (HNW) and ultra-highnet-worth (UHNW) individuals will be a big driver of the exchange's business in the initial stage as they bring funds to the platform.

"Revenue (from the HNW and UHNW business) will come later," he said.

Currently, there are very few players in crypto or in traditional finance, such as private banking, that cater digital asset offerings to this HNW and UHNW segment of traders.

Mr Anziani said that these clients are concerned about inheritance and taxes, so the exchange is "partnering tax agencies to provide guidance on those topics".

In mid-February, it launched a programme called Crypto.com Prime, which is available in Singapore, the United States and Argentina, among other places.

The programme is currently by invitation only before the exchange considers expanding it, said Mr Anziani.