Crypto.com has announced the acquisition of global financial exchange and brokerage service provider Charterprime Ltd on Tuesday, November 19th.
According to the official announcement, Crypto.com aims to expand its services in the traditional financial market in Mauritius with the acquisition.
Crypto.com To Benefit From Charterprime’s Licenses
Crypto.com’s deal comes with the backdrop of Charterprime having multiple licenses which will likely help the platform expand its services to a larger audience.
According to the firm, Charterprime has an Investment Dealer Licence and a Global Business Licence issued by the Financial Services Commission of Mauritius.
These licenses are essential for any platform to function in the region, making it a boon for Crypto.com.
Crypto.com’s New Partnership Comes Amid Platform’s Previous Advancements
Today’s partnership comes as Crypto.com had previously advanced with the purchase of Fintek Securities Pty Ltd. and SEC-regulated broker-dealer Watchdog Capital.
The platform also stated that this acquisition will enable the Crypto.com enterprise to offer a wider range of financial products to eligible users in multiple jurisdictions, including securities, derivatives, options, futures, contracts for differences, and more.
“This acquisition is the latest step on our roadmap to bring traditional finance and crypto tools into one simple app with industry-leading rewards,” said Kris Marszalek, CEO of Crypto.com.
He adds “With our family of companies, users will soon be offered banking services, crypto, stocks, and credit cards in one place – the Crypto.com App.”
The deal also comes with the backdrop of Crypto.com becoming the lead industry choice in North America. In the cryptocurrency marketplaces of North America, Crypto.com has surpassed industry giant Coinbase to the top of the charts. Crypto.com’s spot trading volume climbed from $34 billion in July to $134 billion in September.
Mauritius Crypto Growth Likely To Support Crypto.com
Mauritius at present has seen an increased growth of crypto adoption. With the better adoption, researchers show that the region’s crypto market is expected to generate US$323.3k by the 2024 end.
It is anticipated to show a 3.68% annual growth rate (CAGR 2024-2025), a factor that will likely support Crypto.com’s aim of reaching a wider audience. To draw in foreign investors and promote innovation in the cryptocurrency space, Mauritius is positioning itself as a major hub right now.
It is also projected that the cryptocurrency sector of the region will generate an average of US$6.5 per user by 2024.
When compared globally, the United States is expected to have the greatest market revenue with an estimated $9,788.0 million generation in 2024. The coming year is likely to see 49.71k users of crypto in Mauritius’. Also, in 2024, the user penetration rate is expected to be 3.81%, and by 2025, it is expected to be 3.82%.