Crypto.com Aims to Revolutionize Financial Services, Eyes Expansion Beyond Core Customer Base

May 22, 2024

John Lothian

John Lothian

Executive Chairman and CEO

BOCA RATON, Fla. (JLN) – The future of Crypto.com involves bringing cryptocurrency into every wallet and becoming a one-stop shop for financial services, according to two Crypto.com executives interviewed at the FIA’s annual Boca Raton, FL conference in March.

Stephen Humenik, SVP, global head of capital markets and head of clearing at Crypto.com, said the company has emerged from the “crypto winter” ready to expand its offerings beyond its core 90 million global customers.

“We’re in that position now to look forward and think about other services our customers would like,” said Humenik, now heading Crypto.com’s North American derivatives business.

That includes pursuing regulatory approval to offer margined crypto derivatives trading, in addition to the fully collateralized contracts currently available on its CFTC-regulated exchange.

Travis McGhee, formerly CEO of the Nadex derivatives exchange acquired by Crypto.com last year, and now SVP, head of Crypto.com, Derivatives North America,  said the company has been “seeking licenses throughout the world” as part of its broader ambitions.

“We’re obtaining them where they’re available,” McGhee said of the licensing efforts. “It just goes part and parcel with how we’ve kind of viewed this market evolving over time.”

The executives said amending Crypto.com’s order with the CFTC to allow margined products is a key priority for 2023, with Bitcoin and Ethereum futures contracts likely to be among the first offerings.

While integrating with retail futures brokers presents technological challenges, McGhee said Crypto.com is positioning itself to “work with all of those FCMs and have a home for them.”

Looking ahead, both executives expressed optimism that a potential parabolic rise in Bitcoin prices would further energize the crypto industry and attract more institutional investment.

“It’s absolutely good for the industry,” McGhee said of a Bitcoin surge. “You see more players start to come into the space, both retail and institution.”

The interview with Humenik and McGhee was part of the John Lothian News Industry Leaders series sponsored by Wedbush Securities.

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