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Against the backdrop of an institutional capital cycle that spent years treating crypto exchanges as uninvestable, Citadel Securities has committed $400 million to Crypto.com in a deal that values the company at $20 billion.
The announcement came Wednesday out of Katy, Texas. It is the first institutional funding round Crypto.com has completed across a decade of operation, a detail that shapes how to read the headline number.
A decade of self-funding ends Ten years is a long time to operate an exchange without institutional backing.
Crypto.com reached that mark without a single institutional round on its history, which means Wednesday's deal is the opening of a new chapter rather than a continuation of a funding series.
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