← State of Embedded Finance 2026

Crypto.com

Can Crypto.com become the dominant crypto-native financial super-app by layering regulated banking, card, yield, and payment products onto its exchange and wallet core?

Founded2016
HQSingapore (global HQ); operations in Malta, UK, Cayman Islands, and US
FoundersKris Marszalek, Rafael Melo, Gary Or, Bobby Bao
IndustryFintech / Crypto
The story

Founded in 2016 as Monaco, a crypto-linked prepaid card company, the firm rebranded to Crypto.com in 2018 and evolved into a full-service crypto super-app encompassing exchange, retail brokerage, card issuing, crypto earn, and merchant payments. Beginning in 2025, Crypto.com expanded meaningfully into embedded banking services — launching a Green Dot-powered high-yield cash account in the US and a Fidelity International money-market-linked EUR yield product in Europe — signaling a strategic shift toward becoming a comprehensive financial services platform layered on top of crypto rails. The January 2026 Stripe partnership for acquiring and Crypto.com Pay integration marks a move to grow merchant acceptance and fiat payment volume alongside crypto.

Last 12 months
2025-10
2026-01
2026-04
Product timeline
2016
Founded as Monaco; launched prepaid Visa card linked to cryptocurrency holdings.· card
2018
Rebranded to Crypto.com; acquired the crypto.com domain for ~$12M.· pivot
2019
Launched Crypto.com App (formerly MCO Wallet) with crypto earn, credit, and Visa card globally.· banking
2021
Launched Crypto.com Pay merchant payment gateway; expanded exchange to retail and institutional users.· banking
2022
Added fiat settlement (USD, EUR, AUD) for Crypto.com Pay merchants; went live as PSD2 ASPSP under Salt Edge in Malta (March 2020) and UK (June 2024).· banking
2025
Launched Cash Earn (US), a high-yield FDIC-insured cash account powered by Green Dot's Arc BaaS platform, paying up to 5% APY in CRO.· banking
2026
Announced partnership with Stripe for payment acquirer services and Stripe integration of Crypto.com Pay; launched EUR Cash Yield in Europe via Fidelity International money market funds.· banking
Regulated entities
EMI / Payment Institution
Malta (MiCA / MFSA)
Foris DAX MT Limited
FCA-registered cryptoasset firm
UK (FCA)
Foris DAX UK Limited / ForisGFS UK Limited
Designated Contract Market / FCM
US (CFTC)
Foris DAX FCM, LLC
Money Services Business / Trust Company
US (State-level MTLs)
Foris DAX Trust Company LLC
Broker-dealer / Investment Adviser
US (SEC/FINRA)
Foris Capital US, LLC
The stack
Payments / PSP
Checkout.comStripeCrypto.com Pay (self-operated)
Banking / BaaS
Green Dot (Arc BaaS platform)
Open banking
Salt Edge
Crypto
Foris DAX Trust Co. (self-operated)
Accounting gap: significant