Citadel Securities has made a $400 million strategic investment in Crypto.com, valuing the exchange at $20 billion, according to CoinDesk, which cited a company press release.

The deal is notable because it brings one of the largest traditional market makers deeper into the crypto exchange sector. CoinDesk reported that it is Crypto.com's first institutional funding round since the company was founded in 2016.

Crypto.com is best known for its retail exchange, card programs and sports marketing, but the funding points to a broader institutional push. The company said it is developing products tied to prediction markets and tokenized real-world assets, two areas where trading infrastructure and market-making capacity are becoming more important.

The valuation also lands at a moment when regulated venues, stablecoin issuers and tokenization platforms are competing for institutional order flow. Citadel Securities' involvement does not by itself change Crypto.com's regulatory position or product roadmap, but it gives the exchange a major finance-sector backer as crypto market structure becomes more connected to traditional trading firms.

The companies did not disclose detailed terms beyond the investment amount and valuation in the report. For now, the clearest signal is strategic: large market-structure firms are continuing to position around crypto venues even after several years of uneven exchange volumes and tighter regulatory scrutiny.