Crypto exchange Crypto.com on Thursday announced it has secured a $400 million investment from global market maker Citadel Securities at a $20 billion valuation.

The investment comes amid growing institutional demand for tokenized real-world assets, including stablecoins and tokenized stocks. Crypto exchanges have increasingly positioned themselves as bridges between digital asset markets and traditional finance.

The funding is expected to support Crypto.com’s expansion across “all asset classes,” including tokenized securities and derivatives, the company said in a statement Thursday.

“We are thrilled to work with Citadel Securities to continue driving the crypto industry into a new era of institutionalization,” said Kris…