Citadel Securities has invested $400 million in Crypto.com at a $20 billion valuation, marking the crypto exchange’s first-ever institutional funding round and the latest sign of Wall Street’s deepening embrace of digital assets.

Announced Thursday, the deal hands the market maker founded by billionaire Ken Griffin a stake in the Singapore-based exchange, which said the money will speed its expansion into “all asset classes, including tokenized securities and derivatives.” Founded in 2016, Crypto.com had never taken on institutional capital before.

“The size of the opportunity in front of us is staggering, as crypto increasingly becomes the rails for finance,” said Kris Marszalek, Crypto.com’s co-founder…