Crypto.com secured a $400 million strategic investment from market maker Citadel Securities in a deal that values the crypto exchange at $20 billion, marking the firm’s first institutional funding round since it was founded a decade ago, the company said in a press release Thursday.

The funding comes as digital assets draw greater participation from traditional financial institutions and as tokenized assets emerge as a growing area of focus for the industry.

The Singapore-based exchange said the capital will accelerate its expansion into tokenized securities, derivatives and other asset classes, as it seeks to bridge traditional and digital markets with around-the-clock trading infrastructure.

The deal reflects a broader shift as…