Crypto.com has secured a $400m investment from market maker Citadel Securities.

The deal values the cryptocurrency exchange at $20bn, according to a company statement. The transaction also marks its “first institutional funding round” in its decade-long history, it added.

Crypto.com co-founder and CEO Kris Marszalek said: “We are thrilled to work with Citadel Securities to continue driving the crypto industry into a new era of institutionalisation.

“The size of the opportunity in front of us is staggering, as crypto increasingly becomes the rails for finance.

“Having built the right regulatory and tech infrastructure over the last decade, Crypto.com is now perfectly positioned to capture…