Crypto.com, one of the top cryptocurrency exchanges and a debit card provider, has partnered with Circle to enable deposits and withdrawals through US dollars in more than 30 countries.
Announced on Monday, the role of Circle is to facilitate processing and storage of the fiat and then converting the deposits into stablecoin USDC at a 1:1 ratio. Though customers will make the deposits in USD, they will receive an equivalent amount of USDC in the Crypto.com app and exchange.
Kris Marszalek, Co-Founder and CEO of Crypto.com, commented: “Historically, transferring fiat into and out of crypto platforms has been an arduous process. Our partnership with Circle is yet another example of our commitment to working with the best partners in the industry to provide safe, reliable and easy money transfer solutions to our customers around the world.”
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The fiat deposit will only be allowed with wire transfers, and the process will take around three business days for traders to receive funds in their Crypto.com account.
“This partnership will fuel crypto adoption globally and is another example of how innovators continue to break down barriers between traditional finance and the future of payments,” said Jeremy Allaire, Co-Founder, CEO, and Chairman at Circle. “We are thrilled to partner with Crypto.com, which has an impressive track record of success and a large, diverse and dedicated global user base.”
Expansion Is Ongoing
Meanwhile, Crypto.com is aggressively expanding and streamlining its services. The company has recently received a Virtual Financial Asset license in Malta and has also become an in-principal member of Visa in Australia. Late last year, the crypto company gained an Australian Financial Services license with the acquisition of The Card Group Pty Ltd.