Crypto.com Partners With Circle to Introduce Global USD Deposits, Withdrawals
- Crypto.com users will be able to transfer USD from their bank accounts and receive USDC at a 1:1 ratio on their Crypto.com accounts.
- Circle will be tasked with processing, storing, and converting the funds.
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Global financial technology firm Circle has partnered with Crypto.com to introduce USD deposits and withdrawals to the Crypto.com app and exchange. According to a press release shared with The Chain Bulletin, Crypto.com users in over 30 different countries will be able to transfer USD from their bank accounts and receive USDC at a 1:1 ratio in the Crypto.com app and exchange.
Circle will be tasked with processing, storing, and converting USD to USDC, with users only required to wire transfer their funds with a unique code provided by Circle. The funds should be deposited in users’ Crypto Wallets within three business days.
Kris Marszalek, the Co-founder and CEO of Crypto.com, said that transferring fiat in and out of cryptocurrency platforms has historically been an arduous process. The company’s partnership with Circle represents another example of its commitment to provide safe, reliable, and easy money transfer solutions to its customers around the world.
“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, the Co-founder, CEO, and Chairman of Circle.
Since the beginning of the year, Circle has been focused on establishing partnerships with various crypto and traditional finance enterprises to leverage its newly launched Payments service. The company has since partnered with Signature Bank, Matrixport, and Maps.me.
- Crypto.com has once again expanded its regulatory achievements with the acquisition of a major payment institution license for digital payment token services in Singapore.
- The license, for which the company received an in-principle approval last June, enables the exchange to provide a greater range of payment services in Singapore.
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- Despite the events of last week, Circle has been able to clear almost all USDC backlog, and redeemed $3.8 billions USDC between March 13 and March 15.
- The stablecoin issuer also went live with a new transaction banking partner for both domestic and international wires, and expects to bring more capabilities back soon.
- NYDFS took possession of Signature in order to protect the economy and strengthen the confidence in the banking system, and assured customers that all deposits will be returned.
- The price of USDC also started to recover after its issuer, Circle, revealed that all stablecoin reserves held at Silicon Valley Bank (SVB) were safe, and that the company had new banking partners.