Crypto.com, a prominent cryptocurrency exchange headquartered in Singapore, has recently joined forces with Standard Chartered, a major global banking institution, to provide fiat services to retail users worldwide. This partnership signifies a significant development in the cryptocurrency industry as it bridges the gap between traditional banking and digital assets.
Enhancing Accessibility and Functionality
Through the collaboration with Standard Chartered, Crypto.com will be able to offer its users the ability to deposit and withdraw fiat currencies such as the United States dollar (USD), the euro (EUR), and the United Arab Emirates Dirham (AED) on their platform. This move is aimed at improving the overall user experience and making it easier for retail clients to access crypto services.
Initially, the new fiat services provided by Crypto.com will be exclusive to retail customers in the United Arab Emirates (UAE). However, the exchange has ambitious plans to extend its offerings to a global audience through its regional hub in Dubai. This expansion is made possible by the regulatory framework established by Dubai’s Virtual Assets Regulatory Authority (VARA), which supports the growth and development of digital assets.
Eric Anziani, the President and COO of Crypto.com, emphasized the importance of the partnership with Standard Chartered in advancing the exchange’s global expansion strategy. He highlighted that offering fiat deposit and withdrawal services is a crucial step in promoting crypto adoption and enhancing customer experience. This aligns with Crypto.com’s mission to make cryptocurrencies more accessible and user-friendly.
Rola Abu Manneh, the CEO of Standard Chartered’s UAE, Middle East, and Pakistan divisions, expressed her delight in supporting Crypto.com’s global expansion efforts. She noted that the partnership aligns with the UAE’s goal of becoming a regional and international digital asset hub. By providing tailored banking solutions to Crypto.com, Standard Chartered aims to enhance the accessibility and functionality of the exchange’s retail services, thus contributing to the country’s National Agenda focused on innovation and economic growth.
The partnership between Crypto.com and Standard Chartered marks a significant milestone in the evolution of the cryptocurrency industry. By leveraging the strengths of a leading banking institution, Crypto.com is poised to expand its global footprint and drive innovation in the digital asset space. This collaboration not only benefits retail users by enhancing the accessibility of crypto services but also showcases the growing recognition of cryptocurrencies as a mainstream financial asset.
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