Crypto.com, the digital asset exchange and service provider, has launched withdrawals via US dollar bank transfers for institutional clients across more than 60 countries.
It has been reported that the expanded fiat functionality for institutional account holders has been enabled by its partnership with Circle.
However, institutional customers are now able to withdraw dollars from their Crypto.com USD Coin (USDC) wallet via bank at a 1:1 basis using a unique code provided by Circle. Bank transfers are expected to be processed within a day.
Kris Marszalek, the CEO and co-founder of Crypto.com, stated:
“Our integration with Circle provides Institutional clients with a robust and stable USD fiat on and off ramp to the Crypto.com Exchange.”
The report said that Crypto.com announced its partnership with Circle at the end of June, revealing that Crypto.com app users could transfer to their USDC balances via US dollar bank transfers, with the firm leveraging Circle’s APIs to onramp fiat funds settled in Circle’s stablecoin.
Jeremy Allaire, the co-founder and chairman of Circle, described the partnership as fuelling crypto adoption globally.
Likewise, Crypto.com rebranded from Monaco in July 2018 after purchasing the domain www.crypto.com for $12 million from University of Pennsylvania professor Matt Blaze. At the time, the Hong Kong-based Monaco was known for raising 70,000 Ether in a June 2017 initial coin offering, and pre-paid Bitcoin Visa debit card.
Thus, the firm, since rebranding, has focused on operating its exchange and aggressively pursued marketing partnerships, including a $175 million sponsorship deal with the top mixed martial arts promotion, Ultimate Fighting Championship, and an estimated $100 million global deal with leading motorsports organization Formula 1.