Crypto.com, the digital asset exchange platform, has partnered with Circle, the global payment provider, to enable users in over 30 countries to deposit dollars from their bank account and receive USD Coin (USDC), a popular dollar-pegged stablecoin at a one-to-one ratio.
It has been reported that Crypto.com’s trading platform has over 50 pairs with USDC, which means that users will be able to buy Bitcoin (BTC), Ether (ETH), and other cryptocurrencies with their stablecoins. Dollar withdrawals will be enabled in the near future.
However, crypto exchanges use fiat-to-crypto payment gateways, also known as on-ramps, to enable users to add funds from their bank accounts using fiat money like US dollars and euros. Users can then use those funds to buy crypto on the platform.
The report said that users need to transfer their dollars with a unique code provided by Circle when making deposits.
“Circle will take care of the processing, storage, and USD-to-USDC conversion. Users will then receive their funds in their Crypto Wallet within three business days.”
Kris Marszalek, the co-founder and CEO of Crypto.com, said that the partnership with Circle aims to provide smoother money transfer solutions to the platforms' users.
Likewise, Jeremy Allaire, the co-founder and CEO of Circle, said:
“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.”
Thus, Circle recently started a new initiative called The Circle USDC Institutional Trading Program, which allows high-volume trading firms, crypto exchanges, and market makers to access Circle APIs for automated infrastructure to issue and redeem USDC.