Renowned digital asset exchange & service provider, Crypto.com, has launched withdrawals via United States dollar bank transfers for institutional clients across over 60 nations.
In line with an official announcement on 18th August, the expanded fiat functionality for institutional account holders has been permitted by its partnership with Circle.
Institutional users are now able to withdraw dollars from their Crypto.com USDC [USD Coin] wallet via bank at a 1:1 basis employing a unique code offered by Circle. Bank transfers are expected to be processed within 3 business days. Kris Marszalek, CEO, and co-founder of Crypto.com revealed:
“Our integration with Circle offers Institutional clients with a strong and stable USD fiat on and off-ramp to the Crypto.com Exchange.”
Crypto.com outlined its collaboration with Circle at the end of June, revealing that [Crypto.com] app users could transfer to their USDC balances via United States dollar bank transfers, with the firm leveraging Circle’s APIs to onramp fiat funds settled in Circle’s stablecoin.
Explaining further, Circle co-founder and chairman, Jeremy Allaire, described this new collaboration as fuelling cryptocurrency adoption globally.
Crypto.com rebranded from Monaco earlier in July 2018 after purchasing the domain www.crypto.com for $12 Mln from University of Pennsylvania professor Matt Blaze. At the reporting time, the Hong Kong-based Monaco was known for raising 70k Ether within a June 2017 ICO, and pre-paid Bitcoin Visa debit card.
Since rebranding, the firm has focused on operating its cryptocurrency exchange and aggressively pursued marketing partnerships, along with a $175 Mln sponsorship that affects the highest mixed martial arts promotion, Ultimate Fighting Championship, and an estimated $100 Mln global effect leading motorsports organization Formula 1.