In a game-changing move for the cryptocurrency world, the Singapore-based exchange Crypto.com has recently partnered with Standard Chartered, a multinational banking giant, to offer fiat services to retail users globally. This collaboration opens up new possibilities for users looking to seamlessly transition between traditional fiat currencies and cryptocurrencies.
Standard Chartered will provide banking and payment solutions to enable the deposits and withdrawals of major fiat currencies like the United States dollar (USD), the euro (EUR), and the United Arab Emirates Dirham (AED) on the Crypto.com app. This development marks a significant step towards simplifying the onboarding process for retail clients, especially in regions like the UAE where the new services will be initially available.
Crypto.com’s strategic partnership with Standard Chartered not only enhances its current offerings but also paves the way for future global expansion. The exchange plans to leverage its regional hub in Dubai to cater to a broader audience of cryptocurrency enthusiasts worldwide. This move aligns with Dubai’s Virtual Assets Regulatory Authority (VARA) framework, which supports the growth and development of digital assets in the region.
Eric Anziani, President and COO of Crypto.com, emphasized the importance of delivering a world-class customer experience while maintaining the highest levels of security and compliance. The decision to offer fiat deposit and withdrawal services reflects Crypto.com’s commitment to fostering crypto adoption and making cryptocurrencies more accessible to the masses.
Rola Abu Manneh, CEO of Standard Chartered’s UAE, Middle East, and Pakistan divisions, highlighted how the partnership with Crypto.com aligns with the UAE’s mission of becoming a leading digital asset hub regionally and internationally. By providing tailored banking solutions, Standard Chartered aims to enhance the accessibility and functionality of Crypto.com’s retail services, in line with the UAE’s National Agenda emphasizing innovation and economic diversification.
This groundbreaking collaboration comes on the heels of Crypto.com’s recent milestones, including securing a multi-year partnership with the Union of European Football Associations (UEFA) and launching an exchange for institutional investors. By receiving an operational nod from the VARA, Crypto.com is reinforcing its position as a pioneering platform in the cryptocurrency space.
The partnership between Crypto.com and Standard Chartered represents a paradigm shift in the world of cryptocurrency services. By offering enhanced fiat services, expanding globally, and prioritizing customer-centricity, these two industry leaders are setting the stage for a future where cryptocurrencies are seamlessly integrated into everyday financial transactions.