Crypto.com on Monday, announced its partnership with Circle, a global financial technology firm, to introduce dollar deposits and withdrawals to over 30 countries around the world. Crypto.com users can now transfer USD from their bank accounts and receive USD Coin (USDC) at a 1:1 ratio on the Crypto Exchange.
When making deposits, users simply need to wire transfer their USD funds with a unique code provided by Circle, and 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.
Circle is popularly known for teaming up with Coinbase in issuing USD Coin (USDC), a popular stablecoin.
Investors are preferably keying on the stablecoin asset on the account it regularly undergoes audit checks, ensuring Circle keeps as many USD in bank accounts as USDC in circulation.
What they are saying
Kris Marszalek, Co-founder, and CEO of Crypto.com said, “Historically, transferring fiat into and out of crypto platforms has been an arduous process. Our partnership with Circle is yet another example of our commitment to working with the best partners in the industry to provide safe, reliable, and easy money transfer solutions to our customers around the world.”
Jeremy Allaire, Co-founder, CEO, and Chairman 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. We are thrilled to partner with Crypto.com, which has an impressive track record of success and a large, diverse, and dedicated global user base.”
This partnership enables users to seamlessly transfer funds from the traditional financial world to the crypto world, further supporting Crypto.com’s mission to “accelerate the world’s transition to cryptocurrency.”