Last updated on September 2nd, 2021 at 11:01 pm
Crypto.com, a digital asset exchange and service provider is now helping institutional clients in over 60 countries make withdrawals in U.S. dollars.
The exchange is doing this by leveraging Circle’s API, through a partnership, to expand fiat functionality for institutional account holders.
According to Cointelegraph, institutional customers are now able to withdraw dollars from their Crypto.com USD Coin (USDC) wallet via bank on a 1:1 basis using a unique code provided by Circle. Bank transfers are expected to be processed within three business days.
In an August 18 announcement, Kris Marszalek, CEO and co-founder of Crypto.com, said: “Our integration with Circle provides Institutional clients with a robust and stable USD fiat on and off-ramp to the Crypto.com Exchange.”
This new move comes after both firms signed a partnership in June to enable Crypto.com app users to transfer to their USDC balances using U.S. dollar bank transfers.
Being one of the stablecoins whose value is pegged to the U.S. dollar, Circle, in recent times, has been making waves in the crypto market.
Commenting, Circle’s chairman and co-founder, Jeremy Allaire, says the partnership is aimed at driving global adoption of digital currencies.
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.
