In a recent development, the Singapore-based cryptocurrency exchange Crypto.com has joined forces with Standard Chartered, a prominent multinational banking institution. The partnership aims to provide fiat services to retail users globally. According to a press release received by CryptoPotato, Standard Chartered will offer banking and payment solutions to facilitate the deposits and withdrawals of the United States dollar (USD), the euro (EUR), and the United Arab Emirates Dirham (AED) on the Crypto.com app.
Initially, the new fiat services by Crypto.com will be accessible only to retail clients in the United Arab Emirates (UAE). However, the exchange plans to broaden its offerings to cater to a global audience through its regional hub in Dubai. This expansion is made possible by the supportive regulatory framework established by Dubai’s Virtual Assets Regulatory Authority (VARA) to nurture the growth and development of digital assets.
The decision to introduce fiat deposit and withdrawal services for users is a strategic move by Crypto.com to encourage and facilitate crypto adoption. Eric Anziani, President and COO of Crypto.com, expressed his excitement about collaborating with Standard Chartered and launching global retail services. He emphasized the significance of this milestone in the exchange’s expansion plans and reiterated their focus on providing a top-notch customer experience with utmost security and compliance.
Rola Abu Manneh, CEO of Standard Chartered’s UAE, Middle East, and Pakistan divisions, highlighted that their partnership with Crypto.com is in line with the UAE’s vision of becoming a regional and international digital asset hub. By offering tailored banking solutions to enhance the accessibility and functionality of retail services, Standard Chartered aims to support Crypto.com’s global expansion efforts. This collaboration resonates with the UAE’s National Agenda, emphasizing innovation, economic diversification, and the growth of a knowledge-based economy.
The announcement of the collaboration between Crypto.com and Standard Chartered follows the exchange’s successful multi-year partnership with the Union of European Football Associations (UEFA) to serve as the official global sponsor during the Champions League. Additionally, Crypto.com recently introduced an exchange specifically for institutional investors and became one of the pioneering crypto platforms to receive operational approval from the VARA. These developments underscore Crypto.com’s commitment to innovation and expansion in the evolving landscape of digital assets.
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