Crypto.com Facilitates US Dollar Bank Transfers in Over 60 Countries

In over 60 countries, Crypto.com, a cryptocurrency exchange and service provider, now offers withdrawal facilities for institutional customers in the form of US dollar transfers to bank accounts. Per an August 18 statement, the collaboration with Circle has allowed the extended fiat capability for institutional account holders.

Institutional clients may now withdraw money from their Crypto.com USD Coin (USDC) wallet through bank utilizing a one-of-a-kind code supplied by Circle. Bank transfers will be completed in a span of three business days. “Our connection with Circle offers Institutional customers with a strong and reliable USD fiat on and off gateway to the Crypto.com Exchange,” said Kris Marszalek, CEO and co-founder of Crypto.com.

By the end of June, Crypto.com revealed its collaboration with Circle, disclosing that Crypto.com app users may contribute to their USDC accounts through U.S. dollar bank transfers, with the company using Circle’s APIs to on-ramp fiat money paid in Circle’s stablecoin. Circle co-founder and chairman Jeremy Allaire characterized the collaboration as “fueling worldwide cryptocurrency growth.”

In July 2018, Crypto.com rebranded from Monaco by paying $12 million for the domain name (www.crypto.com) owned by University of Pennsylvania professor Matt Blaze. Monaco, headquartered in Hong Kong, was renowned for generating 70,000 Ether in a June 2017 initial coin offering, and also introducing a pre-paid Visa debit card supporting Bitcoin (BTC).

Following rebranding, the company has concentrated on running its exchange and actively promoting marketing alliances, such as a $175 million endorsement agreement with the leading mixed martial arts advertising, Ultimate Fighting Championship, and an assessed $100 million worldwide agreement with top auto racing organization Formula 1.