In a recent announcement, the Singapore-based cryptocurrency exchange Crypto.com has teamed up with Standard Chartered, a renowned multinational banking institution. This collaboration aims to provide retail users across the globe with access to fiat services. Through this partnership, Standard Chartered will offer banking and payment solutions to facilitate the deposits and withdrawals of major currencies such as 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 introduced by Crypto.com will be targeted towards retail clients in the United Arab Emirates (UAE). However, the exchange has ambitious plans to broaden its offerings to a global audience through its regional hub in Dubai. This expansion is made possible by the supportive framework established by Dubai’s Virtual Assets Regulatory Authority (VARA), which is dedicated to nurturing the growth and development of digital assets.
The decision to incorporate fiat deposit and withdrawal services into its platform reflects Crypto.com’s commitment to promoting cryptocurrency adoption. By partnering with Standard Chartered, the exchange aims to offer a seamless and secure experience for its users while adhering to the highest standards of compliance and security. Eric Anziani, the President and COO of Crypto.com, expressed his enthusiasm about this collaboration, emphasizing the significance of this milestone in the company’s global expansion strategy.
Rola Abu Manneh, the CEO of Standard Chartered’s UAE, Middle East, and Pakistan divisions, highlighted the alignment of this partnership with the UAE’s vision of becoming a prominent digital asset hub regionally and internationally. By providing tailored banking solutions to support Crypto.com’s global expansion, Standard Chartered aims to enhance the accessibility and functionality of the exchange’s retail services. This collaboration resonates with the UAE’s National Agenda, emphasizing innovation, economic diversification, and the advancement of a knowledge-based economy.
In addition to the partnership with Standard Chartered, Crypto.com has recently achieved significant milestones in the cryptocurrency industry. The exchange secured a groundbreaking multi-year partnership with the Union of European Football Associations (UEFA) to serve as the official global sponsor during the Champions League. Furthermore, Crypto.com launched an exchange tailored for institutional investors and received operational approval from the VARA, establishing itself as one of the pioneering cryptocurrency platforms in compliance with regulatory standards.
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