Crypto.com, a cryptocurrency exchange based in Singapore, has partnered with Standard Chartered Bank to provide new global fiat currency services.
This collaboration will allow users in over 90 countries to deposit and withdraw United States dollars, euros, and United Arab Emirates dirhams through the Crypto.com app.
The service will initially launch in the UAE, with plans for gradual expansion to other regions.
Karl Mohan, Global Head of Banking Partnerships at Crypto.com, described the partnership as beneficial for both parties.
He noted that teaming up with a reputable bank like Standard Chartered helps build customer trust and simplifies transactions.
This move aligns with Crypto.com's strategy to enhance its global presence and make cryptocurrency transactions more accessible.
The new services are supported by Dubai’s Virtual Assets Regulatory Authority (VARA) regulatory framework, which governs the use of digital assets in the UAE.
Dubai has been recognised for its strict consumer protection regulations.
In 2023, the UAE introduced a federal law requiring crypto-related entities to obtain regulatory approval or face significant penalties.
This regulatory backdrop offers a solid foundation for Crypto.com to expand its services.
Eric Anziani, President and COO of Crypto.com, emphasised the importance of this partnership as a significant achievement for the company.
He believes that offering seamless fiat deposit and withdrawal options is essential to encouraging broader adoption of cryptocurrencies.
In addition to expanding its fiat services, Crypto.com has also entered the sports arena.
On August 14, it became the first crypto platform to partner with the UEFA Champions League, gaining visibility among a global audience of sports fans.
This partnership is expected to boost awareness of cryptocurrency among mainstream users, potentially driving more interest and adoption in the future.
With these strategic moves, Crypto.com continues to strengthen its position in both the financial and sports sectors, aiming to bring crypto to a wider audience.