Singapore-based cryptocurrency exchange Crypto.com has partnered with leading multinational banking institution Standard Chartered to offer fiat services to retail users around the world.
According to a press release shared with CryptopotatoStandard Chartered will provide the exchange with banking and payment solutions to enable deposits and withdrawals of US Dollar (USD), Euro (EUR) and UAE Dirham (AED) on the Crypto.com app.
Crypto.com launches retail services
Crypto.com’s new services would initially be available only to retail customers in the United Arab Emirates (UAE). The exchange intends to expand its offering to global users through its regional hub in Dubai. The firm attributed the possibility of the expansion to the framework established by Dubai’s Virtual Asset Regulatory Authority (VARA), which supports the growth and development of digital assets.
In addition to retail fiat services, UAE customers can access Crypto.com’s retail products and services on the exchange’s app, including trading in hundreds of cryptocurrencies.
Eric Anziani, President and COO of Crypto.com, said:
Working with Standard Chartered to launch our global retail services is a great achievement for us. Not only is it an important step in our global expansion plans, but it also allows us to deliver on our commitment to providing a first-class customer experience while maintaining the highest levels of security and compliance.
Anziani added that the exchange’s decision to offer users fiat currency deposit and withdrawal services is part of its efforts to encourage cryptocurrency adoption.
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Rola Abu Manneh, CEO of Standard Chartered’s UAE, Middle East and Pakistan divisions, explained that the partnership with Crypto.com aligns with the UAE’s mission to become a regional and international hub for digital assets.
“We are pleased to support Crypto.com’s global expansion by providing tailored banking solutions that enhance the accessibility and functionality of its retail services. This collaboration closely aligns with the UAE’s National Agenda, which emphasizes innovation, economic diversification, and the growth of a knowledge-based economy,” he added.
The latest announcement follows Crypto.com ensuring a historic multi-year partnership with the Union of European Football Associations (UEFA) approximately two weeks ago to serve as its official global sponsor during the Champions League.
Additionally, Crypto.com recently introduced an exchange for institutional investors and become one of the first cryptocurrency platforms to receive operational approval from VARA.
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