Customers of Institutional Crypto.com in over 60 countries can now make US dollar bank transfers to and from their USDC wallets.
Crypto.com, a digital asset exchange and service provider, has launched withdrawals via US dollar bank transfers for institutional clients in over 60 countries.
According to an August 18 announcement, the partnership with Circle has enabled the expanded fiat functionality for institutional account holders.
Institutional customers can now withdraw dollars from their Crypto.com USD Coin (USDC) wallet via bank using a one-of-a-kind code provided by Circle. Bank transfers will be processed within three business days. According to Kris Marszalek, CEO and co-founder of Crypto.com:
“Our partnership with Circle provides Institutional clients with a strong and stable USD fiat on and off ramp to the Crypto.com Exchange.”
At the end of June, Crypto.com announced its partnership with Circle, revealing that Crypto.com app users could transfer to their USDC balances via U.S. dollar bank transfers, with the firm leveraging Circle’s APIs to onramp fiat funds settled in Circle’s stablecoin.
Circle co-founder and chairman Jeremy Allaire described the collaboration as “fueling global crypto adoption.”
Crypto.com rebranded from Monaco in July 2018 after paying $12 million for the domain www.crypto.com from University of Pennsylvania professor Matt Blaze. Monaco, based in Hong Kong, was known at the time for raising 70,000 Ether in a June 2017 initial coin offering, as well as a pre-paid Bitcoin Visa debit card.
Since rebranding, the company has concentrated on running its exchange and aggressively pursuing marketing partnerships, including a $175 million sponsorship deal with the top mixed martial arts promotion, Ultimate Fighting Championship, and an estimated $100 million global deal with leading motorsports organization Formula 1.