Crypto.com, a leading cryptocurrency exchange based in Singapore, has recently announced a partnership with Standard Chartered, a multinational banking institution, to offer fiat services to retail users globally. This partnership will allow users to deposit and withdraw the United States dollar (USD), the euro (EUR), and the United Arab Emirates Dirham (AED) on the Crypto.com app. Initially, these services will only be available to retail clients in the UAE, but there are plans to expand to global users through the exchange’s regional hub in Dubai. This move is made possible by Dubai’s Virtual Assets Regulatory Authority (VARA), which supports the growth and development of digital assets.
Eric Anziani, President and COO of Crypto.com, emphasized the significance of this partnership with Standard Chartered in terms of global expansion and improving customer experience. Anziani highlighted the importance of maintaining high levels of security and compliance while offering world-class services to users. By providing fiat deposit and withdrawal services, Crypto.com aims to further promote crypto adoption among retail users.
Rola Abu Manneh, the CEO of Standard Chartered’s UAE, Middle East, and Pakistan divisions, stated that the partnership with Crypto.com aligns with the UAE’s goal of becoming a prominent digital asset hub regionally and internationally. By offering tailored banking solutions to Crypto.com, Standard Chartered is contributing to enhancing the accessibility and functionality of retail services in the crypto space. This collaboration reflects the UAE’s National Agenda, which focuses on innovation, economic diversification, and the growth of a knowledge-based economy.
This announcement comes after Crypto.com’s recent partnership with the Union of European Football Associations (UEFA) to serve as the official global sponsor during the Champions League. Additionally, the exchange unveiled a platform for institutional investors and became one of the first crypto platforms to receive approval from VARA for operations. These milestones demonstrate Crypto.com’s commitment to expanding its services, reaching new markets, and fostering innovation in the crypto industry.
Overall, the partnership between Crypto.com and Standard Chartered has the potential to reshape the landscape of fiat services in the crypto space, providing retail users with more opportunities to access and utilize digital assets. This collaboration not only benefits the two entities involved but also contributes to the overall growth and development of the digital asset ecosystem worldwide.