The new services would initially be available to only retail clients based in the UAE and would later be extended to global users.
The Singapore-based cryptocurrency exchange Crypto.com has partnered with Standard Chartered, the leading multinational banking institution, to offer fiat services to retail users worldwide.
According to a press release, Standard Chartered will provide the exchange with banking and payment solutions to enable the deposits and withdrawals of the United States dollar (USD), the euro (EUR), and the United Arab Emirates Dirham (AED) on the Crypto.com app.
Crypto.com Launches Retail Services
Crypto.com’s new services would initially be available only to retail clients in the United Arab Emirates (UAE). The exchange intends to eventually expand its offerings 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 Assets Regulatory Authority (VARA), which supports the growth and development of digital assets.
In addition to the retail fiat services, customers in the UAE can access Crypto.com’s retail products and services on the exchange’s app, including trading hundreds of cryptocurrencies.
Eric Anziani, President and COO of Crypto.com, said:
Working with Standard Chartered to launch our global retail services is a huge milestone for us. Not only is it a significant step forward in our global expansion plans, but also enables our commitment to delivering a world-class customer experience whilst maintaining the highest levels of security and compliance.
Anziani added that the exchange’s decision to offer users fiat deposit and withdrawal services is part of its efforts to foster crypto adoption.
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Rola Abu Manneh, the CEO of Standard Chartered’s UAE, Middle East, and Pakistan divisions, explained that the partnership with Crypto.com aligns with the UAE’s mission of becoming a regional and international digital asset hub.
“We are pleased to support Crypto.com’s global expansion by providing tailored banking solutions that enhance the accessibility and functionality of their 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 securing a historic multi-year partnership with the Union of European Football Associations (UEFA) roughly two weeks ago to serve as its official global sponsor during the Champions League.
Also, Crypto.com recently unveiled an exchange for institutional investors and became one of the first crypto platforms to receive an operational nod from the VARA.