In a significant move for the cryptocurrency industry, Singapore-based exchange Crypto.com has entered into a strategic partnership with Standard Chartered Bank to launch new fiat currency services. This collaboration, starting in the United Arab Emirates (UAE), is set to expand Crypto.com’s reach, offering customers the ability to deposit and withdraw funds in U.S. dollars, euros, and UAE dirhams across more than 90 countries.
Expanding Fiat Access for Crypto Users Worldwide
Crypto.com’s latest partnership with Standard Chartered Bank marks a major milestone in the platform’s quest to make cryptocurrency more accessible to the global population. The integration of fiat currency services into the Crypto.com app means that users in over 90 countries will now have the ability to seamlessly convert their digital assets into traditional currencies like USD, EUR, and AED. This initiative is designed to enhance the ease of transacting in cryptocurrencies, thereby driving wider adoption across the globe.
Karl Mohan, Global Head of Banking Partnerships and General Manager of MEA and APAC at Crypto.com, emphasized the mutual benefits of the partnership. “This collaboration with Standard Chartered Bank is a significant win for both parties,” he said. “By associating with a globally recognized and trusted financial institution, we’re able to instil greater confidence in our customers, making cryptocurrency transactions smoother and more reliable.”
A Strategic Rollout with UAE at the Forefront
The new fiat services will initially be available to users in the UAE, a region that has been at the forefront of cryptocurrency regulation and innovation. Supported by Dubai’s Virtual Assets Regulatory Authority (VARA), Crypto.com’s expansion in the UAE is poised to leverage the country’s stringent regulatory framework, which is known for its robust consumer protection measures.
As part of this expansion, Crypto.com’s President and COO, Eric Anziani, highlighted the significance of the partnership. “This is a huge milestone for us,” he said. “Offering our global customers the ability to deposit and withdraw fiat currencies with ease is key to increasing crypto adoption. Our vision of putting crypto in every wallet is now more achievable than ever.”
Dubai as a Regulatory Hub for Crypto Expansion
Dubai’s reputation as a hub for cryptocurrency regulation plays a crucial role in Crypto.com’s strategic expansion. The region’s VARA framework has set high standards for consumer protection, making it a prime location for launching new services. In 2023, the UAE introduced federal laws that mandate entities involved in crypto activities to secure licenses and approvals from regulators, ensuring that the industry operates within a well-defined legal framework.
Crypto.com’s decision to base its regional operations in Dubai underscores the importance of this regulatory environment. The firm’s new services will not only cater to the needs of the local market but also set a precedent for global expansion under a robust regulatory framework.
Crypto.com’s UEFA Champions League Partnership: A Game-Changer
On August 14, Crypto.com further solidified its position as a leading player in the cryptocurrency space by becoming the first crypto platform to partner exclusively with the UEFA Champions League. This partnership, which positions Crypto.com as an official global sponsor, provides the exchange with a unique opportunity to engage with millions of sports fans worldwide.Read more: Crypto.com Signs Groundbreaking Partnership with UEFA Champions League
The implications of this partnership go beyond mere sponsorship. It represents a significant step in raising crypto awareness among mainstream audiences, potentially accelerating the adoption of digital assets on a global scale.