Crypto.com, Circle Partner to Enable USD Deposits, Withdrawals

Fazzaco learned that Crypto.com, one of the top cryptocurrency exchanges, has partnered with Circle, a global financial technology firm that offers payments and treasury infrastructure for digital businesses, to enable deposits and withdrawals through US dollars in more than 30 countries.

According to the announcement, Circle will help facilitate processing and storage of the fiat and then converting the deposits into stablecoin USDC at a 1:1 ratio. The process will take around three business days for traders to receive an equivalent amount of USDC in their Crypto.com account.

Co-Founder and CEO of Crypto.com, Kris Marszalek, said: "Historically, transferring fiat into and out of crypto platforms has been an arduous process. Our partnership with Circle is yet another example of our commitment to working with the best partners in the industry to provide safe, reliable and easy money transfer solutions to our customers around the world."

"This partnership will fuel crypto adoption globally and is another example of how innovators continue to break down barriers between traditional finance and the future of payments," said Jeremy Allaire, Co-Founder, CEO, and Chairman at Circle. "We are thrilled to partner with Crypto.com, which has an impressive track record of success and a large, diverse and dedicated global user base."

Fazzaco recently reported that Fireblocks has integrated Crypto.com into the Fireblocks Network​. This integration will allow Crypto.com to expand their reach to over 400+ institutional participants through the Fireblocks Network, which includes some of the biggest global banks, liquidity providers, OTCs, hedge funds, and asset managers.