Crypto.com partnered with payment provider Circle to enable USD deposits
Crypto.com opened a new U.S. dollar fiat on-ramp after forming a new partnership with global payment provider Circle.
The partnership will allow users located in over 30 countries to deposit dollars from their bank account and receive USD Coin (USDC) stablecoin.
Crypto.com’s exchange has more than 50 pairs with USDC, including Bitcoin, Ether, and several other popular cryptocurrencies. Dollar withdrawals will be enabled in the near future, the official announcement stated.
Crypto exchanges use fiat-to-crypto payment gateways to enable users to add funds from the bank using fiat.
Users have to transfer their dollars with a unique code provided by Circle when making a deposit and further, Circle will take care of the processing, storage, and USD-to-USDC conversion. Users will then receive their funds in their Crypto Wallet within three business days.
Crypto.com co-founder and CEO Kris Marszalek said that the partnership with Circle aims to provide smoother money transfer solutions to users.
Jeremy Allaire, co-founder and CEO of Circle, stated. “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.”
Circle has recently started a new initiative called The Circle USDC Institutional Trading Program, allowing high-volume trading firms, exchanges, and market makers to access Circle APIs for automated infrastructure to issue and redeem USDC.