Crypto.com taps Circle for global dollar deposits
Digital asset exchange platform Crypto.com opened a new U.S. dollar fiat on-ramp thanks to a new partnership with global payment provider Circle, according to a June 28 announcement.
The partnership between Crypto.com and Circle enables users in over 30 countries to deposit dollars from their bank account and receive USD Coin (USDC), a popular dollar-pegged stablecoin at a 1:1 ratio.
Crypto.com’s trading platform has over 50 pairs with USDC, which means that they will be able to buy Bitcoin (BTC), Ether (ETH) and other cryptocurrencies with their stablecoin. Dollar withdrawals will be enabled in the near future, the announcement reads.
Crypto exchanges use fiat-to-crypto payment gateways, also known as onramps, to enable users to add funds from their bank accounts using fiat money like U.S. dollars and euros. Users can then use those funds to buy crypto on the platform.
Users need to transfer their dollars with a unique code provided by Circle when making deposits, the announcement details. “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.”
Noting that transferring fiat money into crypto exchanges has been an arduous process, Crypto.com co-founder and CEO Kris Marszalek said that the partnership with Circle aims to provide smoother money transfer solutions to the platforms’ users.
“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 co-founder and CEO Jeremy Allaire added.
Circle recently started a new initiative called The Circle USDC Institutional Trading Program, which allows high-volume trading firms, crypto exchanges and market makers to access Circle APIs for automated infrastructure to issue and redeem USDC.
Last year, Visa picked Circle to make USDC transactions compatible with certain credit cards and facilitate USDC transactions between cross-border Visa-friendly companies.