As a seasoned analyst with over two decades of experience in the banking and finance sector, I find the partnership between Crypto.com and Standard Chartered to be a strategic move that could potentially reshape the global financial landscape. Having witnessed the evolution of digital payments from humble beginnings to the dominance they hold today, I am particularly intrigued by this collaboration.
Crypto.com, a digital currency exchange based in Singapore, has teamed up with Standard Chartered, a major global bank, to provide traditional currency (fiat) services to users around the world.
As reported in a press release sent to CryptoPotato, Standard Chartered is set to offer banking and payment services that will allow users to deposit and withdraw USD, EUR, and AED directly through the Crypto.com app.
Crypto.com Launches Retail Services
At first, Crypto.com’s new services will only be accessible for retail clients based in the United Arab Emirates (UAE). However, the company plans to broaden its services to a global audience in the future, leveraging its regional base in Dubai. This expansion is made possible by the regulatory framework set up by Dubai’s Virtual Assets Regulatory Authority (VARA), which fosters the advancement and maturity of digital assets.
Customers in the UAE can not only utilize the traditional fiat services provided by Crypto.com but also avail themselves of the platform’s retail offerings through its app. This includes buying and selling numerous digital currencies, such as Bitcoin and Ethereum, directly on the app itself.
Eric Anziani, President and COO of Crypto.com, said:
Partnering with Standard Chartered on the rollout of our international retail services marks an immense achievement for us. This collaboration not only advances our strategic goals for global growth, but also empowers us to uphold our dedication to offering top-tier customer service while ensuring utmost security and compliance standards.
Older statements pointed out that the move by the exchange to provide fiat deposit and withdrawal options was a step taken to promote broader acceptance of cryptocurrencies.
Crypto.com’s Latest Feats
Rola Abu Manneh, who leads the UAE, Middle East, and Pakistan branches for Standard Chartered as CEO, shared that their collaboration with Crypto.com supports the UAE’s goal of establishing itself as a significant digital asset hub on both a regional and global scale.
As an analyst, I’m thrilled to be part of the team that’s helping Crypto.com expand globally by offering custom banking solutions designed to boost the accessibility and functionality of their retail services. This partnership perfectly aligns with the UAE’s National Agenda, focusing on innovation, economic diversification, and fostering a knowledge-based economy. To put it simply, we’re helping Crypto.com grow while contributing to the UAE’s vision for future development.
In approximately two weeks, Crypto.com has officially partnered with UEFA for a significant duration, becoming the Champions League’s global sponsor, an event that marks a historical milestone.
Additionally, Crypto.com has recently introduced an exchange tailored for institutional investors, making it one of the initial crypto platforms to secure approval for operation from the VARA.
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2024-08-30 01:14