In a recent development in the cryptocurrency industry, Crypto.com, a Singapore-based exchange, has formed a partnership with Standard Chartered, a prominent multinational banking institution. The collaboration aims to provide fiat services to retail users globally, emphasizing the importance of banking and payment solutions for seamless transactions in multiple currencies.
Standard Chartered will facilitate the deposits and withdrawals of major fiat currencies such as the United States dollar (USD), the euro (EUR), and the United Arab Emirates Dirham (AED) on the Crypto.com app. Initially, the services will be accessible to retail clients in the United Arab Emirates (UAE), with plans to extend the offerings to a broader global audience through Crypto.com’s regional hub in Dubai.
Eric Anziani, President and COO of Crypto.com, expressed enthusiasm about the collaboration, highlighting its significance in the company’s expansion strategy. He emphasized the importance of delivering exceptional customer experiences while ensuring high levels of security and compliance. The decision to introduce fiat services reflects Crypto.com’s commitment to promoting crypto adoption and enhancing user accessibility.
Rola Abu Manneh, the CEO of Standard Chartered’s UAE, Middle East, and Pakistan divisions, emphasized the alignment of the partnership with the UAE’s vision of becoming a digital asset hub. By providing tailored banking solutions to Crypto.com, Standard Chartered aims to enhance the functionality and accessibility of retail services, supporting the country’s agenda of innovation and economic diversification.
The collaboration between Crypto.com and Standard Chartered follows the exchange’s strategic initiatives to expand its presence in the market. Notably, Crypto.com secured a significant partnership with the Union of European Football Associations (UEFA) to serve as the official global sponsor during the Champions League. Additionally, the exchange launched an institutional investor platform and received operational approval from Dubai’s Virtual Assets Regulatory Authority (VARA).
The partnership between Crypto.com and Standard Chartered holds immense potential for driving innovation, enhancing regulatory compliance, and expanding the reach of cryptocurrency services globally. By leveraging the expertise and resources of both entities, the collaboration is poised to shape the future of digital assets and financial services in the evolving landscape of the blockchain industry.