Crypto.com, a prominent cryptocurrency exchange based in Singapore, has forged a groundbreaking partnership with Standard Chartered, a leading multinational banking institution. This alliance aims to provide fiat services to retail users globally, marking a significant milestone in the evolution of the cryptocurrency industry.
Standard Chartered will offer banking and payment solutions to enable Crypto.com users to make deposits and withdrawals in major currencies, including the United States dollar (USD), the euro (EUR), and the United Arab Emirates Dirham (AED). Initially, these services will be available exclusively to retail clients in the United Arab Emirates (UAE), with plans for a global expansion through the exchange’s regional hub in Dubai.
Dubai’s Virtual Assets Regulatory Authority (VARA) has played a pivotal role in laying the groundwork for Crypto.com’s expansion by creating a conducive environment for the growth and development of digital assets. This regulatory framework has provided the necessary support for the exchange to introduce retail fiat services and offer a diverse range of products and services to customers in the UAE.
Eric Anziani, President and COO of Crypto.com, highlighted the company’s commitment to fostering crypto adoption through the introduction of fiat deposit and withdrawal services. This strategic decision not only enhances the accessibility of digital assets but also underscores the exchange’s dedication to providing a world-class customer experience with top-notch security and compliance measures.
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 regional and international digital asset hub. By offering tailored banking solutions to Crypto.com, Standard Chartered is contributing to the country’s National Agenda, which emphasizes innovation, economic diversification, and the growth of a knowledge-based economy.
In addition to the partnership with Standard Chartered, Crypto.com has recently secured a landmark multi-year agreement with the Union of European Football Associations (UEFA) to serve as the official global sponsor during the Champions League. This strategic collaboration positions Crypto.com as a key player in the cryptocurrency space and opens up new opportunities for growth and visibility on a global scale.
Furthermore, Crypto.com has launched an exchange catering to institutional investors and has received operational approval from VARA, making it one of the first cryptocurrency platforms to achieve this milestone. These pioneering initiatives demonstrate Crypto.com’s commitment to driving innovation, enhancing accessibility, and solidifying its position as a trailblazer in the digital asset ecosystem.
The partnership between Crypto.com and Standard Chartered represents a significant step towards the widespread adoption and integration of cryptocurrencies in the global financial landscape. By leveraging the expertise and resources of both entities, this collaboration is poised to revolutionize the way users access and engage with digital assets, paving the way for a more inclusive and sustainable financial future.
