The Singapore-based coin exchange Crypto.com has revealed a strategic relationship with Standard Chartered Bank to offer fiat services around the world, starting with the United Arab Emirates (UAE). Through this partnership, Crypto.com app users in more than 90 countries will be able to enter and withdraw U.S. dollars, euros, and UAE dirhams. This will make the site easier to use and more useful.
At first, only store users in the UAE will be able to use these services. However, there are plans to slowly make them available all over the world. The start is made possible by Standard Chartered Bank and the rules set up by Dubai’s Virtual Assets Regulatory Authority (VARA). The goal of VARA is to encourage new ideas and protect consumers in the digital asset space.
Karl Mohan, Global Head of Banking Partnerships at Crypto.com, talked about the partnership’s perks. He said that users can be sure they’re working with a well-known and trusted company. He said that working together in this way helps build trust in the cryptocurrency business and makes it easier for users to make deals.
President and COO of Crypto.com, Eric Anziani, called the relationship a big step forward for the business. He said that being able to offer easy fiat input and withdrawal options is key to getting more people to use cryptocurrencies. He also said that the relationship fits with Crypto.com’s goal of making cryptocurrency easy for everyone to use.
These new global services will be based in Crypto.com’s regional hub in Dubai. This makes the UAE even more of a star in the digital assets field. The relationship comes after Crypto.com’s recent successes, such as its groundbreaking deal with the UEFA Champions League and the start of an exchange site for large investors.
