Crypto.com and Silvergate allow users to transact with USD

Crypto.com, one of the biggest global cryptocurrency exchanges, announced through a press release last Tuesday, November 30 about their partnership with the California-based bank focusing on fintech and cryptocurrency, Silvergate. Through this project, it is now possible for users to deposit and withdraw funds from the exchange using the United States Dollar (USD).

In their announcement, Crypto.com shared how bank transfers to and from their platform are now accessible to institutional investors. It also has no transaction fees since they are partnered with Silvergate. This integration is an additional feature to the on-ramp and off-ramp solutions of Crypto.com to allow seamless transfer of funds to the exchange. 

In the same press release, Crypto.com added, ‘customers will get access to the Silvergate Exchange Network (SEN), which is a near-real-time payments platform that enables users to send US dollars 24 hours a day, seven days a week, 365 days a year’.

In a statement quoted by Yahoo and Cointelegraph, co-founder and Chief Executive Officer (CEO) Kris Marszalek stated that this move was ‘highly requested’ and is a great way to support the overall vision of their company towards the improvement of cryptocurrency.

In August 18, months before the previously mentioned announcement, Crypto.com worked with digital currency bank Circle for the withdrawals through US dollar bank transfers in more than 60 countries across the globe as reported by crypto news site Cointelegraph. It was the latest improvement of their project with Circle that started at the end of June.

During their partnership with Circle, the institutional clients were able to deposit funds into their accounts and receive USD Coin (USDC), a famous dollar-inspired stablecoin at a one-to-one ratio. These bank transfers were noted to take around three business days and are possible through the unique code given via Circle’s application programming interface (API). Marszalek said that ‘our integration with Circle provides institutional clients with a robust and stable USD fiat on and off-ramp to the Crypto.com Exchange’.

Cryptocurrency on-ramps refer to allowing exchanges to offer fiat money in return for cryptocurrency. Meanwhile, off-ramps are the opposite as it allows users to convert their digital coins into fiat currency.

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