Crypto.com has announced a partnership with Standard Chartered Bank to provide fiat currency services in over 90 countries, starting from the United Arab Emirates (UAE).
The partnership will help expand access to the US Dollar, Euro, and UAE dirham. Crypto.com’s regional hub in Dubai will manage the services. The partnership also highlights the exchange’s commitment to global crypto adoption.
Details Of The Partnership
The new service will allow customers in over 90 countries to seamlessly conduct crypto transactions through the Crypto.com app. However, the service will initially be rolled out only in the UAE. The partnership comes in light of Dubai’s regulatory framework, which the Virtual Assets Regulatory Authority (VARA) handles to ensure safety and compliance. Eric Anziani, the COO of Crypto.com, described the partnership as a significant step in the platform’s global expansion plans.
“Not only is it a significant step forward in our global expansion plans, but also enables our commitment to delivering a world-class customer experience whilst maintaining the highest levels of security and compliance.”
Anziani also called the partnership significant in fostering global crypto adoption.
“Being able to offer our global customers effortless fiat deposit and withdrawal capabilities is key to increasing adoption and reaching our vision of crypto in every wallet.”
The service will support the seamless deposit and withdrawal of fiat deposits through the Crypto.com app. Karl Mohan, the global head of banking partnerships and the MEA and APAC general manager at Crypto.com, stated the partnership was a win-win agreement for all parties involved.
“This partnership with Standard Chartered Bank gives customers […] confidence from a globally recognized and trusted brand. These partnerships increase trust in the industry and make transacting easier for customers.”
A Hub For Crypto
Dubai has established itself as a crypto hub since establishing the Virtual Assets Regulatory Authority (VARA) in 2022. Crypto.com was one of the first cryptocurrency exchanges to receive regulatory approval and begin regional operations. The platform went on to set up a regional hub and launch an institutionally-focused unit. Its new global retail services will be offered through a regional hub in Dubai, a region considered to be one of the strictest when it comes to consumer protection.
In 2022, VARA made it mandatory for marketers and promoters to provide better advertisement clarity to ensure enhanced consumer protection. In 2023, the UAE announced the establishment of a new federal law to ensure entities in the crypto space secured a license and approval from the region’s regulator. Failure to do so led to a steep fine and heavy sanctions. Speaking about the partnership, Rola Abu Manneh, Standard Chartered’s CEO for the UAE, Middle East, and Pakistan regions, stated,
“This collaboration closely aligns with the UAE’s National Agenda, which emphasizes innovation, economic diversification, and the growth of a knowledge-based economy.”
Recent Partnerships
Crypto.com has been partnering with several entities to expand its global footprint. The company recently announced a multi-year partnership with the UEFA Champions League, becoming the first crypto platform to do so. The partnership sees Crypto.com become the official sponsor of the UEFA Champions League and gives it exposure to football fans across the globe.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2024/08/cryptocom-taps-standard-chartered-bank-to-expand-fiat-services