Crypto.com Expands Global Reach with Standard Chartered Partnership
In a significant move that underscores the growing intersection of traditional banking and cryptocurrency, Crypto.com has announced a partnership with Standard Chartered Bank to launch global retail services. This collaboration aims to provide seamless fiat currency services to Crypto.com users in over 90 countries, marking a substantial expansion of the platform’s capabilities.
The new service, set to roll out initially in the United Arab Emirates (UAE) next month, will allow users to deposit and withdraw funds in US dollars, euros, and UAE dirhams through the Crypto.com app. This development is expected to enhance the efficiency and utility of cryptocurrency transactions for millions of retail users worldwide.
Eric Anziani, President and COO of Crypto.com, emphasized the significance of this partnership, stating, “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 expansion is being facilitated through Crypto.com’s regional hub in Dubai, leveraging the regulatory framework established by Dubai’s Virtual Assets Regulatory Authority (VARA). This choice of location is strategic, as the UAE has been positioning itself as a forward-thinking jurisdiction for digital assets.
Rola Abu Manneh, CEO of Standard Chartered UAE, highlighted the alignment of this collaboration with the UAE’s national agenda, which focuses on innovation and economic diversification. “By providing cutting-edge solutions that meet the evolving needs of customers across the UAE and beyond, we are contributing to the UAE’s vision of becoming a regional and international hub for digital assets,” Manneh stated.
This move comes on the heels of several other significant developments for Crypto.com. In April 2024, the company launched its exchange for institutional investors after receiving full operational approval from VARA. Additionally, Crypto.com recently became the first crypto platform to secure an exclusive partnership with the UEFA Champions League, further expanding its global reach and mainstream appeal.
The partnership with Standard Chartered is expected to provide near-real-time processing of deposits and withdrawals, significantly improving the user experience for Crypto.com’s customers. As the service expands beyond the UAE, it has the potential to reshape how users interact with cryptocurrency platforms, bridging the gap between traditional finance and the digital asset ecosystem.
While this development represents a major step forward for Crypto.com and the broader cryptocurrency industry, it also highlights the increasing regulatory scrutiny and compliance requirements facing crypto companies. As these platforms continue to expand and integrate with traditional financial systems, they will likely face ongoing challenges in navigating diverse regulatory landscapes across different jurisdictions.
