Crypto.com and Standard Chartered Collaboration Global Fiat Service Expansion
2024-08-31
Bittime - Crypto.com has just announced a strategic collaboration with Standard Chartered. This collaboration is to expand global fiat services.
The collaboration between the two aims to make it easier for Crypto.com users to access United States Dollars (USD), Euros and United Arab Emirates Dirhams (AED) directly.
Crypto.com Services Managed in Dubai
This global retail service will be managed from Crypto.com's regional center in Dubai and available in 90 countries.
"This is not only a significant step forward in our global expansion plans, but also allows us to provide a world-class customer experience while maintaining the highest levels of security and compliance," said Crypto.com President and COO, Eric Anziani, in an official statement published last Thursday.
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Through this service, Crypto.com users can deposit and withdraw fiat currency (the official currency of a country) easily via the Crypto.com application.
The service will begin rolling out next month, starting with users in the UAE and will be expanded to other countries gradually. Standard Chartered Bank will provide “tailored” banking and payment solutions to support these services.
Dubai has been a hub of crypto activity since the emirate launched a special regulatory authority, the Virtual Assets Regulatory Authority (VARA), in 2022.
Crypto.com Becomes One of the First Exchanges to Operate in Dubai
Crypto.com, founded in 2016, was one of the first crypto exchange platforms to obtain regulatory approval to operate in the region.
Crypto.com even set up a regional center and a special unit focused on institutional services in Dubai.
"This collaboration is in line with the UAE National Agenda which emphasizes innovation, economic diversification and knowledge-based economic growth," said Rola Abu Manneh, CEO of Standard Chartered for the UAE, Middle East and Pakistan region.
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