The renown cryptocurrency exchange Crypto.com is not slowing down in its efforts to on-ramp or off-ramp crypto. It has now partnered with Silvergate, a California state-chartered financial institution to enable institutional clients to withdraw and deposit from the platform in U.S. Dollars (USD).
Crypto.com has announced that institution investors now have the option to make bank transfers between the exchange and their banks. Silvergate will help institutional clients transfer USD from their bank accounts to Crypto.com for no additional charge.
Silvergate Exchange Network makes it possible to send U.S. Dollars at will. This announcement also stated that this feature was available for institutional clients on all available exchange markets.
Kris Marszalek, the co-founder and CEO of Crypto.com, revealed that the new feature is high in demand and is in line with the company’s dream of fast-tracking the world’s transition to cryptocurrency. “We are excited to work with Silvergate to provide an additional fiat on/off ramp solution to our institutional clients,”said he.
Crypto.com works in partnership with Circle stable coin issuer USDC, to allow USD deposit and withdrawals from its platform. In August, Crypto.com launched USD bank transfer withdrawals for clients in over 60 countries through Circle API. In the past, it also collaborated with Circle to allow USDC and USD deposit for more than 30 countries.
Talking about Silvergate, it is a crypto-focused bank known for the issuance of Facebook’s yet-to-be-launched digital currency Diem USD and also the manager of its reserve. The bank is also well-known for assisting in the launch of El Salvador’s government-backed (BTC) Chivo wallet.
Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information, including buy/sell signal data. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.