Crypto.com and Standard Chartered Collaborate on Global Fiat Services

2 min read | August 29, 2024 06:02 PM AEST | By Team Kalkine Media

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Crypto.com and Standard Chartered Collaborate on Global Fiat Services — Image source: shutterstock

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Crypto.com, a cryptocurrency exchange based in Singapore,has announced a strategic partnership with Standard Chartered Bank to enhance its global retail services. This collaboration aims to provide users with the ability to deposit and withdraw USD, EUR, and AED through the Crypto.com app in over 90 countries.

The new services will be rolled out initially in the United Arab Emirates (UAE) and are expected to expand gradually. The expansion is facilitated by Standard Chartered Bank and operates under the regulatory framework established by Dubai’s {Virtual Assets Regulatory Authority} (VARA).

Eric Anziana, President and Chief Operating Officer of Crypto.com, described the partnership as a significant milestone for the company. The services will be managed through Crypto.com’s regional hub in Dubai, a city known for its stringent consumer protection standards. Dubai’s VARA framework, implemented in 2022, mandates enhanced clarity in advertising to better protect consumers. Additionally, UAE’s federal law introduced in 2023 requires entities involved in cryptocurrency activities to obtain proper licensing and approval from regulators to avoid severe penalties.

The collaboration with Standard Chartered Bank marks a notable advancement for Crypto.com, aligning with its broader strategy to expand its service offerings and reach. This partnership not only broadens the accessibility of fiat currency services for users but also reinforces the company's commitment to regulatory compliance and consumer protection.

In a related development, Crypto.com has recently secured an exclusive partnership with the UEFA Champions League. Announced on August 14, this agreement designates Crypto.com as an official global sponsor of the prestigious football tournament. The partnership is expected to increase the platform’s visibility and engage sports enthusiasts worldwide raising awareness and acceptance of cryptocurrency within mainstream audiences.

This series of strategic moves reflects Crypto.com’s ongoing efforts to enhance its global presence and integrate cryptocurrency services more deeply into everyday financial transactions.

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