By
Steve Muchoki
April 19th, 2024
Earlier, the co-founder and CEO of Circle Jeremy Allaire lauded the deal between Circle and Crypto.com, saying that this partnership will fuel crypto adoption globally.
A little over a month ago, the leading cryptocurrency exchange Crypto.com announced its partnership with Circle which would allow it to facilitate the deposit and withdrawal of the US Dollars globally. Today, the exchange has now revealed that it has enabled its users to withdraw USD Coin (USDC) directly into their bank accounts. This means that users of the platform can now withdraw the stablecoin and receive US dollars in a one-to-one ratio directly. According to the announcement made by Crypto.com, “Users can now conveniently withdraw USDC from the Exchange to receive USD funds at a 1:1 ratio in their bank account.”
Crypto.com and Circle’s USDC
USDC is a stablecoin issued by Goldman Sachs-backed Circle. The coin came into use in 2018 and is popularly used to trade against leading digital assets like Bitcoin, Ethereum and others. Crypto.com enables support for the coin in over 50 trading pairs on its platform.
With the growth of the crypto industry, stablecoins backed by a fiat currency have seen increased usage. Many traders believe it’s an easy way of establishing a fiat-to-crypto payment gateway on exchanges.
When the partnership was earlier announced, the co-founder and CEO of Circle Jeremy Allaire lauded the deal, saying, “this partnership will fuel crypto adoption globally and is another example of how innovators continue to break down barriers between traditional finance and the future of payment. We are thrilled to partner with Crypto.com, which has an impressive track record of success and a large, diverse, and dedicated global user base.”
Kris Marszalek, co-founder, and CEO of Crypto.com, saw the transfer of crypto as historic. He said the transfer of fiat into and out of crypto platforms had been an arduous process. The partnership was major to help alleviate these hurdles put up by banks and governments for users of the platform.
Crypto.com Continues Growth Strides in Crypto Industry
Crypto.com has continued to grow in leaps and bounds in the crypto space. The exchange, founded in 2016, with a customer base of over 10 million users, has entered into various strategic partnerships in the crypto space whilst also getting various licenses and certifications from the authorities.
Last month alone, the exchange became the first crypto platform to “receive an Electronic Money Institution (EMI) license from the Malta Financial Services Authority (MFSA).” Not only that, we reported that the exchange introduced the Cronos testnet which is geared towards making decentralized finance more scalable.
Per our report, the Cronos testnet is “an open-source project, (which) will be utilizing an Inter Blockchain Communication (IBC) protocol, which enables interoperability and bridging to the Crypto.org Chain with decentralized, open-sourced energy efficiency, high speed, and lower transaction fees features.”