Crypto.com uses Circle API to launch USD bank transfers in over 60 countries

Published at: Aug. 18, 2021

Digital asset exchange and service provider Crypto.com has launched withdrawals via U.S. dollar bank transfers for institutional clients across more than 60 countries.

According to an Aug. 18 announcement, the expanded fiat functionality for institutional account holders has been enabled by its partnership with Circle.

Institutional customers are now able to withdraw dollars from their Crypto.com USD Coin (USDC) wallet via bank at a one-to-one basis using a unique code provided by Circle. Bank transfers are expected to be processed within three business days. Kris Marszalek, CEO and co-founder of Crypto.com, stated:

“Our integration with Circle provides Institutional clients with a robust and stable USD fiat on and off ramp to the Crypto.com Exchange.”

Crypto.com announced its partnership with Circle at the end of June, revealing that Crypto.com app users could transfer to their USDC balances via U.S. dollar bank transfers, with the firm leveraging Circle’s APIs to on-ramp fiat funds settled in Circle’s stablecoin.

Jeremy Allaire, Circle co-founder and chairman, described the partnership as fuelling crypto adoption globally.

Related: Coinbase removes ‘backed by US dollars’ claim for USDC stablecoin

Crypto.com rebranded from Monaco in July 2018 after purchasing the domain www.crypto.com for $12 million from University of Pennsylvania professor Matt Blaze. At the time, the Hong Kong-based Monaco was known for raising 70,000 Ether (ETH) in a June 2017 initial coin offering and for offering a prepaid Bitcoin (BTC) Visa debit card.

Since rebranding, the firm has focused on operating its exchange and aggressively pursued marketing partnerships, including a $175 million sponsorship deal with the top mixed martial arts promotion, Ultimate Fighting Championship, and an estimated $100 million global deal with leading motorsports organization Formula 1.

Tags
Business
Circle
Related Posts
IRS authorized to access information on Circle's crypto traders to nab tax cheats
A U.S. federal court has granted authorization to the Internal Revenue Service, or IRS, to serve a John Doe summons to fintech firm Circle seeking all information on U.S. taxpayers who traded at least $20,000 worth of crypto assets on its platforms between 2016 and 2020. The summons will apply to Circle Internet Financial Inc. including all “predecessors, subsidiaries, divisions, and affiliates, including Poloniex LLC.” According to the Department of Justice’s announcement, Judge Richard Stearns concluded there is “reasonable basis for believing that cryptocurrency users may have failed to comply with federal tax laws.” The document also notes the IRS …
Regulation / April 2, 2021
Voyager Onboards 40,000 Circle Invest Customers
Crypto trade service firm, Voyager Digital Canada, has completed its acquisition of Circle’s retail-facing investment app. On April 3, Voyager announced it had onboarded Circle Invest’s more than 40,000 accounts onto its platform — excluding residents of New York, North Carolina, and Alaska. Voyager now reports a user base of more than 200,000 in total. Circle Invest was sold in exchange for a 4% stake in Voyager in February. Voyager onboards Circle Invest clients Voyager offers commission-free trading on 34 crypto assets and USD. The firm will continue to offer Circle Invest’s collections feature — allowing customers to purchase baskets …
Blockchain / April 4, 2020
Stablecoin issuers hold more US debt than Berkshire Hathaway: Report
Stablecoin issuers like Tether (USDT) and Circle have accumulated a significant share in the United States Treasury market, outperforming major traditional finance players. Various stablecoin providers collectively held $80 billion worth of short-term U.S. government debt as of May 2022, according to a study by the investment bank JPMorgan, The Financial Times reported on Aug. 20. Tether, Circle and other stablecoin firms accounted for 2% of the total market for the U.S. Treasury bills, holding a bigger share of T-bills than totally owned by Warren Buffett’s investment giant Berkshire Hathaway. Stablecoin issuers have also outperformed offshore money market funds (MMF) …
Bitcoin / Aug. 22, 2022
Bybit expands spot USDC trading pairs as support for stablecoins grows
Crypto derivatives exchange Bybit has partnered with stablecoin issuer Circle Internet Financial to expand its suite of spot trading pairs denominated in USD Coin (USDC) — a move the company says will increase retail and institutional access to USDC-settled products. Under the partnership agreement, Bybit will expand its USDC spot pairs to include several additional cryptocurrencies and make auto conversions between the United States dollar and USDC available, the company disclosed Wednesday. Bybit said it intends to collaborate with Circle on other initiatives to boost stablecoin and crypto adoption. Currently, Bybit supports around 35 USDC spot pairs, according to a …
Adoption / Aug. 31, 2022
CoinDesk could be up for grabs as parent company DCG scrambles for funds
Crypto media outlet CoinDesk is reportedly considering a potential sale as its parent company Digital Currency Group (DCG) looks to strengthen its balance sheet. According to the Wall Street Journal, CoinDesk has sought the help of investment bankers from financial advisory firm Lazard, who are helping the firm weigh options including a full or partial sale. You know, I just realized that Coindesk is for sale. pic.twitter.com/QqmBPOClpu — Charles Hoskinson (@IOHK_Charles) January 19, 2023 DCG has purportedly received multiple offers exceeding $200 million to buy out the media firm over the last few months, which would result in a phenomenal …
Business / Jan. 19, 2023