Crypto.com is making a huge stride in facilitating the trading of cryptocurrencies and is now allowing customers in over 30 countries to start doing bank transfers from USD to USDC at a 1:1 ratio.
The partnership with Circle enables customers to deposit USD fiat funds through bank wire transfer. They can then receive USDC stable coin equivalent at a ratio of 1:1. It also allows customers to convert over 50 USDC pairs, including ETH, LINK, and DOT, to USD directly without the need to trade on a third-party platform.
The move is expected to enable many customers to convert their fiat assets to crypto, which is a huge challenge to many users wanting to trade, hold, stake, or send crypto to other people.
“Historically, transferring fiat into and out of crypto platforms has been an arduous process,” said Kris Marszalek, Co-Founder, and CEO of Crypto.com.
The move could help fuel crypto adoption globally by further breaking barriers of investing, trading, and holding crypto, according to Jeremy Allaire, Co-founder, CEO, and Chairman of Circle.
However, the deposit transaction will take 3 days to process.
With the new service, more merchants who sell their goods and services for crypto across the globe via the Crypto.com Checkout service can withdraw in USD to their bank accounts without losing value due to volatility.
On the other hand, customers can deposit real-world currency to invest, stake, hold or even trade crypto. The service can also be helpful to people who want to send crypto to friends now that crypto is low-cost and quick to send to any country without border limitations.
The company, which has around 10 million customers globally and a popular Crypto Visa Card that empowers users to spend their crypto at merchant stores and outlets, allows users to buy and sell over 100 cryptocurrencies even on mobile devices via apps. It also lets users deposit to save crypto and earn interest on it, as well as stake it to earn rewards on it.