Crypto.com, a major cryptocurrency exchange, continues to expand its crypto on-ramps and off-ramps with a new partnership that was formed with Silvergate, a California state-chartered bank.
Crypto.com announced that it has partnered with Silvergate to make it possible for institutional clients to withdraw and deposit funds using the U.S. Dollar (USD) on November 30.
Institutional investors can now make bank transfers to and fro the Crypto.com exchange, according to the announcement. Silvergate allows institutional clients to transfer USD from their bank accounts to Crypto.com without fees.
Silvergate Exchange Network is a payment platform that allows users to send U.S. Dollars instantly at any hour of the day. According to the announcement, institutional clients will have access to this feature in all markets that offer exchanges.
Kris Marszalek, Crypto.com CEO and co-founder, said that the feature was “highly demanded” and supports the company’s vision to accelerate the world’s move to cryptocurrency. He said, “We are thrilled to partner with Silvergate to offer an additional fiat-on/off ramp solution for our institutional clients.”
Crypto.com, as previously reported, has been working closely with Circle, the stablecoin issuer of USD Coin (USDC), to allow USD deposits and withdrawals through its platform.
In August, Crypto.com began withdrawing USD bank transfers from institutional clients in more than 60 countries through Circle API. Circle was previously a partner of the exchange to allow USDC and USD deposits for users in more then 30 countries.
Similar: Silvergate Bank extends $100M credit to Marathon Digital, a mining company
Silvergate, a crypto-focused bank, is the manager of the reserve and issuer of Facebook’s digital currency Diem USD. Silvergate was also responsible for the facilitation of Chivo’s U.S. Dollar transactions.
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