By Mark - cryptocurrency broker - 30-11-2021
Crypto.com continues to grow its cryptocurrency exchange platform by expanding its services to institutions. The platform is collaborating with Silvergate, a state-charted bank based in California, to enable clients from larger institutions to be able to process crypto transactions with USD. The platform where users can buy and sell Bitcoin (BTC), Crypto.com, had recently announced this past week that bank transfers coming in and out of the exchange are now open to institutions. Institutional investors can send USD at any time through the payment gateways platform, the Silvergate Exchange Network. In more detail, institutions can transfer dollars straight from their bank accounts to Crypto.com and back without gas fees. Crypto.com had also stated that the feature enables their institutional clients to access all exchange markets.
The CEO of cryptocurrency trading platform Crypto.com, Kris Marszalek had stated that the feature has long been in high demand. He further explained that this is all part of the platform’s dream to increase wide spread adoption for cryptocurrency. The partnership between Crypto.com and Silvergate will provide users with an on/off solution for crypto-to-fiat transactions.
In other news, Crypto.com has also partnered with Circle, a stablecoin company that mints USDC, to provide USD transaction on the platform. Originally, Crypto.com worked with Circle to give institutional investors the ability to transact USD via deposits and withdrawals across over 60 countries. The two companies are known for collaborating in the past as they previously integrated USDC transfers in at least 30 countries.