Singapore-based cryptocurrency exchange Crypto.com is expanding its retail services arm with access to United States dollars, euros and United Arab Emirates dirham thanks to a partnership with Standard Chartered.
On Thursday (Aug, 29), Crypto.com announced its Dubai regional hub will manage the new retail services launched in 90 countries. Standard Chartered is a is a major multinational bank with over $800 billion in assets in its portfolio.
The centralized exchange’s president and COO Eric Anziani said:
“Not only is it a significant step forward in our global expansion plans, but also enables our commitment to delivering a world-class customer experience whilst maintaining the highest levels of security and compliance.”
Crypto.com’s new service will support seamless fiat deposits and withdrawals through the firm’s mobile application. The new capabilities will roll out next month for United Arab Emirates-based customers and will expand to other regions later.
Dubai has been attracting an increasing number of crypto businesses ever since the approval of the Virtual Assets Regulatory Authority regulatory regime in the Emirates back in 2022. Crypto.com acted fast and became among the first companies to receive regulatory approval to operate in the region.
The official website states, that the regulatory regime in question “is responsible for regulating and overseeing the provision, use, and exchange of virtual assets in and from the emirate of Dubai.” The registry shows that Crypto.com received its license to operate in the region on April 3.
The news follows recent reports that Tether — the company behind the leading stablecoin USDT — plans to launch a stablecoin tracking the price of the United Arab Emirates dirham. The firm promised that its newest stablecoin will “lead the way in seeking licensing under the UAE Central Bank’s recently announced Payment Token Services Regulation.”
Standard Chartered provides Crypto.com with banking and payment solutions to power the new features. Rola Abu Manneh, Standard Chartered’s CEO for the UAE, Middle East and Pakistan regions said:
“This collaboration closely aligns with the UAE’s National Agenda which emphasizes innovation, economic diversification, and the growth of a knowledge-based economy.”
The post Standard Chartered to power Crypto.com’s fiat services appeared first on ReadWrite.
