Update Aug. 29, 08:05 am UTC: This article has been updated to make a name correction.
Crypto.com, a cryptocurrency exchange based in Singapore, has launched new global retail services in partnership with Standard Chartered Bank to offer customers United States dollars, euro and United Arab Emirates dirham options.
According to information shared with Cointelegraph, the services will enable users in over 90 countries to deposit and withdraw the aforementioned fiat currencies via the Crypto.com app.
Speaking with Cointelegraph, Karl Mohan, global head of banking partnerships and general manager of MEA and APAC at Crypto.com, explained that the partnership is a “win-win situation.”
“This partnership with Standard Chartered Bank gives customers [...] confidence from a globally recognized and trusted brand. These partnerships increase trust in the industry and make transacting easier for customers.”
Related: Crypto.com becomes official UEFA Champions League partner
Partnership expansion details
The new global services will initially be available to customers in the UAE, but the exchange plans to gradually extend these services over time.
According to the press release, the expansion is “powered” by Standard Chartered Bank and supported by Dubai’s Virtual Assets Regulatory Authority (VARA) regulatory framework.
Eric Anziani, president and chief operating officer at Crypto.com, explained that the partnership is a “huge milestone” for the firm.
“Being able to offer our global customers effortless fiat deposit and withdrawal capabilities is key to increasing adoption and reaching our vision of crypto in every wallet.”
Related: Prosecutor demands jail for Crypto.com user who received $6.8M by mistake
Dubai hub for VARA framework
Crypto.com’s new global retail services will be offered via the firm’s “regional hub in Dubai,” located in the UAE — a region considered one of the strictest in consumer protection.
In 2022, Dubai’s VARA regulatory framework made it mandatory for marketers and promoters to provide improved advertisement clarity to ensure better consumer protection.
In 2023, the UAE established a new federal law to ensure entities engaged in crypto activities secure a license and approval from the regulator or face heavy sanctions.
Related: Crypto.com surpasses Coinbase in trading volume as institutional demand grows
Crypto.com becomes UEFA Champions League partner
On Aug. 14, Crypto.com became the first crypto platform to land an exclusive partnership with the UEFA Champions League.
The partnership involves the crypto exchange becoming an official global sponsor of the UEFA Champions League and allows the firm to connect with sports fans globally.
The partnership’s implications can extend beyond sponsorship and have the potential to raise crypto awareness among mainstream adopters.
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