A money collaboration – Crypto.com is sharpening its weapons to expand its territory in the institutional markets. The platform thus establishes a partnership with a reputable bank compatible with cryptocurrenciesto facilitate dollar deposits and withdrawals for institutions.
On November 30, 2021, Crypto.com announces in a press release, a collaboration with the bank Silvergate, in order to allow its institutional clients to carry out direct deposits and withdrawals in US dollars. Institutional clients of Crypto.com can now access the near-instant payment platform, the Silvergate Exchange Network, to transfer at any time and free of chargedollars between their bank accounts and the stock market.
A spokesperson for Crypto.com said that “this should be the first time we have direct USD deposits.” The platform had already entered into a partnership with Circle in June 2021, to facilitate dollar withdrawals for its customers, but the operations involved transactions between the USD coin and the dollar. The latter could deposit dollars credited in USD coin at the ratio 1:1 on the platform, and make withdrawals in USDC to have the equivalent amount in their bank account.
Silvergate bank is particularly active in the cryptosphere. It is the issuer and manages the reserve of the future stablecoin Diem USD of Facebook. She was also involved in the launch of El Salvador’s Chivo bitcoin wallet, facilitating the wallet’s US dollar transactions.
Crypto.com continues its actions to develop its portfolio of institutional clients. The platform announced in June its partnership with Fireblocks“the largest and most active digital asset transfer network for institutions”.
For Fireblocks CEO Michael Shaulov, the network enables more secure and transparent transfers of digital assets for institutional clients, while discovering the cryptosphere:
“The Fireblocks network not only provides a safer and more transparent way to transfer assets, but also serves as a place of discovery for the most active institutional participants in the digital asset space”
Fireblocks network is used by more than 400 institutions who move their digital assets, through and between 30 of the biggest exchanges like Binance, Bitfinex, Coinbase, FTX.
Institutions are increasingly becoming the preferred target customers of crypto companies or projects. Crypto.com is beefing up its case for winning the hearts of institutional clients, but it’s not alone. The Ethereum (ETH) wallet MetaMask also does the same to attract banks and institutions.
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