Crypto.com Introduces USD Deposits and Withdrawals With Silvergate

The cryptocurrency space has made it easier for people to send and receive money to any part of the world. As the market continues to grow, more innovations are coming up designed to make it faster and cheaper to move funds.

Crypto.com Partners With Silvergate Bank

Crypto.com, one of the leading crypto exchanges globally, has partnered with Silvergate, the leading provider of innovative financial infrastructure solutions to the digital currency industry. According to the press release, the two companies have introduced USD deposits and withdrawals to their institutional clients.

Silvergate is a Federal Reserve member bank and one of the top providers of innovative financial infrastructure solutions and services for the growing cryptocurrency industry. The bank leverages its tech-based platform and management team’s expertise to develop solutions for many of the largest fintech and crypto companies and investors globally.

Crypto.com said, “Through Silvergate, institutional clients can seamlessly transfer USD from their bank accounts to the exchange and vice versa, for free. Customers will get access to the Silvergate Exchange Network (SEN), which is a near-real-time payments platform that enables users to send U.S. dollars 24 hours a day, seven days a week, 365 days a year. The feature will be available to institutional clients in all exchange available markets.”

Thanks to this latest development, institutional clients on Crypto.com can send USD from their bank accounts to the exchange and vice versa, without any charges.

Kris Marszalek, Co-Founder and CEO of Crypto.com, commented that “We are excited to work with Silvergate to provide an additional fiat on/off ramp solution to our institutional clients. The solution is highly requested, which will enable an even better trading experience in the Crypto.com Exchange. Silvergate’s products and services bridge the gap from the traditional financial world to the crypto world, which supports our mission to ‘accelerate the world’s transition to cryptocurrency.’ We look forward to extending the service to more customers.”

The Cryptocurrency Space is Opening up for Investors

The crypto industry has seen similar deals over the past few months. Earlier this year, MoneyGram partnered with the Stellar Development Foundation to enable crypto payouts in local currencies for users in the United States. MoneyGram is using Circle’s USDC to settle payments and convert payouts to a user’s local currency. The payment company intends to expand the service to other parts of the world soon.

Earlier this month, Bitso is one of the leading crypto exchanges in Latin America, partnered with Circle to launch a new cross-border payment service between the United States and Mexico. Bitso Shift is using the USDC stablecoin to enable faster, cheaper and easier payments between Mexico and the US.

Crypto.com is one of the leading crypto exchanges and has been in the news lately. Earlier this month, Crypto.com secured a $700 million naming right to the famous Staples Center in Los Angeles. The arena is home to the NBA’s Los Angeles Lakers and LA Clippers and is now called the Crypto.com Arena. CRO was also listed on the Coinbase crypto exchange earlier this month.