Crypto.com Launches Global Retail Services for a New Era of Cryptocurrency Transactions
Crypto.com has officially launched its global retail services, marking a significant leap in its mission to streamline cryptocurrency transactions for millions of users.
This new initiative, unveiled on August 29, 2024, extends deposit and withdrawal facilities across over 90 countries, allowing users to manage their crypto assets with unprecedented ease and efficiency through the Crypto.com App.
The launch represents a transformative enhancement in the way users interact with their digital currencies, promising a more seamless experience for both novice and seasoned crypto enthusiasts.
Dubai: The Central Hub for Crypto Expansion
The expansion of Crypto.com’s global retail services is anchored in Dubai, which serves as the company’s regional hub.
This strategic location benefits from the robust regulatory framework established by Dubai’s Virtual Assets Regulatory Authority (VARA).
This regulatory environment is designed to foster secure and compliant growth in the digital asset sector, providing a solid foundation for Crypto.com's ambitious plans.
Standard Chartered Bank plays a crucial role in this expansion, offering banking solutions that facilitate near-real-time processing of deposits and withdrawals in major currencies, including USD, EUR, and AED.
Rola Abu Manneh, CEO of Standard Chartered UAE, Middle East, and Pakistan, highlighted the alignment of this partnership with the UAE’s National Agenda, which prioritises innovation and economic diversification.
UAE Launch and Global Rollout
The new global retail services will initially be available to users in the United Arab Emirates starting next month.
UAE customers will gain access to Crypto.com's comprehensive suite of retail products and services through the app, including the ability to trade over 250 cryptocurrencies.
The launch in the UAE will serve as a pilot for Crypto.com’s broader rollout strategy, with plans to extend these services to a global audience in the coming months.
This phased approach ensures that the company can scale its operations effectively while maintaining high standards of service and security.
Strengthening Compliance and Security
The launch of Crypto.com’s retail services is part of a broader strategy to enhance its global footprint while adhering to stringent regulatory standards.
In April 2024, Crypto.com received full operational approval from Dubai’s VARA, a milestone that solidified its position as a key player in the regional crypto landscape.
This approval was crucial for establishing the Dubai hub, known for its rigorous consumer protection regulations, including mandatory improvements in advertisement clarity and secure licensing requirements for crypto entities.
The company has also made strides in global regulatory compliance, securing licences in the Netherlands, Spain, France, and the UK.
Crypto.com’s Broader Impact and Partnerships
The global retail services launch follows several notable achievements for Crypto.com.
The company recently became the first crypto platform to secure an exclusive partnership with the UEFA Champions League, a move that significantly boosts its visibility and engagement with a global sports audience.
This partnership not only enhances Crypto.com's brand recognition but also contributes to raising awareness and adoption of cryptocurrency among mainstream consumers.
In addition to the UEFA Champions League partnership, Crypto.com has expanded its reach through other strategic moves, such as launching a specialised trading platform in Korea and partnering with Brazil’s BTG Pactual to improve banking services in Latin America.
These initiatives underscore Crypto.com’s commitment to enhancing its global presence and offering robust financial solutions to its users.
The Future of Crypto Transactions: Bridging Global and Local Markets
Eric Anziani, President and COO of Crypto.com, emphasised the significance of the partnership with Standard Chartered, describing it as a major milestone in the company's global expansion efforts.
“Working with Standard Chartered to launch our global retail services is a huge milestone for us. 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.”
This collaboration is poised to make cryptocurrency transactions more accessible and efficient, furthering Crypto.com’s vision of having cryptocurrency in every wallet.
Karl Mohan, Global Head of Banking Partnerships and General Manager of MEA and APAC at Crypto.com, echoed the sentiment, noting that the partnership with Standard Chartered enhances customer confidence and simplifies transactions.
“This partnership with Standard Chartered Bank gives customers [...] confidence from a globally recognised and trusted brand. These partnerships increase trust in the industry and make transacting easier for customers.”
Through these developments, Crypto.com is not only expanding its service offerings but also reinforcing its role as a leader in the global cryptocurrency ecosystem.
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