Key Points
- Crypto.com is launching global retail services, enabling seamless fiat deposits and withdrawals for users in over 90 countries, powered by Standard Chartered and Dubai’s regulatory framework.
- The service will initially roll out to UAE customers, offering access to over 250 cryptocurrencies, before expanding globally, marking a significant step in Crypto.com’s international growth strategy.
Dubai Emerges as Crypto Hub for Global Expansion
In a move that underscores Dubai’s growing importance in the cryptocurrency landscape, Crypto.com has announced the launch of its global retail services from its regional hub in the Emirates. This strategic expansion, set to begin next month, will initially cater to customers in the UAE before progressively rolling out to users in more than 90 countries worldwide.
The new services, powered by a partnership with Standard Chartered, will allow users to make deposits and withdrawals in USD, EUR, and AED through the Crypto.com App. This development promises to significantly enhance the user experience by streamlining the process of switching between fiat currencies and cryptocurrencies.
Standard Chartered Partnership Bolsters Financial Infrastructure
Crypto.com’s collaboration with Standard Chartered is at the heart of this expansion, bringing traditional banking muscle to the cryptocurrency platform. Standard Chartered will provide banking and payment solutions for Crypto.com’s client money accounts, enabling near-real-time transaction processing.
Rola Abu Manneh, CEO of Standard Chartered for UAE, Middle East, and Pakistan, emphasized the alignment of this partnership with the UAE’s National Agenda, highlighting the country’s focus on innovation and economic diversification. This collaboration is positioned as a step towards establishing the UAE as a regional and international hub for digital assets.
Regulatory Compliance and Future Outlook
Crypto.com’s expansion follows its receipt of full operational approval from Dubai’s Virtual Assets Regulatory Authority (VARA), reinforcing the platform’s commitment to regulatory compliance. This approval, coupled with the launch of the Crypto.com Exchange for institutional investors earlier this year, sets the stage for significant growth in the region.
Eric Anziani, President and COO of Crypto.com, described the launch as a “huge milestone” in the company’s global expansion plans. He emphasized the importance of offering effortless fiat deposit and withdrawal capabilities in increasing crypto adoption and realizing the vision of “crypto in every wallet.”
As Crypto.com continues to expand its services globally, this move from its Dubai hub signals a new chapter in the platform’s growth story. Further, it cements Dubai’s position as a key player in the global cryptocurrency ecosystem.
