Crypto.com uses Circle API to initiate USD bank transfers in over 60 countries

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Crypto.com, a digital asset exchange and service provider, has launched U.S. dollar bank transfer withdrawals for institutional clients in more than 60 countries.

According to an Aug. 18 announcement, the extended fiat functionality for institutional account holders was made possible by its partnership with Circle.

Institutional clients can now withdraw dollars from their Crypto.com USD Coin (USDC) wallet via the bank on a 1: 1 basis using a unique code provided by Circle. Bank transfers should be processed within three business days. Kris Marszalek, CEO and Co-Founder of Crypto.com, said:

Our integration with Circle provides institutional clients with a robust and stable USD fiat on and off the Crypto.com exchange.

Crypto.com announced its partnership with Circle in late June, revealing that users of the Crypto.com app could transfer their USDC balances via U.S. dollar bank transfers, with the company leveraging the Circles APIs to speed up trust funds settled in Stablecoin circles.

Jeremy Allaire, co-founder and president of Circle, described the partnership as fueling the adoption of crypto globally.

Related: Coinbase Removes US Dollar Backed Claim for USDC Stablecoin

Crypto.com changed its name from Monaco in July 2018 after purchasing the domain www.crypto.com for $ 12 million from Professor Matt Blaze at the University of Pennsylvania. At the time, Hong Kong-based Monaco was known to have collected 70,000 Ether in an initial coin offering in June 2017 and a prepaid Bitcoin Visa debit card.

Since the rebranding, the company has focused on operating its exchange and aggressively pursued marketing partnerships, including a $ 175 million sponsorship deal with top mixed martial arts promotion, Ultimate Fighting Championship, and an estimated $ 100 million global deal with leading motorsport organization Formula 1.

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