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Crypto.com Joins With Circle to Enable USD Deposits for USDC
Users will be able to wire transfer their funds to Circle and receive USDC at a 1:1 conversion rate.
Crypto.com is introducing a way for clients to use fiat currency to buy crypto on its platform in partnership with Circle, the developer of the USDC stablecoin.
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- Users will be able to wire transfer their funds to Circle and receive USDC at a 1:1 conversion rate in their Crypto.com app.
- The function, which will be available in 30 countries, is the only way for clients to use fiat to buy crypto on the exchange.
- The process will take around three business days to complete, an announcement Monday said.
- The partnership is designed to address some of the barriers to transferring fiat into and out of crypto platforms.
- The ability to withdraw USDC and receive cash back in bank accounts will be available in the future.
Read more: Crypto.com Expands Institutional Reach With Fireblocks Integration
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
