Crypto.com partners with Silvergate to introduce USD deposits and withdrawals for institutional clients

• Crypto.com and Silvergate partner on global USD deposits and withdrawals.
• Crypto.com’s institutional clients will now be able to send USD from their bank accounts to the exchange, and vice versa.

Popular crypto exchange platform Crypto.com is collaborating with innovative financial infrastructure solutions provider Silvergate to commence USD deposits and withdrawals. Per the announcement on the 30th of November, the new relationship between Crypto.com and Silvergate will enable the exchange’s institutional client to deposit and withdraw US dollars. The announcement stated that Crypto.com’s institutional clients would be able to transfer USD from their traditional bank accounts to the exchange through Silvergate for free. Additionally, they will be able to send USD from the exchange to their bank accounts. 

Crypto.com and Silvergate partners on global USD deposits and withdrawals

Following the partnership between Crypto.com and Silvergate, the exchange’s customers will have access to the Silvergate Exchange Network (SEN). The SEN’s real-time payment platform enables the transfer of US dollars anytime. This feature will now be available to institutional clients anywhere across the globe where Crypto.com is available. 

Crypto.com’s CEO and founder, Kris Marszalek, expressed his excitement over the collaboration with Silvergate. He noted that the integration is an additional fiat on/off ramp solution to the exchange’s institutional investors. He added:

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.

Concluding his statement, Marszalek said the company looks forward to extending the new service to more customers. 

Similarly, Alan Lane, the CEO of Silvergate, the leading provider of innovative financial infrastructure solutions to the digital currency industry, also commented on the collaboration. Lane said:

We are pleased to welcome Crypto.com as a Silvergate customer and SEN participant. Their diverse and dedicated global user base and commitment to industry success helps to ensure further crypto adoption around the world.

Crypto.com increasing global user base

Just as Lane mentioned Crypto.com’s “global user base,” the exchange boasts of more than 10 million customers through its Crypto.com app and Visa card. Earlier this month, reports showed that the Crypto.com app was the most downloaded app on the US Google Play Store. On the 1st of November, the app was the most downloaded across all categories on the Play Store. The surge in downloads of the trading app came after the exchange launched an ad campaign featuring veteran actor Matt Damon. 

Read More: Crypto.com teams up with actor Matt Damon to bring safe water to the needy

Also, a survey by Crypto.com showed that crypto users globally have surged from 106 million to 221 million. Hence, the company launched an ad campaign to reach more users and expand its base. After the ad titled “Fortune Favor the Brave” went live, the app downloads on Google Play Store increased, exceeding TikTok. 

Crypto.com is a highly secured platform built on privacy and compliance. The company has more than 3,000 employees across its offices in America, Europe, and Asia.