Crypto.com is sharpening its weapons to expand its territory into the institutional markets. The platform is partnering with a reputable crypto-friendly bank to facilitate dollar deposits and withdrawals for institutions.
Crypto.com and Silvergate: direct deposit and withdrawal in US dollars
On September 30, 2021, Crypto.com announced in a press release, a collaboration with Silvergate Bank, to allow its institutional customers to make direct deposits and withdrawals in US dollars. Crypto.com’s institutional clients can now access the near-instant payment platform, the Silvergate Exchange Network, to transfer dollars between their bank accounts and the exchange at any time and at no cost.
A spokesperson for Crypto.com said, “This should be the first time we have direct USD deposits.” The platform had already partnered with Circle in June 2021 to facilitate dollar withdrawals for its customers, but the transactions involved USD coin to USD transactions. They could deposit dollars credited in USD coin at a 1:1 ratio on the platform, and make withdrawals in USDC to have the equivalent amount in their bank account.
Silvergate Bank is particularly active in the cryptosphere. It is the issuer and manages the reserve of Facebook’s upcoming Diem USD stablecoin. It also participated in the launch of El Salvador’s Chivo bitcoin wallet, facilitating the wallet’s US dollar transactions.
Crypto.com goes institutional: a look back at the partnership with Fireblocks
Crypto.com continues its efforts to develop its portfolio of institutional clients. The platform had announced in June its partnership with Fireblocks, “the largest and most active digital asset transfer network for institutions”.
For Fireblocks CEO Michael Shaulov, the network enables more secure and seamless transfers of digital assets for institutional clients, while discovering the cryptosphere:
“The Fireblocks network not only provides a more secure and transparent way to transfer assets, but also serves as a place of discovery for the most active institutional participants in the digital asset space.”
The Fireblocks network is used by over 400 institutions moving their digital assets, across and between 30 of the largest exchanges such as Binance, Bitfinex, Coinbase, FTX.
Institutions are increasingly becoming the preferred target customers for crypto companies or projects. Crypto.com is strengthening its arguments to win the hearts of institutional customers, but it is not alone. Ethereum (ETH) wallet MetaMask is also doing the same to attract banks and institutions.