Crypto.com exchange announced integration with Silvergate, the leading provider of innovative financial solutions to the digital industry.
Partnership
According to the press release, the two companies have introduced USD deposits and withdrawals to their institutional clients. The Silvergate integration offers an additional on- and off-ramp solution for Institutional clients. To transfer USD from their bank accounts to Crypto.com Exchange and vice versa, for free.
Crypto.com launched withdrawals through USD bank transfers for institutional clients across more than 60 countries via Circle API in August. The exchange previously partnered with Circle to enable USD deposits and USDC transfers for users in more than 30 countries.
Crypto.com 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.
By the way shares of Silvergate Capital (NYSE: SI) rose as much as 7% on Wednesday. All due to a rosy review from analysts at Morgan Stanley. The stock closed the trading session with a 6.5% gain.
Quotes
Crypto.com said: “Through Silvergate, institutional clients can seamlessly transfer USD from their bank accounts to the exchange and vice versa, for free. Customers will get access to the Silvergate Exchange Network (SEN), which is a near-real-time payments platform that enables users to send U.S. dollars 24 hours a day, seven days a week, 365 days a year. The feature will be available to institutional clients in all exchange available markets.”
Kris Marszalek, Co-Founder and CEO of Crypto.com, commented: “We are excited to work with Silvergate to provide an additional fiat on/off ramp solution to our institutional clients. 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.’ We look forward to extending the service to more customers.”
