- Users will fund their wallets using EUR bank transfers.
- The transfers will be facilitated through the International Bank Account Number (IBAN).
- Crypto.com plan to extend their service to users in other parts of the world.
Payment and cryptocurrency platform crypto.com will now allow users to fund their wallets using EUR bank transfers from accounts in the Single Euro Payments Area (SEPA). It will allow users to fund their wallets using bank transfers besides debit and credit card payments.
Crypto Linked Bank Accounts
The development hails a new era in crypto-based transactions as it connects the user’s own bank accounts with their cryptocurrencies. The initiative confirms Crypto.com’s vision to expedite the world’s transition to digital currencies and bridging those two worlds is an important step.
The announcement further added that the transfers will be free-of-charge, which even makes it easier for users to make payments using cryptocurrencies and to op their soon-to-be-released MCO Visa card. They will facilitate bank transfers through the International Bank Account Number (IBAN) for all accounts in the European Economic Area (EEA). The CEO and Co-founder of Crypto.com Kris Marszalek, said:
“As we seek ways to bring the best, next-generation solutions to market, the addition of bank transfers using IBANs is a significant step forward as this connects users’ traditional banking accounts to their digital money […] with Crypto.com’s vision to speed up the world’s transition to cryptocurrency.”
The International Bank Account Number (IBAN) is a global system that’s used for identifying bank accounts across national borders and facilitates cross-border transactions. The European Committee for Banking Standards (ECBS originally adopted IBAN) and its numbering system is in use in 69 countries.
They will assign crypto.com users IBAN account numbers in their wallet Apps and the EUR account numbers will be applicable in any country within the Single Euro Payments Area. All the traditional payments normally executed by traditional banks including their salaries will now be payable via the customers’ Crypto.com IBAN accounts.
Integration with non-SEPA Bank Accounts on the Cusp
The European countries within the Single Euro Payments Area where the IBAN account can be opened include Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland and the United Kingdom.
The function will be unveiled in stages to all accounts within the EEA and Crypto.com plans to extend their service to users in other parts of the world in a little while. The statement added:
“Our team is also working to extend this feature to users with non-SEPA bank accounts across the globe. Stay tuned for more updates.”
Crypto.com is a Hong Kong-based payment and cryptocurrency platform that seeks to speed up the world’s transition to digital currencies.