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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.
Updated Sep 14, 2021, 1:17 p.m. Published Jun 28, 2021, 11:43 a.m.
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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
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