Major cryptocurrency exchange Crypto.com continues expanding its crypto on-ram and off-ramp solutions with a new partnership with the California state-chartered bank Silvergate.
Crypto.com announced on Tuesday that it is working with Silvergate to allow institutional clients to deposit and withdraw from the exchange using the U.S. dollar (USD).
According to the announcement, bank transfers to and from the Crypto.com exchange are now available for institutional investors. With the help of Silvergate, institutional clients can transfer USD directly between their bank accounts and Crypto.com with no fees.
The new feature is enabled through the Silvergate Exchange Network, a payments platform enabling users to instantly send U.S. dollars at any time of the day. The feature will be available to institutional clients in all exchange available markets, the announcement notes.
Crypto.com co-founder and CEO Kris Marszalek said that the new feature is “highly requested” and supports the company’s vision of accelerating the world’s transition to cryptocurrency. “We are excited to work with Silvergate to provide an additional fiat on/off ramp solution to our institutional clients,” he added.
"This should be the first time we have direct USD deposits," a spokesperson for Crypto.com told Cointelegraph, adding that previous integrations with Circle enabled deposits and withdrawals via transactions between USD and the USD Coin (UDSC) stablecoin.
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.
Silvergate is a crypto-focused bank known as the issuer of Facebook’s not-yet-launched digital currency Diem USD and the manager of its reserve. The bank also assisted the launch of El Salvador’s government-backed Bitcoin (BTC) wallet Chivo, acting as a responsible entity for facilitating Chivo’s U.S. dollar transactions.