As per the latest reports, Crypto.com has made a huge announcement for its users. The digital asset service and exchange provider has revealed that it has launched a new facility for its users. Crypto.com has announced that it has now made it possible for users to make withdrawals in the form of USD through bank transfers.
The digital asset service provider has revealed that with the help of the new service, users would be able to transfer money in USD in over 60 countries. This is yet another major announcement made by Crypto.com for the clients.
The announcement in regards to the withdrawal of funds in the form of USD has been made by Crypto.com on August 18, 2021. The firm has revealed that it has been able to make it possible for its clients by partnering with Circle. The firm has announced that partnering with Circle is going to prove very beneficial and advantageous for Crypto.com.
Partnering with Circle has made it possible for Crypto.com to provide its users with fiat functionality and the ability to make bank transfers in fiat currency.
This functionality is going to prove very beneficial for institutional clients/customers. With the new service, the clients would be able to withdraw their funds from USD Coin (USDC) wallet to banks in the form of USD. The functionality would allow the clients to withdraw USDC funds into USD at a 1:1 ratio.
This way, it would be a lot easier for the Crypto.com clients to transfer funds from their exchange wallets directly to the bank accounts.
According to Crypto.com, Circle would also ensure that the transfers are made providing the clients with full security and safety of funds. This is the reason why as soon as clients would initiate a transfer from Crypto.com wallet to bank account, Circle would come into action. A unique code will be generated and provided by Circle that the clients would need in order to complete the transfer.
Crypto.com has confirmed that following the addition of the new method, it would take around three businesses days for funds to transfer from Crypto.com to their respective bank account.
The co-founder and CEO of Crypto.com, Kris Marszalek has made the announcement around the launch of the new service. He has also provided detailed information around the USDC to USD conversion as well as the generation of the unique code by Circle.
It was back in June of 2021 when Crypto.com had announced that it had formed a new partnership with Circle. The firm had announced that the new partnership with Circle would allow its users to make transfers from USDC to USD while making bank transfers. The users would be able to do the same when they are making transfers from their bank accounts to Crypto.com wallets.
