Major cryptocurrency exchange Crypto.com continues to expand its in-memory and out-of-memory crypto solutions through a new partnership with California-based bank Silvergate.
Crypto.com announced on Tuesday that it is working with Silvergate to allow institutional clients to deposit and withdraw money from the stock market using United States dollars (USD).
According to the announcement, wire transfers to and from Crypto.com are now available to institutional investors. With Silvergate, Institutional Clients can transfer USD between their bank accounts and Crypto.com for free.
The new feature is available on the Silvergate Exchange Network, a payment platform that allows users to send USD instantly at any time of the day. According to the announcement, the vacancy will be available to institutional clients on all available exchanges on the exchange.
Crypto.com co-founder and CEO Chris Marsalek said the new feature is “in high demand” and supports the company’s vision of accelerating the world’s transition to cryptocurrency. “We are delighted to partner with Silverjet to provide our institutional clients with a complementary entry / exit solution,” he added.
As previously reported, Crypto.com has worked with a fixed dollar (USDC) currency circle to enable USD deposits and withdrawals on the platform.
Crypto.com launched USD bank transfer withdrawals for institutional clients in over 60 countries through the Circle API in August. Oslo Poor’s previously partnered with Circle to make USD deposits and USD transfers for users in over 30 countries.
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Silvergate is a cryptocurrency-focused bank known as the issuer of Facebook’s yet-to-be-launched digital currency Diem USD and its reserve manager. The bank also helped launch the government-sponsored Chivo Wallet (BTC) in El Salvador, which acted as the person in charge to facilitate Chivo’s USD transactions.