Prominent crypto exchange Crypto.com has announced a new partnership with Silvergate to expand banking-crypto solutions. Crypto.com revealed on Tuesday that its new partnership with the California state-chartered Bank is to allow institutional investors buy and sell crypto from the exchange using USD.
According to Crypto.com and Silvergate, bank transfers are now available for institutional clients on the exchange through Silvergate Exchange Network with no hidden fees. This implies that clients can send crypto using USD instantly 24/7 from any exchange available market in the world.
CEO Expresses Satisfaction with Silvergate Partnership
CEO of Crypto.com Kris Marszalek, said that the partnership with Silvergate is in line with the company’s vision to accelerate the transition of the world to cryptocurrency. Marszalek expressed satisfaction with the crypto bank, as it will bolster its on and off ramp solutions to institutional clients.
Before now, Crypto.com has been working towards enabling USD deposits and withdrawals on its exchange platform. The exchange has already partnered with Circle, issuer of the popular stablecoin USD Coin to offer USD deposits and withdrawals.
The exchange enabled transfers from their USDC wallets through USD bank transfers for institutional investors in over 60 countries via Circle in August. Before that, the exchange, through the same Circle, had provided USD deposits and USDC transfers in over 30 countries.
Since its rebranding in 2018, Crypto.com has focused on expanding crypto operations and securing partnership deals that will facilitate fiat/crypto withdrawals and deposits.
Silvergate and its Affiliation with the Cryptocurrency Industry
Undoubtedly, Silvergate’s affiliation with the crypto industry is one that has benefited the industry and contributed to the adoption of digital assets. It has been involved in several key projects since the start of 2021.
Even as 2021 draws to an end, the crypto-focused bank is still making some crypto moves, which is evident in its recent collaboration with Crypto.com. The bank helped to launch El Salvador’s BTC wallet Chivo, acting as the sole entity for executing USD transactions through Chivo.
In October, the bank provided Marathon Digital Holdings, a crypto mining company based in the United States, a $100M credit line. The mining firm obtained the line of credit from the bank to purchase BTC mining hardware and expand its mining activities.
The line of credit came as a result of Marathon’s impressive BTC production rate in the third quarter, with over 340 BTC mined in September, though the production follows the firm’s purchase of 26,000 ASIC mining machines and inflow of over 8,000 miners.
Silvergate is also the issuer of Facebook’s controversial and yet-to-be-launched digital currency Diem.
