• Crypto.com and Standard Chartered partner to launch Global Retail Services in Dubai, the latest hotspot of digital assets

•  Dubai’s Virtual Assets Regulatory Authority helps collaborate and assures crypto transaction security.

• Leveraging Standard Chartered’s global network, Crypto.com aims to expand its reach, demonstrating the importance of financial innovation in the evolving crypto landscape.

2024 will go down in history within the Crypto community as one of the highest points of digital assets. Crypto adoption has rapidly progressed thanks to the bull run, enlightening millions of organizations to seize the moment and expand their roots.

Innovators, investors, and even traditional banking solutions have focused on cryptocurrency. Amid this wave, Crypto.com, a renowned titan within the crypto industry, has sought to expand its services into the community and traditional banking.

According to the official report, in collaboration with Standard Chartered, the Singapore-based crypto exchange has officially launched its global retail services, allowing users and clients to access seamless deposit and withdrawal facilities provided by the organization’s vast network.

This article dives into the latest crypto adoption move the industry has taken.

Crypto.com Launches Global Retail Services with Standard Chartered Bank

One of the significant setbacks hindering the adoption of Web3 is the incompatibility between traditional financial services and digital assets.

The wave of innovation is steady and inevitable; Blockchain, AI, and Web3 have transformed the world into a new era, and those unable to adapt will be forced to suffer the same fate as gold and silver coins, an archaic system.

This forced many banking solutions to shift in a different direction, including the speed, reach, and security that crypto transactions offer without blockchain hurdles. Soon, banks and financial institutions utilized blockchain technology, building the bridge between Web 3 and transitional banking.

Standard Chartered is among the few banks that have made enormous strides in adopting blockchain technology. The bank has publicly recognized the importance and need to incorporate blockchain into our financial systems for reach and safety. The bank has taken several initiatives to propel the growth of crypto adoption.

Also, Read August’s Crypto Crisis: A Deep Dive into the Hacks Rocking the Digital Asset World.

For instance, Standard Chartered is the first Euro settlement bank to go live on Partior, the global unified ledger market infrastructure, integrating blockchain innovation directly into the bank’s payment systems.

In recent developments, Standard Chartered Bank has partnered with Crypto.com to launch a Global Services Initiative accessible via the crypto exchange’s applications, Crypto.com App.

As per the official announcement, the Global Retail Service will grant users access to streamlined and faster deposit and withdrawal services, improving the efficiency of crypto transactions.

This new feature will launch in the United Arab Emirates(UAE), granting access to high-end systems for buying, selling, and trading over 250 cryptocurrencies. The UAE has recently made significant strides with its crypto adoption rate.

The region has hosted numerous crypto events, such as the Blockchain and AI events, many more/. Thus, innovators have eyed the area within the past few months due to its growing crypto community. In addition, its region’s crypto ecosystems adhere to regulatory compliance, making it the hotspot of Web3.

New Features Await

The Singapore-based crypto exchange used this partnership to expand its services to other regions. Standard Chartered is a prominent bank with branches across the globe and an untapped market. The bank has provided Crypto.com with tailored payment and banking solutions for its global operations.

A Global Retail Services system requires substantial efficiency to penetrate the market. Thus, the bank provided near-real-time proof of depositing and withdrawals in various currencies, including USD, EUR, and AED. Dubai’s Virtual Aassets Regulatory Authority has supported the launch, bolstering a secure environment for growth.

However, this is no surprise, given that Crypto.com was one of the first platforms to receive full operational approval from Dubai’s VARA.

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Eric Anziani, President and COO of Crypto.com, said, “Working with Standard Chartered to launch our Global Retail Services is a huge milestone for us. It is a significant step forward in our global expansion plans. It enables our commitment to deliver a world-class customer experience while maintaining the highest levels of security and compliance. Being able to offer our global customers effortless fiat deposit and withdrawal capabilities is key to increasing adoption and reaching our vision of crypto in every wallet.”

Rola Abu Manneh, CEO of UAE, Middle East, and Pakistan for Standard Chartered, commented on the new partnership: “This collaboration closely aligns with the UAE’s National Agenda, which emphasizes innovation, economic diversification, and the growth of a knowledge-based economy. By providing cutting-edge solutions that meet customers’ evolving needs across the UAE and beyond, we contribute to the UAE’s vision of becoming a regional and international hub for digital assets.“

With the world’s attention on digital assets, more initiatives have been formed to integrate cryptocurrency into man’s day-to-day life. Despite the wave of crypto transactions, blockchain-based systems, and Web3 banking solutions, the industry still has a long way to go. Regulatory compliance is still a significant hindrance to its growth, but with such initiatives, digital assets may be the norm in the next few years.