Crypto.com Taps Silvergate to Attract Institutional Market
Institutions can now transfer funds to and from Crypto.com for free.
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Crypto.com is working with Silvergate to introduce fiat deposits and withdrawals for its institutional clients.
Crypto.com Onboards Institutions
Crypto.com is making it easier for institutions to enter crypto.
The exchange announced a new partnership with financial infrastructure solutions provider Silvergate Tuesday, enabling institutions to deposit and withdraw U.S. dollars funds from their bank accounts.
Crypto.com’s clients will now have access to the Silvergate Exchange Network, a near-real-time payments platform that lets users transfer U.S. dollars at any time free of charge. The new feature will be available to institutional clients in all of the exchange’s available markets.
Kris Marszalek, the co-founder and CEO of Crypto.com, said of the partnership:
“Silvergate’s products and services bridge the gap from the traditional financial world to the crypto world, which supports our mission to ‘accelerate the world’s transition to cryptocurrency.’ We look forward to extending the service to more customers.”
The Silvergate partnership is the latest in a long list of developments as Crypto.com eyes mainstream adoption. In October, the firm kicked off a $100 million advertising campaign that featured the Oscar-winning actor Matt Damon and the tagline “Fortune Favours the Brave.” The firm also announced it had signed a $700 million deal to acquire naming rights to the Staples Center, the home venue of both the LA Lakers and LA Kings. It’s set to be renamed the Crypto.com Arena for the next 20 years.
Last week, meanwhile, Crypto.com became the first exchange to successfully complete a Service Organization Control (SOC) 2 Audit, affirming that Crypto.com’s security practices, policies, and procedures meet all SOC 2 standards. The successful SOC 2 audit could make investing in cryptocurrencies through Crypto.com more appealing for institutions. Additionally, today’s Silvergate partnership should make onboarding easier, further removing barriers for institutional cryptocurrency adoption.
Disclosure: At the time of writing this feature, the author owned BTC, ETH, and several other cryptocurrencies.