By Shelly Melancon (Switzerland)
Crypto payment settlement provider, Crypto.com, has announced a new feature that enables its customers to make USD bank transactions.
The Circle-Crypto.Com Partnership Works Wonders
One main factor that made this new feature possible is the new agreement deal with Circle. Stablecoin issuer, Circle, will provide each user with a code that enables them to complete the transfer of their digital balances to USD on a one-to-one basis. Users can expect their transactions to be completed in less than 72 business hours.
The CEO of the payment settlement firm further reiterated that “our partnership with Circle enables our customers to complete their Crypto-USD transfers quickly and easily from their Crypto.com dashboard.” Crypto.com and Circle’s partnership was officially announced three months ago.
Crypto.com users can also complete their fiat-crypto transactions in Circle’s stablecoin – the USDC. Circle’s CEO opined that his company’s deal with Crypto.com is part of its efforts in ensuring a wider crypto adoption.
Evolution Of Crypto.Com
Before mid-year of 2018, Crypto.com was formerly known as Monaco. But it became known by its current name following a purchase of the domain name from professor Matt Blaze, a lecturer at the University of Pennsylvania.
At that time, Monaco was based in South Asia and became popular for realizing 75K Ether through an initial coin offering four years ago. It was also popular for offering a bitcoin credit card.
Also read:After completing its rebranding initiatives, the company refocused on running an exchange and seek valuable partnership deals with firms that can advance its mission. Some of their recent partnerships that have made headlines include a $120m deal with formula one and a $180m deal with the Ultimate Fighting Championship (UFC).
Novi Digital Wallet Secures US Licenses
While there has been no recent news regarding the development of Facebook’s native digital wallet, the work has been ongoing without public notice. Now, David Marcus is spilling the beans on what his FinTech section of Facebook has been up to so far. Marcus revealed that Facebook has had a consultative dialogue with policymakers from several countries and has received authorization from almost all US states.
Facebook’s Novi wallet ensures that individuals and small businesses have an effective means to move their money between various wallets quickly and affordably. Marcus also said, “Novi incorporates a solution for all the lapses observed in other digital wallets and even includes other notable functionalities to enhance the user experience.”
The Need For America To Take The Lead
Marcus reiterated the need for the US to be at the forefront of digital developments worldwide instead of allowing other developed countries such as China to take that shine. He also said that Novi would be accessible to millions of users globally as Facebook has such a global audience.
Marcus remarked that Novi would facilitate stablecoin interoperability and back fiat currency transactions. When asked about illegal money transactions, Marcus revealed that all Novi account holders would be mandated to complete a detailed client knowledge form when opening their accounts.
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