Big news from Crypto.com: the exchange has announced a deal with Circle, which will allow users to withdraw USD Coins (USDC) and transfer them directly into their bank account as US Dollars (USD).
This will all be done in one step, whereas normally the user would first have to convert stablecoins into dollars and then proceed with the transfer to their account.
After deposits, Crypto.com now also enables withdrawals in USDC
This service, according to the official announcement, will be available to all Crypto.com users, except for residents of the United States and Brazil. It is enough to have your bank account verified. Crypto.com does not charge any fees when withdrawing money, but the recipient’s bank might.
In the past few days, users have already started to instantly convert their USD deposits directly into a USDC. This feature is very convenient since over 50 cryptocurrencies are exchangeable with Circle’s stablecoin.
Crypto.com will support the London upgrade of Ethereum
USDC withdrawals and deposits are not the only new feature at Crypto.com. The other involves the Ethereum upgrade, London, which the exchange will support.
Rather than a fork, this will be an upgrade that will take effect at the 12,965,000 block. In order to support the introduction of London on Ethereum, Crypto.com will be suspending withdrawals and deposits of ETH and ERC20 tokens (thus including Tether and USDC stablecoins) for approximately two hours tomorrow, August 5.
Trading will continue as normal, but in the meantime, neither the app nor the exchange will be able to withdraw or deposit ETH.
The growth of Crypto.com
The exchange is experiencing vertical growth. Easy to use, Crypto.com is also getting noticed for its strategic partnerships in the world of sports.
We’ve seen it in Formula 1, Italian football and now the UFC.
It now has 1,500 employees and 10 million users worldwide.
Henrik Johansson, who has just been appointed Global Head of Growth, will now be responsible for further growth.
Coming from Spotify, his task is to increase the exchange’s current users tenfold. Henrik Johansson stated:
“Crypto.com is at the forefront of one of the most significant technological and financial platform developments since the widespread adoption of the Internet. I’m honored and very excited for the privilege to lead the Growth team as we accelerate the reach, scale and adoption of cryptocurrencies and other blockchain technologies worldwide”.
Kris Marszalek, CEO, added:
“Henrik is a rare talent, who has a deep understanding of growth, product and marketing. He has seen how these three disciplines interplay in a high growth environment: when he joined Spotify the platform had 36m users and it’s now at 360m+. Henrik’s target at Crypto.com is more aggressive: take us to 100m+ users in 2 years. I have full confidence that we will get it done as a team”.
The post Crypto.com allows USDC withdrawals in USD appeared first on The Cryptonomist.
