Crypto.com, a leading cryptocurrency platform, has announced an expansion of its partnership with DBS Bank, the largest bank in Southeast Asia. The collaboration aims to enhance the deposit and withdrawal options for Crypto.com users in Singapore, allowing them to transfer SGD and USD more easily and efficiently. This partnership is a significant development for Crypto.com, as Singapore is the company’s headquarters and a critical hub for its growth strategy.
Through this partnership, Crypto.com users in Singapore will be able to use unique virtual accounts to deposit and withdraw SGD and USD, making transactions faster and more convenient. The new deposit and withdrawal capabilities are designed to strengthen Crypto.com’s regulated fiat payment offering, simplify access to its products and services for local users, and advance crypto adoption across Asia.
The partnership is also significant because it operates under the regulatory framework of the Monetary Authority of Singapore (MAS), ensuring that all transactions are secure and compliant with local regulations. According to Karl Mohan, EVP of Financial Services at Crypto.com, the new capabilities will enhance the overall user experience and provide a more seamless way for users to engage with the platform.
Chin Tah Ang, General Manager Singapore at Crypto.com, noted that working with DBS allows the company to expand its provision of seamless SGD and USD transfers for its users. This partnership is a testament to Crypto.com’s commitment to providing innovative and user-friendly services to its customers, while also ensuring regulatory compliance.
Overall, the expanded partnership between Crypto.com and DBS Bank is a positive development for the cryptocurrency industry in Singapore, and is expected to contribute to the growth of crypto adoption in the region. With its enhanced fiat payment capabilities, Crypto.com is well-positioned to continue to innovate and expand its services, providing a more seamless and convenient experience for its users.