After FTX, Matrixport Partners with Circle for Transfers with USDC Settlement

Matrixport, Asia’s largest crypto neobank, has announced its partnership with the leading payments provider Circle, to enable international bank transfers to Matrixport with immediate settlement in USDC.

As we had reported earlier, just a few days back, the large crypto exchange, FTX, had also announced its tie-up with Circle for handling the bank transfers and payments and settlement into USDC. Now, with Matrixport also following the same structure, it will be a big boost for Circle as well as USDC.

“We constantly strive to provide our customers with simple and effective ways of getting into the crypto investment landscape. Adding Circle to our payment infrastructure offers our users around the world a streamlined way to go from bank to crypto quickly and securely, relying on USDC as a core treasury and settlement infrastructure,” said Matrixport Co-founder and CEO John Ge.

The payments and transfers sent to Matrixport and settled in USDC can be used to buy/sell/trade cryptocurrencies like Bitcoin, Ethereum, Litecoin etc. The users will also be able to earn interest on their holdings.

“We have continued to see huge growth in the crypto sector and by partnering closely with Matrixport, this gives Circle a unique opportunity for reaching customers in Asia and around the world,” said Circle Co-founder and CEO Jeremy Allaire.

USDC is fast growing as a preferred stable coin that can be used by regulated entities. The stablecoin is also regulated and audited as well and it is ensured that it is fully fiat-backed which increases the trust in the cryptocurrency. It is fast emerging as a strong challenger to USD Tether (USDT) which has been the preferred stablecoin in the crypto world so far.

The crypto market crashed yesterday with billions being lost by the traders due to liquidation and thousands of traders being affected by the same. But the corporates continue to show renewed interest in cryptocurrencies and with their support and with regulators also stepping in to control the flow and the market, it would be interesting to see how the domain grows in the coming months.

So far, there have been no signs of any let-up in the interest shown by traders and financial firms and this further proves that the cryptocurrencies are here to stay. With more and more people using digital assets as a form of payment as well, it is only a matter of time before the mainstream adoption of these cryptos begins.