Crypto.com, a Hong Kong-based cryptocurrency exchange platform, has added USD funding options through Silvergate Bank to give its institutional clients more choice as they manage their assets.
The move is the latest in Crypto.com’s efforts to onboard more banking partners, building on their recent integrations with other providers of on/off ramp solutions.
Additionally, the new integration expands the current collaboration between the crypto-friendly lender and Crypto.com which has joined the Silvergate Exchange Network (SEN) to enables its clients to deposit and withdraw US dollars from Silvergate accounts with no fees. The service is also a near real-time payments platform that enables users to send US dollars 24 hours a day, 7 days a week, 365 days a year.
Crypto.com joins crypto exchanges, miners, and custodians who benefit from the service that also offers leveraged trading options. Silvergate already counts major crypto exchanges ranging from Kraken to Coinbase as clients. However, Silvergate abruptly cut ties with crypto Binance back in July, but the developments didn’t impact Binance.US, the American affiliate exchange.
The product, which was first launched in 2017, also allows the bank’s customers to obtain US dollar loans collateralized by their bitcoin holdings at some crypto exchanges that Silvergate is currently serving. Dubbed ‘SEN Leverage,’ it uses Silvergate Exchange Network (SEN) to fund loans and process repayments in real-time 24 hours per day, seven days per week.
Kris Marszalek, Co-Founder and CEO of Crypto.com said, “We are excited to work with Silvergate to provide an additional fiat on/off ramp solution to our institutional clients. The solution is highly requested which will enable an even better trading experience in the Crypto.com Exchange. 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.”
Alan Lane, CEO of Silvergate, added: “We are pleased to welcome Crypto.com as a Silvergate customer and SEN participant. Their diverse and dedicated global user base and commitment to industry success helps to ensure further crypto adoption around the world.”
Crypto.com was founded in 2016 and its offering stands out as a one-stop shop for all crypto investors’ needs. It promises features such as deep liquidity and competitive trading fees, plus institution-grade security.
In one of its biggest brand marketing campaigns to date, Crypto.com partnered with Matt Damon to formally introduce the platform to consumers around the world.