Digital Assets: Crypto.com Now Adds USD Fiat Withdrawals via Bank Transfers

April 23, 2020 | Digital Assets, News
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Crypto.com, which has world-beating plans, will allow this facility only to users in the U.S.

Crypto.com users can withdraw USD from their App by selling crypto to their USD fiat wallet. They can then transfer USD funds from this wallet to their U.S. bank account(s) on the Automated Clearing House (ACH) network. (FinanceMagnates)

“This is a frequently requested feature that further strengthens the utility of Crypto.com platform,” the cryptocurrency company wrote in a blog.

Crypto.com will not charge a fee for the conversion.

However, it qualified that the customer’s receiving bank account may levy certain charges. Also, the facility is only available to users in the U.S.

Customers must use Crypto.com App version iOS 3.54 / Android 3.54 or higher.

Crypto.com

Crypto.com launched in 2016. It offers a range of products aimed at growing the usage and adoption of cryptocurrencies. From being a provider of payment services and cards, it has recently added a crypto exchange (currently in beta mode.)

It currently offers its crypto app, MCO Visa card, and payment services.

Last year, in August, it secured a policy of as much as $100 million through a global insurance marketplace. The insurance will cover assets held by Crypto.com on behalf of its clients. It is a crime insurance product that offers protection against theft or direct loss of digital assets held in cold (offline) wallets.

Big plans for 2020

Co-founder and CEO Kris Marszalek announced in November that Crypto.com is working on making its crypto-compatible Visa card available all over the world.

About its proposed exchange, Marszalek said: “It will be easy for us to break into the top 10 exchanges in the next five years or so. We have a systematic way to grind our way to the top.”

Ultimately, Crypto.com aims to establish a crypto platform that will be the one-stop-shop for users to pay, buy, sell, trade, exchange and even fundraise.

Related Story:   Digital Assets: Insurance Market Evolving in Step With Growth of Cryptos                                                

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