Coinspeaker Crypto.com Partnered with Standard Chartered to Introduce AED Fiat Wallet for UAE Users
Crypto.com, a top-tier cryptocurrency exchange that has achieved more than 100 million global users under heavy regulations, has announced a new product for customers in the United Arab Emirates (UAE). According to the announcement, Crypto.com unveiled the AED Fiat Wallet for UAE users to easily trade cryptocurrencies.
To access the AED Fiat Wallet, Crypto.com users will need to have a UAE number to register an account and seamlessly trade different crypto assets. The AED Fiat Wallet accounts can be funded from bank transfers to allow users secure access to purchase crypto assets in a fee-free environment.
“This new wallet launch is made possible through our global banking partnership with Standard Chartered which we announced in August, alongside the ongoing and valued support of VARA, which enables us to continue our expansion across the UAE. We’re extremely focussed on offering our customers a seamless world-class experience and, at its very core, that includes ease of deposits and withdrawals – enabling our customers to interact with our products and services with as much flexibility as possible,” Tarik Erk, General Manager MEA at Crypto.com, noted.
The launch of the AED Fiat Wallet was facilitated by the recent partnership between Crypto.com and Standard Chartered alongside VARA, which enables us to continue our expansion across the UAE. As a result, the AED Fiat Wallet will significantly lower the barriers to entering into the crypto space.
Furthermore, all AED deposits made through bank accounts to the AED Fiat Wallet will be fee-free. Additionally, the minimum deposit for the AED Fiat Wallet will be about AED 10 per transaction and a maximum of AED 4 million per day or transaction, depending on which is reached first. Per month, the AED Fiat Wallet offers users a maximum of AED 40 million.
Crypto.com and the UAE Web3 Space
Earlier this year, Crypto.com announced that it received full operational approval from Dubai’s Virtual Assets Regulatory Authority (VARA). The entrance into the UAE market was crucial for the company’s bid to expand into the MENA region, which has significantly adopted the web3 industry in the recent past.
As Coinspeaker reported, the UAE has attracted more web3 startups led by Chainlink (LINK), Binance, and Coinbase Global Inc (NASDAQ: COIN). Furthermore, the UAE government has been a major supporter of the cryptocurrency industry, in a bid to boost its economic growth prospects.
The strategic launch of the AED Fiat Wallet will significantly boost the bullish prospects for the Cronos (CRO) token, which is the native token on the Crypto.com ecosystem. As of this report, CRO had a fully diluted valuation of about $5.2 billion and a daily average traded volume of about $78 million.
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Crypto.com Partnered with Standard Chartered to Introduce AED Fiat Wallet for UAE Users
