The digital currency payment card service provider, Crypto.com, on Thursday, November 9th announced that the company had added a new withdrawal method to their platform. The Hong Kong based payment provider’s users can now withdraw funds in, fiat currency, through a freshly integrated Fiat Wallet. The newly added function supports a total of 21 global currencies.
Working in collaboration with an unnamed partner – in response to a growing public outcry for international bank transfers – Crypto.com now allows it’s global user base to sell their crypto assets for fiat, and then withdraw said fiat from the platform’s Fiat Wallet – directly to their personal banking accounts. The fiat withdrawal feature currently supports AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, NOK, NZD, PLN, RON, SEK, SGD, USD, ZAR national currencies, adding more utility to the platform. They have not indicated whether or not more currencies will be added in future.
Crypto.com will not charge a fee for the withdrawal service, but the user’s receiving bank, as well as intermediary banks will all be lined up to take their cut (as is their custom). Fees will vary from jurisdiction to jurisdiction, and users will receive their funds, minus the deducted fees. Readers should also note that only users falling within Crypto.com’s service partner’s jurisdiction will see all 21 currencies in the fiat withdrawal option. The fiat withdrawal option will also require users to upgrade to the latest version on the Crypto.com app.
Users who wish to make use of the fiat withdrawal function, will first be required to set it up. Setting up entails a corresponding fiat deposit (one time only, per currency), to Crypto.com, by way of International Bank Transfer. After which, the fiat withdrawal option will appear in the platform’s Sell Crypto drawer.
This news comes a day after the payment firm let the public know that it’s US customers could now top their MCO cards up. using stablecoins, Tether and PAX.
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