The digital asset exchange – CryptoCom – has partnered with Silvergate to enable USD deposits and withdrawals to the bank’s institutional customers.
The Collaboration with Silvergate
According to a press release seen by CryptoPotato, the feature is an additional on/off-ramp solution on the CryptoCom Exchange. Via Silvergate – a leading US bank – institutional clients can now transfer American dollars from their bank accounts to the trading venue and vice versa. The transactions are free of charge.
Users will also access the Silvergate Exchange Network (SEN) – a payment platform that enables customers to send USD 24/7, 365 days a year. The development is ready for employment in all exchange markets.
Kris Marszalek – Co-Founder and CEO of CryptoCom – said the firm initiated the move as clients have shown a growing interest in such services. In addition, he described Silvergate as a financial institution that fits well with his company’s vision:
“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.”
Silvergate’s Chief Executive Officer – Alan Lane – also aired his comments on the news:
“We are pleased to welcome CryptoCom as a Silvergate customer and SEN participant. Their diverse and dedicated global user base and commitment to industry success help to ensure further crypto adoption around the world.”
CryptoCom’s Recent Endeavors
Earlier this month, the digital asset platform launched Cronos Mainnet Beta. The project aimed to bring decentralized applications to the customer base of the CryptoCom ecosystem. It became the first Cosmos EVM chain for DeFi, NFTs, and Metaverse.
Shortly after, the trading venue entered the sports sector by becoming the official cryptocurrency partner of the NBA giant – Los Angeles Lakers – and the NHL’s – LA Kings. In addition, The Staples Center – home of the legendary basketball team – was renamed to CryptoCom Arena.
The exchange also became the first in its field to comply with SOC 2 (Service Organization Control) audit – a standard in traditional finance that verifies the trustworthiness of a firm’s information practices, policies, and operations.
This development certified CryptoCom as one of the leaders among exchanges in terms of security. The company that stood behind the audit was Deloitte – an international organization that provides consulting, tax, and advisory services to worldwide brands.