With Crypto.com constantly striving to perfect its products and services to provide the best user experience, the crypto company recently unveiled a new feature for both its App and Exchange users to enjoy.
Since June 28, direct global USD deposits from bank accounts to Crypto.com’s App and Exchange have been enabled. This is made possible through the company’s partnership with Circle. Together, Crypto.com and Circle strive to address some of the barriers in the industry and facilitate fiat transfers in and out of crypto platforms through global USD deposits.
Users can now transfer USD from their bank account to Crypto.com App and Crypto.com Exchange and receive funds in USD Coin (USDC) at a 1:1 ratio. Furthermore, the ability to withdraw USDC and receive cash back in bank accounts will be made available in the future.
With global USD deposits, the transaction may take 3-6 business days to be reflected in a user’s USDC wallet. Furthermore, the steps to follow to set up USD global deposits on Crypto.com App and Crypto.com Exchange App are slightly different.
How to enable USDC bank transfers on Crypto.com App
For Crypto.com App users, in order to set up USDC bank transfers, you must perform the following steps:
- Go to your USDC wallet.
- Select ‘Transfer’ → ‘Deposit’ → Bank Transfer’
- Accept the Terms and Conditions.
- Enter your bank account information to connect your bank and USDC wallet.
- Provide the billing address that is linked to your bank account.
- Review the information you have entered.
How to enable USDC bank transfers on Crypto.com Exchange
For Crypto.com Exchange users, you must follow these instructions:
- To make bank deposits, you must first have a KYC-approved account.
- Log onto your Crypto.com Exchange account, and select the ‘Deposit’ button on your Dashboard.
- You will be redirected to the Spot Wallet page.
- On the Spot Wallet page, select USDC cryptocurrency and click ‘Deposit.’
- You will be presented with two deposit options:
- External Wallet Address
- Bank Transfer
- Select ‘Bank Transfer’ → ‘Next’
- Once you have selected ‘Next’, click on ‘Get Started.’
- You can then set up USDC bank transfers by following the bank account verification steps below:
- Provide the required bank information to connect your bank account and USDC Wallet.
- Provide the billing address linked to your bank account.
Which countries offer global USD deposits?
Once these steps have been completed, the application will be reviewed. A notification will be sent through the App informing the customer of the successful application. Once approved, the customer can now begin depositing USD to their Crypto.com account via a bank transfer, and receive USDC in return. This easy conversion of fiat to cryptocurrency is designed to address some of the barriers of transferring money in and out of crypto platforms. Additionally, it is important to note that although USD global deposits are enabled in 30 countries, it is not yet available in every region.
For Crypto.com App, this feature is enabled in some countries in Europe as well as Hong Kong and Singapore. For the complete list of available jurisdictions, please click here. For the complete list of regions in which global USD deposits on Crypto.com Exchange App are enabled, please refer to this link. Currently, this is the only way you can use fiat to buy cryptocurrency on Crypto.com App. Crypto.com does not charge a fee for USD deposits, but traditional banks may. To find out whether your bank charges a processing fee, please contact them.
Earn up to 14% p.a. on USDC deposits
With USDC interoperability now optimized on both Crypto.com App and the Exchange platform, users can benefit from the Crypto Earn feature with their USDC deposits. Crypto.com offers a competitive rate of up to 14% per annum on all stablecoin deposits. Depending on whether you choose to deposit your USDC for a 1-month period, a 3-month period, or a flexible deposit term, the interest rate gained will be different.
Additionally, Crypto.com Private users can benefit from an increased interest rate. Earnings will be paid out in the cryptocurrency you chose to deposit in. For example, if you choose to deposit in USDC, you will gain USDC at the weekly payout. It is important to note that the type of Visa card tier you hold on Crypto.com will affect the interest rate per annum you benefit from.
Crypto Earn is one of the most attractive features on Crypto.com App and Exchange. It enables users to maximize their earnings simply by holding cryptocurrencies on the platform. To begin earning interest on your cryptocurrency savings, head over to Crypto.com App today.
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