Key Highlights
- Crypto.com has partnered with DBS to expand Singapore dollar (SGD) and U.S. dollar (USD) deposits and withdrawals in Singapore.
- DBS will provide virtual accounts to enable faster and simpler transfers through the Crypto.com app.
- Karl Mohan said the expansion will improve the app experience and support crypto adoption in the region.
Singapore based cryptocurrency exchange Crypto.com has strengthened its payment options in Singapore through a new partnership with DBS Bank, the largest bank in Southeast Asia by assets.
The integration enables users to make both Singapore dollar (SGD) and U.S. dollar (USD) deposits and withdrawals, in addition to the platform’s current partnership with Standard Chartered.
Through the Crypto.com partnership, DBS will enable the opening of virtual customer accounts for Crypto.com, which will facilitate easier and faster SGD and USD transfers via the exchange’s app. This arrangement will provide users with a variety of ways to transfer money without depending on one bank and will enable faster settlement of transactions compared to working with banks.
Karl Mohan, EVP of Financial Services and General Manager International at Crypto.com, emphasized that the expansion “will enhance the Crypto.com App experience for Singapore customers, making it easier for them to interact with our products and services, and represents another important step in accelerating crypto adoption across the region.”
“Singapore is home to Crypto.com’s regional headquarters, and partnering with the country’s largest bank, DBS, allows us to expand our provision of seamless SGD and USD transfers for our users,” said Chin Tah Ang, General Manager Singapore of Crypto.com.
Although transaction limits and fees for the new payment routes were not provided, the development is still significant. It demonstrates the exchange’s ongoing efforts to make fiat-to-crypto transactions more accessible in the region.
Recent market developments
DBS has been involved in the cryptocurrency industry and working on increasing access to crypto-assets for institutions. Last month, JPMorgan and DBS collaborated for a digital platform, which enables the flow of tokenized deposits from one blockchain network to another. This platform integrates the Kinexys platform of JPMorgan with the DBS Token Services. It enables the customers of the institutional banks to make payments 24/7.
During the same period, there have been important developments in the prediction markets. Crypto.com partnered with ERShares and Signal Markets to develop a platform that will give real-time information about economic trends, financial markets, the digital currency market, and company trends.
At the same time, Kalshi also sued the New York State Gaming Commission regarding an order to stop its contracts on sports events. Kalshi claims its markets are regulated by the Commodity Futures Trading Commission (CFTC) in Washington, D.C., reflecting a rift between states and the federal government regarding regulation of prediction markets.
