Crypto.com Launches AED Fiat Wallet for UAE Users in Partnership with Standard Chartered
Crypto.com, a leading cryptocurrency exchange with over 100 million global users, has announced the launch of the AED Fiat Wallet for customers in the United Arab Emirates (UAE). This new product allows UAE users to trade cryptocurrencies more easily.
To use the AED Fiat Wallet, users must register with a UAE phone number. The wallet can be funded through bank transfers, enabling secure purchases of crypto assets without fees.
Tarik Erk, General Manager MEA at Crypto.com, stated that the wallet's introduction is supported by a partnership with Standard Chartered and the Virtual Assets Regulatory Authority (VARA), facilitating expansion in the UAE. The focus is on providing a seamless experience for deposits and withdrawals, enhancing user flexibility.
The AED Fiat Wallet allows fee-free AED deposits from bank accounts. Users can make minimum deposits of about AED 10, with a daily maximum limit of AED 4 million and a monthly cap of AED 40 million.
Crypto.com and the UAE Web3 Space
Earlier this year, Crypto.com received full operational approval from Dubai’s VARA, marking its entry into the UAE market and supporting its growth in the MENA region, which has seen increased adoption of web3 technology.
The UAE has attracted numerous web3 startups, including Chainlink (LINK), Binance, and Coinbase Global Inc (NASDAQ: COIN). The UAE government actively supports the cryptocurrency industry to enhance economic growth.
The launch of the AED Fiat Wallet is expected to positively impact the Cronos (CRO) token, the native token of the Crypto.com ecosystem, which has a fully diluted valuation of approximately $5.2 billion and a daily trading volume averaging $78 million.