Crypto.com exchange will provide payment services under the Digital Payment Token services.
CryptoCom is a leading crypto exchange, which is known to promote its crypto services in the sports industry. Right now this exchange is standing at 16th rank in terms of 24 hours trade volume contributor globally.
On 22 June, CryptoCom announced through a press release that it received regulatory approval from the Monetary Authority of Singapore (MAS), which will allow the exchange to provide digital payment services under the Payment Services Act, including Digital Payment Token (DPT) services to customers in Singapore.
Earlier this exchange secured a provisional Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority (VARA) and also planning to launch its cryptocurrency exchange service in Dubai.
In April 202, Ravi Menon, MAS managing director said that city’s licensing process is stringent as it wants to be seen as a “responsible global crypto hub.”
In the same month, On The Run (OTR) is a Convenience store and gas station, which is active mainly in Australia and Victoria, was working with CryptoCom to accept crypto-based payment for its services like gas, snacks, and even a Subway foot-long.
CryptoCom provides highly secured crypto wallet service, which is popular in the crypto industry and also in the non-crypto industry among merchants because it allows convenient crypto payment services.
CryptoCom faced security breach
On 20 January, CryptoCom exchange confirmed through a blog post that the exchange faced a security breach, which resulted in a loss of $33.8 million worth of funds.
According to exchange, it faced a breach in its two-factor authentication system. When the exchange comes to know about the breach the exchange instantly introduced another security layer to prohibit any suspicious transactions.
Read also: Qatar Central Bank is now “in the foundation stage” to issue CBDC