In a groundbreaking collaboration, Singapore-based digital asset firms Crypto.com and Triple-A are set to revolutionize cryptocurrency transactions by enabling direct payments from users’ wallets. The new service aims to eliminate the need for multiple conversion steps, simplifying the process for consumers and merchants alike.
The partnership, announced on November 21, will initially target Singapore users, allowing them to shop with e-commerce brands and pay directly in cryptocurrencies. Triple-A will handle the conversion of digital currencies into dollars through instant bank settlements, ensuring smooth and secure transactions.
Streamlined Transactions for Crypto Users
Currently, Crypto.com users must withdraw digital assets from their wallets, convert them into fiat currency, and then pay merchants. The collaboration will replace this multi-step process with a seamless one-step transaction, eliminating conversion fees and saving time.
Triple-A Chief Executive Eric Barbier highlighted the advantages for merchants, stating, “With Crypto.com as an additional payment option, select merchants can accept crypto without exposure to volatility, thanks to our instant conversion model, and settle transactions in their preferred currency with next-day bank deposits.”
The service, expected to launch before the year’s end, will allow payments to merchants in fashion, luxury, travel, and gaming industries. Users of Crypto.com’s wallet will have access to over 250 tokens listed on the exchange, far exceeding the five currencies currently accepted by Triple-A’s other wallet services.
Expanding Reach and Market Potential
Initially available in Singapore, the service is slated to expand to other markets by the first quarter of 2025. Eventually, it will be accessible to Triple-A’s global network of 20,000 online merchants. This move aligns with Crypto.com’s vision of integrating cryptocurrency payments into everyday life.
Eric Anziani, President and Chief Operating Officer of Crypto.com, emphasized the user benefits, saying, “We’re pushing boundaries to integrate cryptocurrency into real-world scenarios. This partnership not only offers users a seamless shopping experience but also enables them to earn cashback rewards while spending cryptocurrencies.”
For merchants, the collaboration offers exposure to a growing base of cryptocurrency owners, now estimated at over half a billion globally. The instant conversion feature protects merchants from the volatility often associated with digital currencies.
Intensifying Competition in the Crypto Payments Space
With nearly a quarter of Singapore’s population holding cryptocurrencies, the demand for accessible payment options is on the rise. Companies like Triple-A and Crypto.com are competing to dominate this rapidly growing sector.
Triple-A recently added PayPal’s digital coin to its offerings and partnered with DCS Card Centre and ride-hailing operator Grab to further expand its footprint. Other players are also entering the space, such as Tada, a ride-hailing platform that allows passengers to pay with digital assets via the Telegram Mini App.
This collaboration between Crypto.com and Triple-A marks a significant step forward for the crypto payment industry, showcasing the potential of digital currencies in everyday transactions and setting the stage for further innovation.
