Crypto.com and Triple-A join hands to enable direct crypto payments

SINGAPORE – Two Singapore-based digital asset firms will soon enable direct payments in cryptocurrencies from users’ wallets, in a collaboration that shortens the transaction to a one-step process.

Exchange Crypto.com and digital asset payment firm Triple-A said on Nov 21 that they are tying up to use the latter’s transaction settlement services to allow Singapore users to shop at e-commerce brands and pay directly with cryptocurrencies.

This can be done as Triple-A converts digital currencies into dollars with instant bank settlements.

Currently, users of the exchange have to withdraw the digital currency from their wallets and convert it into fiat money before paying Triple-A’s merchants.

With the collaboration, payments to online retailers in the fashion, luxury, travel and gaming industries will be made through the exchange’s wallet without conversion.

This simplifies transactions by removing conversion fees and reducing the payment process to a single step. The service is expected to be available before the end of the year.

Triple-A told The Straits Times that consumers who pay through any other crypto wallet at its merchants can do so with five digital currencies – Bitcoin, Ether, Tether (USDT), USD Coin and PayPal USD.

However, if they pay through Crypto.com’s wallet, they will have access to tokens listed on the exchange. There are more than 250 tokens available on the platform.

The firms said the partnership starts with Singapore users, with plans to extend the service to other markets in the first quarter of 2025.

This service will eventually be available to most of Triple-A’s global network of 20,000 online merchants.

For the merchants, they get access to a growing number of shoppers who own cryptocurrencies and want to pay with digital assets.

In addition, the merchants are shielded from cryptocurrency volatility and benefit from next-day settlements in their local currency – without having to hold, manage or report digital assets.

Triple-A chief executive Eric Barbier said the collaboration optimises the digital currency payment process for merchants. “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.”

Mr Eric Anziani, who is president and chief operating officer of Crypto.com, said the exchange is looking to push boundaries in integrating cryptocurrency payments into real-world scenarios.

He said the tie-up offers users a seamless shopping experience and a chance to earn cashback rewards while spending cryptocurrencies.

The partnership underscores growing competition in the payments sector. In Singapore, about a quarter of the population holds digital currencies, while there are over half a billion cryptocurrency owners globally.

With the crypto sector expected to expand here and globally, market players have been jostling to get a slice of the pie. For instance, Triple-A has added American company PayPal’s digital coin to its offerings as it expands its reach in the US and globally. The crypto payment firm also has partnerships with DCS Card Centre and ride-hailing operator Grab.

Other companies are also making strides. For example, ride-hailing platform Tada partnered The Open Network Foundation to allow passengers to pay for their rides with digital assets via the Telegram Mini App.