Matrixport, Asia’s largest crypto neobank has partnered with global financial technology company Circle to enable international bank wire transfers to Matrixport accounts, with automatic settlement in USD Coin (USDC).
Funds settled in USDC can be used for crypto investment and trading. Matrixport allows investors to purchase Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and other cryptocurrencies. Matrixport investors can also earn annual interest on deposits, starting at 11% APY for crypto investments. The partnership between Matrixport and Circle lays out a path for thousands of new users who are looking to join the cryptocurrency ecosystem with the reliability and assurances of USDC.
“We constantly strive to provide our customers with simple and effective ways of getting into the crypto investment landscape. Adding Circle to our payment infrastructure offers our users around the world a streamlined way to go from bank to crypto quickly and securely, relying on USDC as a core treasury and settlement infrastructure,” said Matrixport co-founder and CEO John Ge.
The partnership comes as demand for USDC continues to surge, with more than $16 billion in USDC now in circulation, having grown 30 times over the past 12 months and over 400% since January of this year. Stablecoins help facilitate investment, payments and settlement in the broader cryptocurrency market, with the total crypto market cap up more than 200% since the beginning of 2021.
“We have continued to see huge growth in the crypto sector, and by partnering closely with Matrixport, this gives Circle a unique opportunity for reaching customers in Asia and around the world,” said Circle co-founder and CEO Jeremy Allaire.