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Green Dot has partnered with Crypto.com to provide money management services for Crypto.com’s customers, the companies said.
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Using Green Dot’s embedded finance platform, Arc, Crypto.com customers will be able to convert their digital assets to fiat currency and vice versa, allowing them to access funds at Green Dot locations nationwide and earn interest, according to a press release Wednesday.
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Crypto.com is also introducing an interest-earning savings account. The company plans to add more features to the account in the future, per the release.
Crypto.com continues to align itself with traditional finance through its partnership with established financial services firms. In 2021, Visa teamed up with the digital currency platform on a pilot program that settles transactions using digital stablecoins through Ethereum, the crypto blockchain.
The following year, Singapore-based Crypto.com collaborated with Fidelity National Information Services and its Worldpay unit to facilitate its card-based cryptocurrency sales and purchases for the platform.
Crypto.com’s partnership with Provo, Utah-based Green Dot provides crypto customers with a pathway to buy digital currencies using in-store access points, the release noted. Green Dot has cash deposit and withdrawal kiosks at more than 95,000 retail locations nationally, including in retail stores such as Walgreens, Walmart, 7-Eleven and CVS, per the press release.
“We are thrilled to partner with Crypto.com to enhance the customer experience for their millions of users in the U.S. with more seamless and affordable means of buying and selling cryptocurrencies,” Renata Caine, general manager and senior vice president of embedded finance at Green Dot, said in the statement, calling Crypto.com “a trailblazer in safely and securely advancing the adoption of cryptocurrency in the U.S.”
Green Dot’s crypto partnership follows the embedded finance company’s decision to explore a possible sale.
In March, the company tapped Citi to map out “potential strategic initiatives,” but it declined to explain further what options it is considering. Green Dot enlisted Citi’s services after its chief executive’s abrupt departure from the company that month, according to a Securities and Exchange Commission filing.
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