BitMart Crypto Exchange Introduces Support for Credit/Debit Card Purchases

The BitMart cryptocurrency exchange has partnered with Simplex, an EU-regulated financial institution, to establish a deposit service for electronic cash cards. The objective of this development is to increase the convenience of trading on the BitMart platform.

The first-ever form of digital currency was formed by David Chaum in 1989. Using his company, called DigiCash, David introduced a utility currency known as ‘cyberbucks.’ Similar to modern-day digital currencies, cyberbucks had top-notch security and enabled users to trade anonymously. However, the centralized nature of the coin as well as internal issues prevented its mainstream adoption.

Many years after the collapse of cyberbucks, Satoshi Nakamoto invented Bitcoin. Notably, Bitcoin fostered decentralization, a factor that has contributed to its widespread popularity. Moreover, Bitcoin security is guaranteed using advanced cryptographic algorithms. As a result, Bitcoin is the most dominant cryptocurrency, with its market cap value currently at $112 billion.

According to Sheldon Xia, the CEO of BitMart, the adoption of Bitcoin as one of the major currencies globally is largely due to its cheap transaction fees, fast settlement and anonymity features. Sheldon also noted that the blockchain, the underlying technology that drives cryptocurrencies such as Bitcoin, has the potential, to transform the global economy. This should increase the masses’ interest in virtual currencies. For this reasons, Sheldon expects cryptocurrencies to stay for the foreseeable future.

Regarding the deal with Simplex, Sheldon said that investors can use Visa or MasterCard to buy Bitcoin from the BitMart trading platform. Sheldon reiterated that the agreement is aimed at improving expedience on the BitMart exchange, especially for traders who are relatively new to the crypto space. As of now, users can use their electronic cash cards to buy either Ethereum or Bitcoin. Other digital currencies are still in line.

In other news, BitMart recently added GUSD and USDC stablecoins to its asset portfolio.