Hong Kong Exchange, BitAsset, Opens Fiat Deposits and Withdrawals Using Bank Cards via Simplex
- Bit Asset partners with Simplex to add credit and debit card crypto purchases on its platform.
- A growing demand from crypto investors.
- Relationship between banks and crypto users becomes stronger.
Hong Kong based exchange, Bit Asset, announced a partnership with Simplex to offer credit card payments allowing users to purchase multiple cryptocurrencies on the platform. Users on the platform will be able to purchase a wide variety of crypto including Bitcoin (BTC), Ethereum (LTC), Ripple (XRP) and Litecoin (LTC) and deposit fiat into the account as a result of the collaboration.
A Growing Demand for Fiat On-Ramps
As BTC’s price struggles to cross the $10,000 USD mark since the mammoth rise in price at the end of October. The sideways movement in price, however, has not affected the overall adoption of crypto as investors continue to flock into the industry. Exchanges and trading centers, in a move to satisfy the demand of the market, are bringing onboard new fiat on-ramps such as debit and credit card payments easing the purchase of crypto using fiat.
Bit Asset becomes the latest major exchange to partner with Simplex to offer the fiat gateway service (charged at a 3% premium). The Israeli based payment firm, Simplex, has also partnered with Huobi, OKEx, and Binance among others to provide fiat-to-crypto payments.
On Nov. 5 Binance announced the addition of Russian rubles (RUB) deposits and withdrawals using bank debit and credit card.
‘Crypto-fiat Payments Strengthens Banks’
Simplex is a platform created to ease payments between crypto exchanges and the traditional finance market. The firm raised $7 million in a Series A funding following its launch in 2014 and has since partnered and created fiat gateways for over 10 exchanges. The company aims to narrow the gap between traditional banks and the digital asset buyer – a relationship that CEO of Simplex, Nimrod Lehavi believes strengthens both industries.
In a talk with BEG in June this year, Nimrod stated that the rise of cryptocurrencies would not replace banks but help reduce the inefficiencies in the legacy financial system.