Huobi's newly introduced native wallet is all set to allow users to purchase cryptocurrencies using credit and debit card via Simplex.
Earlier, the wallet only allowed users to buy or sell crypto without any fiat support. But the latest addition of credit and debit card buying support will surely help in attracting more customers to the wallet. The wallet also allowed access to decentralized lending platforms.
Huobi Wallet is one of the major players in the Asia Pacific region, with over half a million users from around 200 countries. The wallet currently offers 18 cryptocurrencies with an array of services and support including the latest crypto/debit card purchase option.
Huobi wallet CEO, Will Huang, claimed that the addition of credit and debit card purchase option would make the wallet more feasible and accessible to a larger population and would offer all basic needs of a crypto user. He explained further,
“[The app] has become a one-stop app for users to buy, store, swap and transfer crypto on the go, while retaining complete control of their assets.”
The addition of credit and debit card purchasing would be supported by Simplex, a payment processing firm which has partnered with various other crypto platforms to make their on-chain and ecosystem-based payment processing seamless.
Prior to its partnership with Huobi, Simplex also made headlines for helping fiat onramp for Matrixpoint which is a Bitmain affiliated financial service provider.
Simplex also helped Celsius to integrate fiat onramp onto its platform in early 2020 and similarly, Binance also started using Simplex’s payment solution to add 15 Fiat gateways in February.
While fiat integration was largely avoided by many crypto service providers earlier primarily due to the regulatory scrutiny and uncertainty, a lot has changed in recent times where major governments have started to regulate crypto trading, which has made it convenient for exchanges to allow fiat on-ramp, thus payment processing solution providers such as Simplex are in great demand as well.