KuCoin And Simplex Empower Credit Card Deposits For Crypto Trading
KuCoin, one of the world’s leading cryptocurrency exchange platforms has recently partnered with Simplex, a Europe based financial institution that processes payments. The goal of the partnership is to help traders and investors on the platform make easy payments and deposits, thus creating a smoother, seamless process.
With this service, users in over hundred countries, can easily make direct deposits using their dollar and euro credit or debit cards and use those to buy cryptos like bitcoin, ethereum and Litecoin. These are the only cryptos that can be purchased with the direct funding method for now.
KuCoin Partners with Simplex to Enable Credit Card Payments for Crypto
— KuCoin Updates (@KuCoinUpdates) November 28, 2018
Users looking to use this deposit option will find it in the “Assets – Deposit” section of their members area.
Simplex is an Israeli based payments financial institution with offices in the US, UK and Lithuania. The company provides fraud protection and prevention for card payments and processing across the world.
Simplex offers 100 percent protection guarantee on all credit card payments, thus making sure that all fraudulent chargebacks to merchants are directly handled by them. So, if a merchant fall victim to this, Simplex simply pays them, thus ensuring that the merchant always wins.
KuCoin is a Singapore based world leading crypto exchange platform that processes huge transaction volumes every day –currently at $12 million a day. They partnered with Simplex to help make credit and debit card deposits incredibly easy for all their clients.
Therefore, eliminating the extra hassle of having to buy bitcoin first before converting it to other altcoins. As an EOS based blockchain platform, it has attracted a lot of attention and successful funding –with the latest being a $20 million funding from three investors.
The platform also has its own native token which is currently valued at $56 million, although that won’t be released to the public until 2019.
What Do Users Think Of The Partnership?
There’s been a lot of warm welcome and optimism following the announcement, with many crypto enthusiasts praising the move. Nowhere else has this been shown more than on Twitter, where users have expressed elation.
A user who goes by the handle of TheCryptoCation tweeted:
“Great news. This brings credibility to your exchange…. Unlike having scam ambassadors that create fud against #crypto and #neo when we need to be united”.
While many others stated that it was a great news and smart move in the right direction.
Currently, many users often have to jump through hoops such as buying bitcoin first before they can trade other tokens. This new introduction has shortened the deposit-to-trade process by one more step, thus making it easier and faster for users to trade their cryptos of choice on the platform.