OKCoin Launches New Service For Users To Make USD Deposit Using Debit or Credit Card

The recognized cryptocurrency exchange OKCoin has partnered with the fintech firm Simplex in order to enable users around the world to deposit USD using debit or credit cards.

Simplex is a company licensed in the European Union that has offices around the world, including the United Kingdom, the United States, and Lithuania. The information was released by the company in a recently shared press release.

OKCoin Launches New Credit/Debit Card Service

OKCoin will now be offering new services to crypto investors. Interested users in purchasing Bitcoin and other digital currencies will be able to do it using credit/debit cards. This is possible thanks to a partnership with the payments processing provider called Simplex.

The press release explains that Simplex uses AI and proprietary detection algorithms in order to analyze transactions and mitigate the risks of fraudulent card payments. Moreover, the firm is also focused on turnkey and escrow services.

Users can now deposit a minimum of $50 using their credit or debit cards and Simplex will be charging 5% of each transaction. At the same time, the CEO of Simplex Nimrod Lehavi said that the credit card functionality is a key development that will help expedite mainstream crypto adoption.

There are other platforms that are now supporting deposits with debit or credit cards. The cryptocurrency exchange Binance has added support for credit card crypto purchases a few months ago. At the same time, the Singapore-based exchange KuCoin has also followed a similar path that would allow users to have easier access to digital currencies.

OKCoin has also launched services in Argentina, something that Binance is also trying to do. At the time of writing this article, OKCoin is the 116th largest cryptocurrency in the market with a trading volume in the last 24 hours of $4.06 million.