Fiat-focused digital asset exchange OKCoin has partnered with payment processing company Simplex to enable international users make deposits in US currency.
Under the collaboration, the customers can use their credit and debit cards to deposit US dollars in OKCoin exchange.
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Currently, the service is available to users outside of Europe, China and the US. OKCoin intends to rollout the function to additional countries in future.
The move expands avenues for customers to securely on-board fiat. Subsequently, they can use it to buy crypto currency.
The minimum deposit under this service is $50. There will be a 0.45% + 0.3 fee per transaction along with a 5% processing fee charged by Simplex.
OKCoin CEO Tim Byun said: “Traders and businesses come to OKCoin to seamlessly convert between fiat currencies and today’s leading digital assets.
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By GlobalData“Our users have been asking about debit and credit cards and we are glad to deliver a new payment option for them. As we welcome Simplex to our existing banking and fiat partners, our goal remains to make it easier than ever to start trading crypto quickly and confidently.”
An EU licensed financial institution, Simplex offers payment processing solutions worldwide. It uses the latest AI technology to block fraudulent users and authenticate legitimate payments.
Simplex co-founder and CEO Nimrod Lehavi said: “Easy and fast credit card payments, for mainstream users, is a key factor in wider adoption of crypto in general.
“We’re thrilled to partner up with OKCoin and together enable a much better, fast and easy experience.”
In April, US-based Edge partnered with Simplex to enable users sell cryptocurrencies directly to their Visa and Mastercard credit cards.
