Cryptocurrency exchange Huobi Group has partnered with payment processor Simplex to allow its over-the-counter (OTC) trading platform to accept deposits through Visa and Mastercard.
As a result, users can now use their debit and credit cards to buy Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), & Ripple (XRP) and Litecoin over Huobi’s peer-to-peer exchange (Huobi OTC).
Through Simplex, users can deposits $20,000 per day with a monthly limit of $50,000. Fees may fluctuate but on average will be nearly 3.5%, the company said.
Huobi Group head of marketing Ross Zhang said: “Bridging the divide between the fiat and crypto is still a big problem for the community and this is one of the ways we are looking to solve it.
“Partnering with Simplex will allow us to significantly minimize the obstacles our customers’ face – something we are always interested in.
Simplex co-founder and CEO Nimrod Lehavi said: “Easy and fast credit card payments, for mainstream users, are a key factor in wider adoption of crypto in general. We’re thrilled to partner up with Huobi and together enable a much better, fast, and easy experience.”
Huobi said it selected Simplex due to its ability to deal with an EU-licensed financial institution, its AI-based fraud protections and its ability to accept some virtual and prepaid cards.
Simplex processes credit card payments with a 100% guarantee and in case of a fraud chargeback, Simplex pays to the affected merchant.