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February 12, 2019

KuCoin enables cryptocurrency purchase with credit cards

Singaporean crypto exchange KuCoin has teamed up with payment processor Simplex to enable purchase of virtual currencies with credit cards.

The move offers the exchange its first fiat on-ramp, with an aim to make the process of crypto asset purchase easier for investors.

The new service will facilitate the purchase of Bitcoin, Ether, Litecoin, and XRP.

For crypto purchases made with cards, Simplex will charge users 5% of the total transaction cost with a minimum of $10 for a single purchase order.

KuCoin will not charge any additional fees for transaction processing.

Users can set up the new feature within 30 minutes. However, it will not offer access to newly launched cryptos including the BitTorrent token and Grin.

Last month, Malta-based digital asset exchange Binance introduced a similar service.

The new Binance functionality too was supported through a tie-up with Simplex.

The capability enables Binance users to buy Bitcoin, Ether, Litecoin and XRP using Visa and MasterCard.

KuCoin fundraising

Last November, KuCoin secured $20m investment in a Series A funding round.

Participants in the fundraising included IDG Capital, Matrix Partners and Neo Global Capital.

KuCoin intends to use the capital to revamp its technology offering, increase headcount, and support its expansion plan.

The exchange said that its focus will be on Vietnam, Turkey, Italy, Russia and all Spanish-speaking markets.


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