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April 6, 2020

ShapeShift allows crypto purchases with debit cards

Switzerland-based crypto exchange firm ShapeShift has launched a new platform to enable US customers to buy cryptocurrencies using a debit card.

Customers can use the new platform to buy Bitcoin (BTC) and Ethereum (ETH), reported Cointelegraph.com.

In a tweet on 3 April, ShapeShift founder Eric Voorhees said: “If you’re in the US, you can buy Bitcoin instantly in the new ShapeShift.com platform with your debit card.

“You can literally have the Bitcoin, in your possession, five minutes from now.”

The new platform does not require account verification to buy cryptocurrencies.

KYC is not required given that the platform does not hold custody of funds of customers.

Furthermore, as the new platform enables P2P transfers between wallets owned and controlled by individual users, KYC is not important.

ShapeShift is yet to release a mobile app and until then, its customers can use its web platform to transact using their debit cards.

Major crypto exchange firms adopt debit and credit cards

Recently, cryptocurrency exchange Binance introduced Binance Card to allow users to shop using cryptocurrencies.

The card has been issued by Visa and is currently available in South East Asia.

Infinito and CoinEx partnered with Simplex to enable crypto payments with credit or debit cards.

NetCents completed the technical integration of NetCents Cryptocurrency Credit Card into its User Wallets, NC Exchange, and Instant Settlements ecosystem.

Last month, Coinbase partnered with Google Pay to bring Coinbase Card to digital wallets.

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