Singapore-based cryptocurrency exchange KuCoin has announced that users on their platform will now be able to purchase crypto with credit cards, via a partnership with payment provider Simplex.
First announced on KuCoin’s official site, the exchange will initially allow users to buy BTC, ETH and LTC.
“We are delighted to announce that KuCoin has partnered with Simplex to enable new and current KuCoin users to purchase cryptocurrencies using their credit and debit cards. This service can be found in “Assets – Deposit” and currently supports the purchasing of BTC, ETH, and LTC with both USD and EUR in over 100 countries”.
Payment services company Simplex is one of the leading Fiat payment providers in the crypto space, enabling credit and debit card payments for several widely used platforms.
The move is a significant step forward for adoption in crypto. Many exchanges only allow users to deposit in crypto, making it a long process for new users to get their first cryptocurrency. Currently, those wishing to buy cryptocurrency with a credit or debit card will have to do so on a site like Coinmama or Changelly, both of which are powered by Simplex.
Other options include finding an individual seller on LocalBitcoins.com, which can be risky, or finding an exchange that supports Fiat deposits.
KuCoin currently offers 392 trading pairs, meaning users can invest and trade many different coins in one place, without the hassle and fees involved with sending coins between multiple platforms.
It remains to be seen whether this will have an impact on the market, which continues to struggle in the wake of November’s crash. In theory, it should allow a lot more new money to enter the market, but a lot of FUD will need to be dispelled – as well as a clean resolution found for the Bitcoin Cash/Bitcoin SV war – for a recovery to be seen.
You can follow more updates from KuCoin, including all their new coin listings/delistings, on their Medium profile.