KuCoin, one of the leading cryptocurrency exchanges in the market, has recently tied up with an Israeli company to allow users to purchase cryptocurrencies using their credit cards in addition to other modes of purchase. The exchange, based out of Singapore, has declared its partnership with payment processing firm Simplex from Israel for this purpose. An official announcement was made on the 27th of March.
As per the announcement, the KuCoin exchange has already added the option of buying crypto with credit cards to its assets page. With this move, users of KuCoin can now purchase major coins like Bitcoin, Ethereum, Ripple, Bitcoin Cash ABC and Litecoin using dollars as well as euros.
Simplex, despite being originally from Israel, also maintains its own offices in three more countries, namely- the United Kingdom of Great Britain and Northern Ireland, the United States and Lithuania.
They claim to offer a payment processing system that is apparently “fraud-free” in nature and has already worked with other notable names in the crypto world, including the Litecoin Foundation, the Changelly exchange and the Xapo wallet.
The short and simple announcement says the following about the Simplex Exchange:
“Simplex is a leading EU financial institution providing fraud-free payment processing solutions worldwide. Simplex processes credit card payments with a 100% guarantee. In case of a fraud chargeback, the merchant gets paid by Simplex. Simplex’s HQ is located in Israel, with subsidiaries in the UK, US, and Lithuania. Founded in 2014, Simplex works with some of the largest crypto exchanges, wallets, and platforms in the world today such as Shapeshift, BRD, Litecoin Foundation, Mycrypto, XAPO, and Changelly.”
Last year, the KuCoin exchange successfully closed a Series A funding round in the month of November, attaining a valuation of $20 million. The round saw investments from major venture capital firms such as IDG Capital, Matrix Partners and Neo Global Capital. The funds were reportedly amassed in order to build the KuCoin 2.0 platform.
Another top crypto exchange Binance has also added support for crypto purchase using credit cards earlier this year. Binance’s official wallet Trust was also fitted to integrate the credit card purchase option.