The Singapore-based digital asset exchange, KuCoin, recently re-enabled the support for buying digital currencies using Visa and MasterCard credit cards. The move is extensively welcomed by traders. KuCoin partnered with Simplex to offer the new payment processing service. All purchases made with any of the supported cards will attract a small fee by Simplex.
The Simplex fee will amount to 5% of the user’s total transactions cost with the minimum purchase order set at $10. Although the credit card option setup takes just 15 minutes, the traders must wait before buying the relatively new digital tokens like BitTorrent and Grin cryptos. Simplex is a leading European financial institution offering fraud-free payment processing solutions worldwide.
The re-enabled payment service is currently available in at least 100 countries. All customers can use Euros and US dollars to purchase BTC, BCHABC, ETH, XRP, and LTC. The cryptocurrency and blockchain industries keep growing despite the persistent bearish trends in the crypto markets. Based on an official announcement published to their users, the company confirmed that it is ready to help traders buy crypto using their cards seamlessly.
KuCoin is known to cater to the needs of its clients going to the extent of delisting projects that do not satisfy the platform’s terms and conditions. The company launched in September 2017 and currently has more than 5 million registered users on its platform. Its monthly trading volume oscillates in the hundreds of millions of dollars.
The number of users keeps growing on the platform due to developments and upgrades that the company makes. In mid-November 2018, the company raised around $20 million in a series A funding round. The funds raised will assist in the launch of the “KuCoin platform 2.0”. KuCoin started supporting XRP trading pairs in early December 2018.
The latest move of re-enabling the credit card purchase option will position KuCoin among the global crypto exchange industry leaders. Moreover, these services will most likely attract more users to the platform, in turn, increasing revenue.