An association of a Singapore based crypto exchange and an Israeli payment processing company will benefit crypto users out there, who are looking for a more convenient mode of spending in crypto. The crypto exchange, KuCoin along with Simplex made an official announcement on the 27th 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 processes credit card payments with a 100% guarantee. In case of a fraud chargeback, the merchant gets paid by Simplex. 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.
Apart from KuCoin, Binance’s wallet Trust integrated credit card purchase option for crypto as well. KuCoin exchange got an evaluation of $20 million last year through the funding from IDG Capital, Matrix Partners, and Neo Global Capital to build KuCoin 2.0.