Major fiat-crypto trading platform OKCoin has partnered with fintech firm Simplex to enable global users to make USD deposits via debit or credit card.
Major fiat-crypto trading platform OKCoin has partnered with fintech firm Simplex to enable global users to make USD deposits via debit or credit card. The news was announced in a press release shared with Cointelegraph on June 17.
As an European Union-licensed financial institution and payments processing provider, Simplex — which has offices in Israel, the United Kingdom, United States and Lithuania — will offer card-enabled USD deposits for OKCoin users outside of Europe, China and the U.S., according to the press release. The partners reportedly plan to extend the service to further countries in the future.
According to the press release, Simplex leverages AI and proprietary detection algorithms to analyze transactions and mitigate the risks of fraudulent card payments. Aside from providing fiat on-ramps for crypto users, the firm also reportedly focuses on turnkey and escrow services.
The newly-supported card services for USD deposits on OKCoin notably stipulate a minimum deposit of $50, with Simplex charging a 5% processing fee for each transaction.
In a statement, Simplex CEO Nimrod Lehavi expressed his belief that credit card functionality is crucial to expedite mainstream cryptocurrency adoption.
Earlier this year, top crypto exchange Binance added support for credit card crypto purchases through a similar partnership with Simplex. In March, Singapore-based exchange KuCoin followed suit, revealing its Simplex partnership for users across over 100 countries.
As reported earlier this month, OKCoin has recently opened an office in Malta and expanded its trading services to non-U.S. customers, who can now deposit and withdraw euros as well as participate in euro spot trading for cryptocurrencies such as bitcoin (BTC), ether (ETH) and bitcoin cash (BCH).