Renowned fiat-to-crypto trading platform OKCoin has reportedly entered into a partnership with Isreali-based payment provider Simplex in order to enable users make USD deposits through the use of a debit or credit card.
According to the report from a source on June 17, OKCoin’s collaboration with the Israeli-based payment provider with allow its international users to make deposit from any part of the world using a debit or credit card, thereby providing an effective fiat on-ramp for its crypto users.
However, this service according to the report will be restricted to certain areas, users in Europe and China are not permitted as they do not have access to this new service. The CEO of OKCoin, Tim Byun, disclosed in a statement:
“Traders and businesses come to OKCoin to seamlessly convert between fiat currencies and today’s leading digital assets. Our users have been asking about debit and credit cards and we are glad to deliver a new payment option for them.”
The report also revealed that payment provider Simplex will leverage on AI and proprietary detection algorithms to scrutinize every transactions in order to prevent against any act of fraud.
Nimroid Lehavi, CEO and co-founder of Simplex disclosed that taking advantage of debit or credit card payment solutions is a catalyst for mainstream adoption of cryptocurrencies. He said:
“Easy and fast credit card payments, for mainstream users, is a key factor in wider adoption of crypto in general.”
The new services stipulates that users require a minimum deposit of $50, while 5% will be charged as transaction fee for every transaction.
In an earlier report, Binance had also partnered with Simplex to provide same credit card payment services for its users, which will enable them purchase cryptocurrencies with their credit cards directly on Binance.com.
OKCoin has also opened a new office in Malta, expanding its services to users outside the United States. As revealed in an earlier report this month.