KuCoin Partners with Simplex, Enables Credit Card Payments

KuCoin, a Singapore-based cryptocurrency exchange, has signed a partnership which will allow users to buy cryptocurrency with credit and debit cards.

Simplex is an Israeli payments startup with a focus on fraud prevention.

KuCoin, a Singapore-based cryptocurrency exchange, has signed a partnership which will allow users to buy cryptocurrency with credit and debit cards.

Filling the gap

Israeli payments firm Simplex is the other half of the deal. According to the KuCoin website, customers will now be able to buy Bitcoin, Ethereum, Litecoin, USD and EUR using their payment cards. This is significant because Visa and MasterCard are no longer sure bets; they both classified cryptocurrency-related transactions as high-risk, a status that comes with considerable use restrictions.

Simplex is a payments startup with a focus on fraud prevention. It was founded in Israel in 2014, and in February 2016 raised $7 million from a number of investors, including Bitmain. In June 2018 it started a service for companies running initial coin offerings.

KuCoin, established September 2017, is one of the more popular cryptocurrency exchanges, having handled almost $12 million worth of cryptocurrency transactions over the last 24 hours according tocoinmarketcap.com.

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