Waves, a decentralized blockchain platform for custom tokens which raised over $16 million at a crowdsale in June 2016, has implemented credit card purchases for bitcoin within its lite client via a partnership with Indacoin. Users can already deposit bitcoin to their Waves wallet using the bitcoin gateway, and the gateway processes bitcoin transfers and exchanges them for the native Waves bitcoin token, WBTC.
Credit card processing has been outsourced to Indacoin, an instant exchange platform that allows fast and easy purchase of bitcoin. Indacoin has been offering credit card purchases, with no registration required, since 2014.
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“Bitcoin is the reserve currency of the cryptocurrency world, and so it makes sense that it should be freely available within the Waves ecosystem,” explains Waves CEO Sasha Ivanov. “Indacoin has made it possible to buy bitcoins quickly and easily – something that will be necessary as we target mainstream adoption and facilitate entry into the rapidly-growing blockchain crowdfunding sector.”
Indacoin deals with the problem of chargebacks through an enhanced verification process. To ensure that the owner of the card really does want to purchase bitcoin, a call is placed to the buyer’s mobile and a four-digit code provided for confirmation on the site. A spending limit applies for first-time buyers, which is progressively raised for later transactions. Visa and Mastercard credit/debit cards can be used.
The developers promise that in the future, credit card purchases of the platform’s native token WAVES will be enabled, as well as BTC, and it will be possible to trade WBTC and WAVES against other tokens on the platforms decentralised exchange (DEX).