CoinEx Taps Simplex for Crypto Purchases with Credit Card

The platform will charge 3.5 percent of all transactions as fees.

Crypto exchange CoinEx announced on Tuesday its partnership with Simplex for facilitating purchases of digital currencies with credit cards.

As described by the press release, users of the exchange can now buy five digital currencies – Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Tether – using either Visa or Mastercard credit cards.

Though the exact number is not specified, payments will be supported with “various” fiats, including the US dollar, Canadian dollar, and euro.

Commenting on the prospect, Haipo Yang, founder and CEO of CoinEx, said: “We are thrilled to be partnering with Simplex to lower the threshold for more people to enter the crypto world. This is also a milestone for CoinEx, as it’s the first fiat onramp we integrated to our platform. We endeavor to provide our current and potential users with more convenient functions.”

Smoothing crypto purchases

Founded in 2014, Simplex is a go-to name in the crypto industry for providing purchasing services using credit and debit cards.

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The platform changes 3.5 percent of each transaction as processing fees with a minimum fee of $10. The platform, however, is not suitable for institutional investors as there is a daily purchasing cap of $20,000, along with a monthly limit of $50,000.

“Enabling fast and secure credit card payments is a key step to mass crypto adoption. We are excited to partner up with CoinEx and bring a better and easier experience to users worldwide,” Nimrod Lehavi, co-founder and chief executive of Simplex, said.

Licensed in the European Union, Simplex’s client list includes big names like Binance and Huobi. Recently, the Israeli-based startup inked a deal with BitPay, allowing its customers to directly purchase cryptocurrencies on its platform.

Backed by Bitmain, CoinEx is a subsidiary of ViaBTC Group, the fifth-largest Bitcoin mining pool. Regulated by the Estonian laws, the exchange is now eying for global expansion by adding fiat support.

“Our goal in 2020 is to cover at least 10 different languages speaking markets, and building a fiat gateway is our first move to attract more users around the world,” Yang added.

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