Huobi OTC Ties with Simplex, Enables Visa and Mastercard Payment

The deposits using the payment cards have been capped at $50,000 for a month.

The over-the-counter (OTC) desk of Huobi Global has partnered with Simplex to start accepting deposits using Visa and Mastercard, according to a statement by the company.

According to Thursday’s announcement, users of the platform can use both credit and debit cards to purchase Bitcoin, Ethereum, Litecoin, and Ripple on the peer-to-peer exchange.

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The exchange, however, has capped the deposits at $20,000 daily and $50,000 monthly. Tough the minimum fee of the exchange was set at $10, it can vary by around 3.5 percent.

 

 

Commenting on the development, Ross Zhang, Huobi Group’s head of marketing, said: “Bridging the divide between the fiat and crypto is still a big problem for the community and this is one of the ways we are looking to solve it. Partnering with Simplex will allow us to significantly minimize the obstacles our customers face – something we are always interested in.”

Serving crypto businesses

Licensed by the EU regulators, Simplex is one of the first fintech companies to provide payment services to cryptocurrency companies. Earlier this year, Binance teamed up with this company to enable credit card payment on its platform.

Simplex also partnered with Liquid and Trade.io to offer similar services.

“Easy and fast credit card payments, for mainstream users, is a key factor in wider adoption of crypto in general,” Nimrod Lehavi, co-founder and CEO of Simplex, added. “We’re thrilled to partner up with Huobi and together enable a much better, fast, and easy experience.”

In the official announcement, Huobi cited that its partnership with Simplex was driven by the reputation of the payment company in the industry.

Simplex claims that its service offers zero risks of frauds and also acts as a guarantor of all payment it accepts.

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