Lumi Wallet has announced a partnership with Israeli-based payments provider Simplex to provide its users with the ability to buy Bitcoin and Ethereum in fiat currency using credit cards.
This collaboration allows Lumi’s international users to make USD and EUR transactions via a debit or credit card, which effectively provides a fiat onramp for its crypto users around the world.
Lumi Wallet is available for Android and iOS devices, and currently supports bitcoin, ether, bitcoin cash and most ERC-20 tokens.
“Simplex works like its name suggests: it is a service for simple and safe transactions, which enables users to perform Bitcoin payments without worries. It protects user credit cards from fraudulent actors via KYC and guarantees a refund if there is something wrong with a transaction,” the company said in a statement.
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Simplex signed top crypto exchanges, including Binance
Earlier this year, the wallet has expanded its supported assets to cover more than 900 ERC-20 tokens, making it easier for users to swap between a range of over 1,200 crypto-assets whenever they need.
In addition to the adoption of EOS-based tokens, the platform also supports decentralized applications (DApps) and implements the EOS voting system within the wallet.
Although the exact details of the partnership were not disclosed, Simplex often charges 3.5 percent of a transaction, with a $10 minimum purchase amount. The company also applies various restrictions including a $20,000 maximum for daily transactions when using a credit or debit card, as well as a $50,000 maximum monthly limit.
Simplex has signed partnerships with leading crypto exchanges, including with Binance to enable users to buy cryptocurrencies with their credit cards directly on Binance.com
“The adoption of Simplex is an important technological milestone for Lumi. Credit card payments expand the facilities of the wallet’s ecosystem. And, what is more important in the crypto market, it confirms the high trust put in Lumi Wallet by processing providers and users,” Lumi further states.