Simplex Partners with Liquid to Provide Fiat Currency Deposits
- Traders will initially have access to euro deposits but the exchange said dollars will follow shortly.
Cryptocurrency trading platform Liquid announced on Thursday that it is partnering with Simplex to allow users to make deposits on to the platform in fiat currencies using credit and debit cards.
"We are extremely excited to be working with Simplex on this fantastic innovation to bring even more flexibility to crypto traders and holders on our Liquid platform," said Seth Melamed, Liquid's Global Head of Business Development & Sales.
"We have already raised the bar by supporting various fiat currencies, but now we can take that one step further by offering Liquid customers the freedom to make quick and easy deposits using their regular credit or debit card."
Based in Tokyo, Liquid is regulated by the Japan Financial Services Agency. The company was formed in November of 2017 after two cryptocurrency exchanges, Quoinex and Qryptos, merged.
For now, traders and investors using the exchange operator's services can only make deposits in euros. A statement released by the cryptocurrency trading firm on Thursday indicates that traders will be able to make US dollar deposits soon, too.
No Fraud
Liquid customers can also use fiat currency that they deposit on to the platform as funding for margin trading in cryptocurrencies.
As noted, those fiat deposits will be facilitated by Simplex.
One of the first companies to offer payment solutions to cryptocurrency companies, Simplex claims that it can process credit card Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. Read this Term with zero risk of fraud.
So confident is the company in its technology that it acts as guarantor of all payments that it accepts. That means that, if a customer performs a chargeback, then Simplex will pay the company the money they lost from that chargeback.
Cryptocurrency trading platform Liquid announced on Thursday that it is partnering with Simplex to allow users to make deposits on to the platform in fiat currencies using credit and debit cards.
"We are extremely excited to be working with Simplex on this fantastic innovation to bring even more flexibility to crypto traders and holders on our Liquid platform," said Seth Melamed, Liquid's Global Head of Business Development & Sales.
"We have already raised the bar by supporting various fiat currencies, but now we can take that one step further by offering Liquid customers the freedom to make quick and easy deposits using their regular credit or debit card."
Based in Tokyo, Liquid is regulated by the Japan Financial Services Agency. The company was formed in November of 2017 after two cryptocurrency exchanges, Quoinex and Qryptos, merged.
For now, traders and investors using the exchange operator's services can only make deposits in euros. A statement released by the cryptocurrency trading firm on Thursday indicates that traders will be able to make US dollar deposits soon, too.
No Fraud
Liquid customers can also use fiat currency that they deposit on to the platform as funding for margin trading in cryptocurrencies.
As noted, those fiat deposits will be facilitated by Simplex.
One of the first companies to offer payment solutions to cryptocurrency companies, Simplex claims that it can process credit card Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. Read this Term with zero risk of fraud.
So confident is the company in its technology that it acts as guarantor of all payments that it accepts. That means that, if a customer performs a chargeback, then Simplex will pay the company the money they lost from that chargeback.