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.

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“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.

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No Fraud

Once they have deposited the currency on to the Liquid platform, traders will be able to buy a number of different cryptocurrencies, including Bitcoin and Ethereum.

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 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.

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