OKCoin, one of the leading digital asset exchanges across the world, recently announced on 17th June 2019 its partnership with Simplex, a fraudless payment processing provider based in Israel. The collaboration is aimed at allowing global users of OKCoin to deposit United States Dollars onto its exchange via their debit as well as credit cards. The deposited fiat can be utilized to purchase digital currency. The move was taken as the exchange believes in providing its users with additional ways to safely onboard fiat.
According to the official announcement, the credit and debit card deposit functionality is not available in China, the United States, and Europe at present. However, the announcement disclosed that the deposit method would be made available to more countries in the future.
Tim Byun, the CEO of OKCoin, issued a statement that pointed out the fact that businesses and traders utilize OKCoin’s platform for performing seamless conversion between fiat money and today’s prominent digital assets. He continued saying that their user base has been requesting for including debit and credit card deposit support for quite some time now, which led to this decision. Byun was also quoted saying,
As we welcome Simplex to our existing banking and fiat partners, our goal remains to make it easier than ever to start trading crypto quickly and confidently.
Nimrod Lehavi, the CEO and Co-Founder of the FinTech firm Simplex, also came forward to share how thrilled they were to collaborate with OKCoin. Lehavi added saying that fast and easy payments through credit cards are the primary aspect to a greater cryptocurrency adoption as far as mainstream users are concerned. Their partnership with OKCoin would enable them to offer a faster, easier, and better experience to the users.
However, the minimum deposit amount to utilize this service has been kept to 50 USD. The maximum limit of deposit per transaction is 500 dollars, while the maximum monthly deposit limit has been kept to 1000 USD. The transaction fee per transaction will be 0.3 + 0.45% levied by OKCoin. Simplex, on the other hand, will be charging a card processing fee of 5%.
The acceptance of deposits, as well as withdrawals in USD at OKCoin, has already begun so has the trading against Litecoin, Bitcoin, Ethereum, Ethereum Classis, and Bitcoin Cash. More trading pairs will be supported very soon.