Cryptocurrency exchange OKCoin has announced a partnership with Israeli-based credit card payments provider Simplex to provide deposit services for its platform in fiat currency using credit and debit cards.
This collaboration allows OKCoin’s international users to make USD deposits via a debit or credit card, which effectively provides a fiat onramp for its clients around the world.
The service, however, is subject to area restrictions, with users in Europe, China, and the United States not allowed to tap into the new functionality.
“Traders and businesses come to OKCoin to seamlessly convert between fiat currencies and today’s leading digital assets. Our users have been asking about debit and credit cards and we are glad to deliver a new payment option for them,” said OKCoin CEO Tim Byun.
“Easy and fast credit card payments, for mainstream users, is a key factor in wider adoption of crypto in general,” added Nimrod Lehavi, Co-Founder and CEO of Simplex.
Simplex signed top crypto exchanges, including Binance
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
OKCoin is already accepting US dollar deposits and withdrawals, as well as trading against Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH) and Ethereum Classic (ETC), with more trading pairs set to be supported in the future.
OKCoin International handled $4.77 million in cryptocurrency trading in the last 24 hours, according to CoinMarketCap. Its crypto-to-crypto entity, OKEx, is ranked the world’s second largest cryptocurrency exchange by adjusted trading volume, currently trading around $1.43 billion over a 24 hour period.