DOT, Polkadot’s native token on its multi-chain network that connects different blockchains into a single network, can now be purchased using credit and debit cards. This milestone comes on the back of a new partnership with crypto payment gateway, Simplex.
Simplex provides fiat on-ramp infrastructure for several cryptocurrency exchanges, brokers and wallets. The agreement will allow DOT holders to conduct and settle crypto transactions, a grey area of business where a gauntlet of KYC requirements and other regulations kick in.
Polkadot’s userbase will benefit from Simplex’s fiat credit and debit purchase options, and the support will prepare DOT holders for the upcoming launch of its new enterprise-grade blockchain solution.
The excitement around the Polkadot’s token was apparent in the crypto sphere over the last few months. Polkadot price hit an all-time peak earlier in February ahead of its upcoming auctions, which will allow its network to connect with other established blockchains.
Unlike networks like Bitcoin and Ethereum, which operate on their own, Polkadot aims to act as a framework for all blockchains that opt-in.
Simplex Has Its Own Limits
“Simplex supports hundreds of fiat currencies and enables the purchase of over 50 cryptocurrencies through its network of partners. Adding Polkadot (DOT) to the list of supported assets brings the world one step closer to mass cryptocurrency acquisition and adoption,” the company said.
Simplex often charges 3.5 percent of a transaction, with a $10 minimum purchase amount. Moreover, the company 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.
Israeli-based Simplex combines crypto payment processing with fraud prevention technology and provides a KYC opt-out feature for purchases of less than $150. This amount is calculated for the entire lifetime of the user. Further, the startup enables merchants to accept diverse payment methods, including credit card deposits and purchases, with zero exposure to chargeback risk.
Simplex has already signed partnerships with leading crypto exchanges, including Binance and Huobi, among others, to enable users to buy cryptocurrencies with their credit cards.