OKCoin, the major fiat-crypto trading platform, has partnered with Simplex. The fintech firm aims to enable users to deposit USD via debit or credit card.
In an official press release, the company states that it will allow residents outside of Europe, China and the U.S to deposit American dollars on the OKCoin exchange. Users will be able to do it via their cards. The minimal deposit is $50; Simplex will charge a 5% processing fee for every transaction.
Simplex is an ardent fighter against fraud. Thus it utilizes AI and proprietary detection algorithms to track operations. The goal is to analyze the transactions and lower the risk of possible fraudulent card payments.
The company provides a wide array of services, like fiat on-ramps, turnkey, and escrow services. It also has a financial license from the European Union and offices in Israel, the U.K., the U.S., and Lithuania.
According to the press release, this is the beginning of the collaboration between Simplex and OKCoin. Eventually, the two are planning to expand it.
In the meanwhile, Nimrod Lehavi, Simplex CEO, underscored that leveraging the use of credit cards plays a key role in facilitating mass crypto adoption.
Simplex gathering pace
This is not the first time Simplex, which is headquartered in Israel, strikes a major partnership. Recently, Liquid, a cryptocurrency trading platform launched by Quoine last year, also initiated cooperation.
Besides, the company is working with the crypto giant Binance. In early February, the two allowed users to buy crypto with their credit cards. Besides, Simplex is facilitating crypto purchases for Trust Wallet users.
Likewise, Huobi, one of the largest cryptocurrency exchanges in the world, also partnered with Simplex. The companies enabled support for Visa and Mastercard payments to its over-the-counter trading desk.
At the same time, OKCoin is also expanding. The crypto exchange platform has recently opened an office in Malta.