Users of KuCoin can now buy cryptocurrency with the Australian Dollar (AUD). Powered by a partnership with fintech firm Simplex.
The cryptocurrency exchange made this announcement via an official blog post on Sunday, February 16, 2020.
The exchange further disclosed that to make use of this service, interested users will need to visit the “Buy Crypto with Credit Card” page on the KuCoin platform and follow these simple steps:
• Click on the Simplex option. (This feature is powered by Simplex).
• After selecting the Simplex option, set the fiat payment option to Australian Dollar (AUD). • Make payments with credit cards directly to purchase crypto.
KuCoin in its blog post disclosed that the entire KuCoin community was thrilled by the announcement. Also adding that KuCoin was “delighted to announce that KuCoin’s customers are now allowed to buy crypto with Australian Dollar (AUD) on the Simplex platform”.
As a word of advice, the exchange added that users should note that AUD is a fiat currency, it in no way functions as a cryptocurrency. And hence cannot serve as a substitute for digital currency. The only service KuCoin is currently offering in relation to the addition of AUD, is the purchase of cryptocurrencies.
Founded in 2014, the Isreali-based fin-tech firm prides itself on running a fraudless payment processing platform. Alongside affordable fees, usually between 2 – 3%. It may, however, be higher, depending on the fiat currency involved. If a Simplex user decides to purchase crypto with his/her credit card, no forex payment will be charged for the purchase. Simplex also currently has about 120 partners worldwide. In October, the exchange partnered with Tron.
Kucoin is reaching for the stars. It recently launched KuCoin play, alongside a massive giveaway. Last month, it also unveiled the lite version of its Kumez Futures Platform. In December 2019, it entered a strategic partnership with Bitsonic.