Huobi, the largest cryptocurrency exchange has announced that its Peer-to-peer trading platform or Over the counter trading platform (OTC) is enabling credit card deposit service. The platform is now supporting both VISA and Master Card after signing a new partnership with Simplex payment processing venture.
Huobi OTC Partnered with Simplex
Per the reports, the platform has tied up with Simplex, the platform which is already serving credit card services to Binance users. Nevertheless, Simplex is EU licensed financial institution which will enable Huobi OTC users to purchase supported cryptocurrencies (including Bitcoin, Ethereum, Litecoin, and XRP) using their debit and credit cards.
Moreover, according to the press release, Simplex supports daily deposits of $20k and $50k monthly with an average fee of around 3.5%. However, fees may vary – wherein its minimum fee for transactions count $10.
Concerning the partnership with Simplex, Ross Zhang, Head of Marketing for Huobi Group says that;
“Partnering with Simplex will allow us to significantly minimize the obstacles our customers face – something we are always interested in,”
Beside Huobi exchange, Simplex is already offering parallel services to Liquid exchange and Trad.io. Credit card accessibility across cryptocurrency platform is certainly enhancing users experience as well as boost the usability of various cryptocurrencies. Similar to Zhang, Simplex Co-founder and CEO, Nimrod Lehavi commented on the partnership with Huobi OTC platform. He says that;
“We’re thrilled to partner up with Huobi and together enable a much better, fast, and easy experience.”
Although credit card for crypto looks pretty cool but at the same time, it doesn’t serve the countries where regulations around crypto are uncertain. Indeed, it marks a potential adoption of crypto among the countries that quickly opens up the door to innovations like crypto & blockchain.
So readers, what’s your stake on Huobi OTC platform offering credit card services on crypto purchases? Let us know in the comment below
Image source – Huobi official
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com