Global cryptocurrency exchange CoinEx is partnering with fiat infrastructure provider Simplex to make it easier for investors to purchase cryptocurrency, the companies said in a statement on Tuesday (March 31).
The partnership enables CoinEx users to buy cryptocurrencies like bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and USDT with their Visa or Mastercard credit cards directly. USD, EUR, CAD and other fiat currencies are supported.
“We are thrilled to be partnering with Simplex to lower the threshold for more people to enter the crypto world. This is also a milestone for CoinEx, as it’s the first fiat onramp we integrated to our platform. We endeavor to provide our current and potential users with more convenient functions,” said Haipo Yang, founder and CEO of CoinEx.
The processing fee for Simplex is 3.5 percent for each transaction, with a minimum of $10. The 24-hour ceiling is $20,000; the monthly spend limit is 50,000.
“Enabling fast and secure credit card payments is a key step to mass crypto adoption. We are excited to partner up with CoinEx and bring a better and easier experience to users worldwide,” said Nimrod Lehavi, the co-founder and CEO of Simplex.
CoinEx has quickly taken off, and is established as “one of the renowned cryptocurrency exchange platforms,” according to the statement. In December of 2019, it became licensed to work in Estonia.
“Our goal in 2020 is to cover at least 10 different language-speaking markets, and building a fiat gateway is our first move to attract more users around the world,” said Yang.
CoinEx was launched in 2017 and is a subsidiary brand of the ViaBTC Group, which owns the fifth largest BTC mining pool. CoinEx supports perpetual contract, spot, margin trading and other derivatives trading in almost 100 countries/regions with numerous languages available, such as Chinese, English, Korean and Russian.
Based in Israel, with a subsidiary in Lithuania, Simplex was founded in 2014 and is a leading fiat infrastructure licensed in the EU. Simplex processes credit card payments using artificial intelligence (AI) technology and guarantees fraud-free transactions.
India’s Supreme Court ruled earlier in March that a ban on cryptocurrency trading was unconstitutional. The ban was instituted in April 2018 by India’s central bank.