Crypto exchange BitAsset on Tuesday announced its partnership with Simplex to provide fiat-deposit and crypto purchasing services with credit cards on its platform.
Traders on the platform can now directly purchase Bitcoin, Ether, and Litecoin using bank-issued credit cards.
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The demand for fiat-based services
In recent months, there is a rush among the crypto exchanges to ease fiat deposit methods using debit and credit cards and Simplex is one company to tap into this market facilitating card payment gateway integration.
The Israeli payments company tied with multiple major exchanges including Binance, Huobi, and OKcoin to streamline fiat-based deposit and withdrawal services.
Mentioning the importance of fiat-based services, Changpeng âCZâ Zhao, founder and CEO of Binance, earlier said: âMost of the worldâs crypto money is still purchases in fiat, causing issues and difficult experience for consumers trying to buy in and start trading. This is another key step in our platform growth as we continue to push forward the best user experience available on the market.â
Founded in 2014, the company raised $7 million in Series A funding and received investments from major crypto ventures including Bitmain, Cumberland Mining, and FundersClub, a crowdfunding platform that also invested in Coinbase.
Earlier this year, Simplex also received an electronic money institution (EMI) license from the Bank of Lithuania but it is largely limited Simplex to facilitating payments.
Headquartered in Hong Kong, BitAsset provides a variety of crypto-based services including fiat currencies deposit, wallet custody, spot trading, futures, and index ETFs. It is aiming to build a complete digital banking system similar to the fiat market.
Most recently, the exchange-listed Dash, becoming a few major exchanges to facilitate its trading.