Crypto exchange KuCoin recently announced that it will now be accepting credit card payments. Now, the users can purchase cryptos using MasterCard or Visa.
With direct card payments, becoming common in the space, even Binance announced support for its credit and debit cards back in January.
Many traders predict that this growing support for card payments could imply an end to fiat-crypto broker Coinbase's dominance of the crypto space. However, per another school of thought, it adds an element of centralization.
Similar to Binance and eToro and KuCoin has collaborated with Israel-based financial institution Simplex to process its payments. Simplex is a leading EU financial institution which provides fraud-free payment processing solutions worldwide. In case of a fraud chargeback, the merchant gets paid by Simplex.
On 22nd March, CoinMarketFeed reported, Fintech platform YouHodler recently announced that users can now instantly receive a loan instantly to their credit card. Per the platform’s claims, they are the first “full-cycle” loan platform including integrated crypto, fiat, and USDT wallets along with crypto-to-crypto conversion.
Previously, the users could pay back their loans with credit/debit cards. Also, with instant payouts with credit card integration helps crypto enthusiasts to act immediately on market movements. At present, YouHodler will only accept Visa and Mastercard. In the future, it might support prepaid cards as well.
Furthermore, Banking startup 2gether is soon going to launch a prepaid Visa debit, using which users can spend cryptocurrencies.
The card will have no extra fees in any of the 19 Eurozone nations. However, it soon plans to also launch in the other 18 Eurozone countries. The countries include Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, and Slovenia.