On March 31, crypto exchange CoinEx disclosed they will become partners with Simplex in order to aid crypto credit card purchases.

As per the exchange’s press release says, CoinEx users are now able to buy 5 digital currencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and Tether (USDT) with their credit or debit cards. While there’s no number specified, the fiat currencies supported for payments will be the US dollar, euro and the Canadian dollar. Making a comment about the deal, the CEO and founder of CoinEx, Haipo Yang said:

“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.”

Simplex was founded back in 2014. They have shown itself to be important company in the crypto industry, especially when it comes to offering credit and debit card services. It charges 3.5% of each transaction and has a $10 minimum fee. However, its platform is not for institutional investors because it has a daily cap for purchases of $20,000, together with a $50,000 monthly limit. Here’s what the chief executive and co-founder of Simplex, Nimrod Lehavi, had to say about the partnership with CoinEx:

“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.”

Furthermore, Simplex is licensed in the EU, having important clients like Huobi and Binance. It’s based in Israel and has recently closed a deal with BitPay to allow its users to make direct crypto purchases on its platform. CoinEx is backed by Bitmain and a ViaBTC Group’s, the 5th largest Bitcoin (BTC) mining pool, subsidiary. It functions under Estonia’s laws and trying to expand globally by adding more support for fiat currencies. Here’s what Yang had to say about this specifically:

“Our goal in 2020 is to cover at least 10 different languages speaking markets, and building a fiat gateway is our first move to attract more users around the world.”

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