Crypto asset exchange KuCoin has significantly expanded its fiat on-ramps, introducing crypto purchase support for 17 national currencies on June 12.
The new fiat services follows reports revealing that the small African archipelago of Seychelles hosts a larger volume of cross-border Bitcoin (BTC) transactions than the United States.
With the acceleration of global expansion, #KuCoin has introduced 3 fiat channels, Simplex, Banxa, and OTC Trading Desk, supporting over 50 fiats such as USD and EUR for purchasing #crypto, lowering the threshold for global users to enter the crypto world.https://t.co/31brEW9JJh — KUCOIN (@kucoincom) June 12, 2020
KuCoin Global chief executive Johnny Lyu said:
“KuCoin has been committed to promoting the mass adoption of blockchain and cryptocurrencies, and an easy channel to transact from fiat to crypto will largely contribute to this.”
Fiat purchases are now supported for national currencies such as United Arab Emirates, Azerbaijan, Chile, Colombia, Costa Rica, Argentina, Dominican Republic, Georgia, Kazakhstan, Moldova, Namibia, Peru, Qatar, Uruguay, India, The Philippines, and Uzbekistan.
“Through continuous efforts on fiat channels, KuCoin welcomes more newcomers to embrace and make contributions to the crypto world.”
KuCoin’s expansion of fiat support comes as data published by Crystal revealed that Seychelles is the world’s largest source of cross-border Bitcoin transfers.
KuCoin’s newly supported currencies predominantly target countries situated in Latin American and Central Asia.