Matrixport, the Bitmain-backed financial service platform, has partnered with Simplex, an EU-licensed payments processing firm, to allow users to purchase cryptocurrencies by using their credit and debit cards.
It has been reported that Matrixport users from across the globe are now able to buy seven cryptocurrencies including Bitcoin (BTC), Ether (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), DASH and Tether (USDT) via Visa or Mastercard by using Matrixport’s website or mobile app.
However, the report said that there are more than 20 supported fiat currencies, which can be used to purchase cryptocurrencies, including the US dollar, euro, Russian ruble, British pound, and Japanese yen.
It has been analyzed that the new partnership accelerates the use of Matrixport’s financial products like Dual Currency-USD, an investment setup that supports stablecoin payments made in USDT and USD Coin (USDC).
Teamed up with #Matrixport to allow users to buy #crypto using their debit & credit cards💳 Get a special bonus for the first purchase!@realMatrixport https://t.co/HrL9hDhUYC pic.twitter.com/LdLzhhKzqT — Simplex (@SimplexCC) April 28, 2020
John Ge, the Co-founder and CEO of Matrixport, who is also the Co-founder of Bitmain along with Jihan Wu, said:
“Dual Currency-USD is one of our most popular products as people can invest in USDT/USDC and earn returns way higher than what they can get from banks deposit and most funds. Previously, our users had to purchase USDT/USDC somewhere else and transfer it to our platform. The support of Simplex has greatly streamlined the process, making these attractive returns at your fingertip.”
Moreover, as per the report, Matrixport users are guaranteed with “the highest possible degree of security for credit card purchase”, since all merchants get fully compensated by Simplex in case of a fraud chargeback.
Thus, according to the firm’s representative, Simplex charges 3.5% of transaction value for the fees.
Source: Cointelegraph | Image: Pixabay