The greatest hindrance of getting people to exchange their fiat into crypto is the process itself. DigiFinex, a reputable cryptocurrency exchange, has made a significant stride towards removing this roadblock.
The exchange has joined hands with Simplex, a payment processor licensed in the European Union, a move that will see DigiFinex users able to purchase virtual currencies using a credit or debit card. The functionality will be live on April 29.
DigiFinex’s co-founder, Kiana Shek, noted:
“The introduction of popular mainstream payment options and additional entry points for trading has always been a top priority of DigiFinex. Partnering with Simplex will allow us to significantly minimize any obstacles presented to current and potential clients on DigiFinex.”
Simplex’s CEO, Nimrod Lehavi, added that the activation of “easy and fast credit card payments” is a crucial ingredient in driving the crypto adoption train.
Cryptos that can immediately be purchased with either USD or EUR include Ripple (XRP), Litecoin (LTC), Bitcoin (BTC), Bitcoin Cash (BCH), and Ether (ETH). Purchased virtual currencies will be credit onto a user’s DigiFinex account as an ordinary account.
However, the service has capped the minimum and maximum purchases at $50 and $20K respectively at a service fee of 3.5 percent. Additionally, to use the service, personal details, details of the card used, plus upload of a government-issued identification document will be required.
Although the service will be available in most countries, DigiFinex users in Cambodia, Bahamas, Botswana, Ethiopia, Iran, Ghana, Serbia, Sri Lanka, Pakistan, and China are among 15 countries that will be excluded.
DigiFinex is among the top 10 crypto exchanges in the globe with a trading volume of approximately 670 million U.S dollars in the past 24 hours. The exchange has more than 2 million users and over 100 listed cryptos and trading pairs.