UK-registered Bitcoin exchange EXMO announced that users on its platform will now be able to purchase cryptocurrency directly with their bank cards after it has inked a partnership with payment provider Simplex.
Announced today, the agreement will give EXMO a fiat onramp to conduct and settle crypto transactions, a grey area of business where a gauntlet of KYC requirements and other regulations kick in.
Simplex often charges 3.5 percent of a transaction, with a $10 minimum purchase amount. The company also applies various restrictions, including a $20,000 maximum for daily transactions when using a credit or debit card, as well as a $50,000 maximum monthly limit.
Israeli-based Simplex combines crypto payment processing with fraud prevention technology and also provides a KYC opt-out feature for purchases less than USD $150. This amount is calculated for the entire lifetime of the user. Further, the startup enables merchants to accept diverse payment methods, including credit card deposits and purchases, with zero exposure to chargeback risk.
Simplex has already signed partnerships with leading crypto exchanges, including Binance and Huobi, among others, to enable users to buy cryptocurrencies with their credit cards. Most recently, it has added support for Bitcoin SV, the cryptocurrency spearheaded by the self-proclaimed creator of Bitcoin, Craig Wright.
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EXMO expands into new destinations
“Simplex is enabling anyone anywhere to buy crypto securely and easily. We’re excited to offer EXMO users a simple and secure way to purchase crypto with their debit and credit card, with the click of a button,” said Simplex founder and CEO Nimrod Lehavi.
“We are super excited and grateful to be working with Simplex. Being able to buy Bitcoin and other cryptocurrencies with a debit or credit card is a true game changer with respect to adoption,” added EXMO COO Sergey Zhdanov.
EXMO was founded in 2013 and is headquartered in London. As Britain edges closer toward an exit from the EU, the cryptocurrency exchange operator has recently chosen to expand into new European bases as part of a contingency plan to continue to have access to the bloc post-Brexit.
With a recent presence in Turkey, the Istanbul facility was the start-up’s fourth office outside the UK together with its Kiev, Barcelona, and Moscow branches.
While it is not moving resources away from the UK, EXMO’s expansion echoes the sentiment among some big banks that are trying to increase their presence across Europe to offset the impact of Brexit.