Bitmain-Backed Platform Matrixport Enables Users to Buy Crypto With Credit Cards

Published at: April 28, 2020

Bitmain-affiliated financial service platform Matrixport has teamed up with Simplex, an EU-licensed payments processing firm, to allow users to purchase select cryptocurrencies using their credit and debit cards.

Matrixport users can buy seven cryptocurrencies with most popular fiat currencies

As part of the partnership with Simplex, 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 using the platform’s website or mobile app, according to a press release shared with Cointelegraph.

There are more than 20 supported fiat currencies that can be used to purchase crypto, the announcement reads, including the U.S. dollar, euro, Russian ruble, British pound and Japanese yen.

Investment products are now easier to use

The new partnership facilitates 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), John Ge, co-founder and CEO of Matrixport, who is also co-founder of Chinese mining giant 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.”

All credit cards purchases are allegedly 100% safe

Matrixport users are guaranteed with “the highest possible degree of security for credit card purchase”, as per the press release, since apparently all merchants get fully compensated by Simplex in case of a fraud chargeback. As for the fees, Simplex charges 3,5% of transaction value, the firm’s representative told Cointelegraph.

Cointelegraph has reached out to Matrixport for additional comment but has yet to hear back from the company.

Tags
Adoption
Blockchain
Mastercard
Visa
Simplex
Related Posts
Apple Pay integration and Staking 3.0 launch push COTI price to a new high
As big-name payment processors like Visa and Mastercard increasingly integrate blockchain technology into their payment rails, decentralized platforms offering the best solutions to issues like scalability and fast transaction times are gaining traction. COTI is one such platform that has been gaining momentum in recent weeks after a series of network upgrades and big announcements brought extra attention to the enterprise-grade fintech platform. According to COTI’s website, the protocol focuses on empowering organizations to create their own payment solutions and digitize any form of currency as a way to save time and money. Data from Cointelegraph Markets and TradingView shows …
Adoption / March 6, 2021
Fintech platform brings beauty and functionality to crypto payments
A digital payment provider is bringing crypto payments to retailers and consumers through a suite of products — including a sleek, modern physical terminal. Lunu’s point-of-sale device comes in an array of skins and can process a plethora of cryptocurrencies as well as credit cards and contactless payments made using smartphones. Executives have positioned their company as an aspirational 21st-century brand that has art and social responsibility in its DNA — with a laser-like focus on design. The terminal is complemented by a cutting-edge processing service that delivers decentralized and competitive exchange rates — through its patented arbitrage system and …
Adoption / Feb. 23, 2021
Crypto Needs to Meld With Legacy Financial Systems for Mass Adoption
Mass adoption. It’s a mantra touted often in this space and what every crypto company is working toward. While tremendous progress has been made in the past 10 years on driving crypto awareness and improving user experience, we still aren’t there yet in terms of mass utilization. In order for real adoption to occur, the crypto ecosystem needs to seamlessly interact with the existing financial system. Think back to the very first time you bought Bitcoin (BTC). It’s scary. You take your “real” money and put it into the computer to get back magic internet money. You need to move …
Adoption / April 16, 2020
Crypto Exchange Launches Fifth Anniversary Celebration Campaign
A cryptocurrency swap platform has the champagne on ice as it celebrates its fifth anniversary — and is reflecting on some of its biggest achievements since launching back in April 2015. Changelly is planning to mark the milestone with a campaign to celebrate how far it has come over the past five years, hosting special promotions with its partners, including Blockchain Cuties, Enjin, NEXO, Bitdegree and Trezor. Customers past and present are being encouraged to get involved. The company began life as a small startup consisting of five people and initially supported 30 cryptocurrencies. Come January 2016, it already had …
Blockchain / April 13, 2020
Celsius Joins Major Cryptocurrency Firms Using Simplex’s Fiat Onramp
Cryptocurrency businesses worldwide are continuing to integrate fiat onramps into their operations in an effort to make it easier for customers to jump into crypto. United Kingdom-based cryptocurrency lending startup Celsius Network has launched in-app crypto purchases via a new partnership with Simplex, according to a Feb. 18 announcement. Simplex, a popular fiat-to-crypto payments provider servicing major crypto exchanges like Binance, will now unlock direct crypto purchases for Celsius app users. Celsius clients will now be able to buy cryptocurrencies like Bitcoin (BTC) and Ether (ETH) via credit or debit cards. Similar to other Simplex-powered fiat onramps, the new feature …
Blockchain / Feb. 18, 2020