OKCoin partners with Simplex to allow USD deposits by credit card

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Simplex, a FinTech company, partnered with OKCoin, a leading fiat digital asset exchange, to provide payment processing solutions that will allow international OKCoin users to make USD deposits via a credit or debit cards which promotes faster and easier purchase of digital assets.

Currently, these features are notavailable in Europe, China, and the United States. However, they intend to expand their services to more countries in the near future. To encourage users to use the services, OKCoin will run a new promotion whereby every new user who deposits any digital asset, plus a minimum of $50, will receive a $50 worth of SegWitCoin (BTC). Simplex provided the rules and rewards for the promotion.

The deposit process is simple. Deposit fiat in the form of USD into OKCoin via your credit or debit card, and then use the fiat to buy crypto. OKCoin CEO, Tim Byun said:

“Traders and businesses come to OKCoin to seamlessly convert between fiat currencies and today’s leading digital assets. Our users have been asking about debit and credit cards, and we are glad to deliver a new payment option for them. As we welcome Simplex to our existing banking and fiat partners, our goal remains to make it easier than ever to start trading crypto quickly and confidently.”

The choice to partner with Simplex was highly evaluated. Simplex is an EU licensed financial institution that provides fraudless payment processing solutions across the globe. The company is known to process credit card payments with a 100% guarantee in the event of a fraud chargeback, after which Simplex pays the merchant.

Simplex’s proprietary state-of-the-art AI technology and innovative fraud prevention solution seeks to prevent fraudulent users while at the same time allows legitimate users to complete payments quickly. In addition, the platform increases conversion rates and will enable merchants to focus on their business growth objectives.

In response to the partnership, Nimrod Lehavi, the co-founder and CEO of Simplex said, “Easy and fast credit card payments, for mainstream users is a key factor in wider adoption of crypto in general. We are thrilled to partner up with OKCoin and together enable a much better, fast and easy experience.”