KuCoin Launches Fiat Account to Aid Crypto Purchases With Bank Cards

As regulators around the world are tightening their grip on digital currency trading platforms, exchanges like KuCoin are innovating to take advantage of the gap the regulatory crackdown has ushered in. Per an announcement from the Seychelles-based exchange, a KuCoin Fiat Account has been launched to help its global users deposit United States Dollars through debit or credit cards.

The ease of accessibility to digital currencies by both new and established traders remains one of the core challenges that trading platforms are often seeking solutions to. While the easiest way to fund a trading account remains to link up one’s credit or debit card, this method has proven out of reach of cryptocurrency exchanges due to regulatory scrutiny.

According to KuCoin, the Fiat Account will provide a complementary approach to cash deposits with which users will be able to purchase Bitcoin (BTC), Ethereum (ETH), and the host of digital assets supported on the platform.

“KuCoin continues to improve the experience for all classes of crypto investors by introducing advanced products with less complexity and lower fees. The KuCoin Fiat Account will help get more intenders on board, contributing to the mass adoption of crypto ahead,” said Johnny LYU, KuCoin Global’s Chief Executive Officer.

The exchange noted that its Fiat Account supports both Visa and Mastercard debit and credit cards, and though it supports only USD at present, there are plans to onboard up to 50 other fiat currencies in the near future.

Fostering Inclusion

The steep learning curve remains amongst the primary reasons why many conservative investors are refusing to get involved in the space. The alternative to fiat deposits on most exchanges is typically P2P markets and for a new user, utilizing these marketplaces on trading platforms can be risky, as scam rates are usually very high. 

Permitting bank cards will improve existing user participation in acquiring new tokens, while new users can chart a relatively easier and secure path toward acquiring their desired digital currencies. 

The use of bank cards also provides a number of unique opportunities in terms of crypto arbitrage. This is based on the differences in dollar exchange rates amongst banks, which can serve as an avenue for the crypto user to benefit from the differences. The KuCoin Fiat Account for its global user may be the key to seeing good growth in the trading firm’s ecosystem.