Yesterday Kucoin exchange announced a partnership with Simplex, a fintech company that provides worldwide fraudless payment processing. The partnership will allow users to make payments on KuCoin using credit cards.
The announcement will see KuCoin offer users the ability to purchase cryptocurrencies using their credit cards and debit cards via Simplex's fraudless payment processing platform. The new feature can be found on the website once logged in and will support the purchasing of BTC, ETH, and LTC with USD and EUR in over 100 countries.
Reddit users commented on the news admitting that purchasing cryptocurrencies with a credit card was a bad idea and should be avoided at all costs. Users also mention that deposit fees could be expensive and might not be any different from using Coinbase to deposit using card payments.
While there is lots of questions surrounding the added option of purchasing cryptos using payment cards, it is most certainly a step in the right direction for adoption and could eventually become the norm once regulators and card marchants can clearly define and address these payment issues.