OKCoin is the largest exchange platform of China that uses two currency pairs, i.e., BTC/CNY and LTC/CNY. In 2011, Xu Mingxing founded the company in 2011. In 2014, the withdrawal of USD became available. This platform was only available to operate in China in the beginning, but now, the decision was taken to spread the OKCoin to support the Bitcoin community. On 17th June 2019, it was announced that OKCoin and Simplex, Fintech firm combined to enable USD deposits for global users through credit or debit cards. On 13th September 2019 at 3:31 PM, OKCoin, tweeted this information with a countdown of 3 days. A new USD pair Hedera will be launched soon after 3 days. You can click the following link to get the update.
— OKCoin (@OKCoin) September 13, 2019
Simplex is a European-based union-licensed financial institution as well as a payment processing provider. It has its offices in Israel, Lithuania, the United States, and the United Kingdom. They will offer USD deposit cards for the users of OKCoin outside of China, the US, and Europe. In the future, they will extend their services to other countries also.
There are detection algorithms to analyze the transactions and find out the risks of fraudulent card payments. The firm is also focusing on the turnkey and escrow services other than providing fiat on-ramps for the users of crypto. The new card services for USD deposits on OKCoin require a minimum deposit of $50 with a processing fee of 5% for each transaction charged by Simplex.
The CEO of Simplex, Nimrod Lehavi, said that the functionality of the credit card is crucial to adopt the mainstream cryptocurrency quickly. This year, Binance, which is a top crypto exchange added support to the credit card crypto purchases by a similar collaboration with Simplex. It was reported that the KuCoin exchange of Singapore also revealed its partnership with Simplex for the users of around 100 countries.
Recently, OKCoin opened its office in Malta at the beginning of the month. Now, it has expanded its trading services to non-US users. These customers can deposit as well as withdraw euros. They can also participate in euro spot trading for cryptocurrencies like Bitcoin (BTC), Bitcoin Cash (BCH) and Ether (ETH).