KuCoin — the third-largest cryptocurrency exchange — has announced that it is launching the KuCoin Fiat Account. The new function will be giving users of the exchange the opportunity to use fiat via debit or credit cards to make purchases of digital assets, such as Bitcoin, Ethereum, and others.
With numerous newcomers to the crypto space unwilling or hesitant to use cryptocurrencies for purchases, KuCoin has decided to incorporate fiat to support existing services, such as P2P Fiat Trade, as well as third-party fiat getaways like Simplex, Banxa, and BTC Direct.
KuCoin CEO Johnny Lyu has commented on the launch by stating that the platform’s aim to become a more popular and accessible exchange in the crypto space is making the need for fiat gateways imperative along with the integration of traditional bank cards usage. The new KuCoin Fiat Account is designed specifically for newcomers to the decentralized environment, thus further contributing to the mass adoption of digital currencies.
The KuCoin Fiat Account will support Visa as well as MasterCard, allowing deposits of USD directly onto user accounts. The deposited USD will be automatically converted into a selected cryptocurrency at favorable exchange rates. The KuCoin team has stated that the new account will support over 50 fiat currencies, including EUR, AUD, GBP, and RUB in the near future.
To mark the launch of the new functionality, KuCoin has announced a reward campaign for its users. Starting from 18:00 UTC, November 2, 2021, to 18:00 UTC, November 5, 2021, the first 100 users buying USDT via KuCoin Fiat Account using Balance, Visa or MasterCard, will be receiving up to 50% discounts on purchases.