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Bitmain-Backed Platform Matrixport Enables Users to Buy Crypto With Credit Cards

04/28/2020

Matrixport’s platform now allows users to buy crypto currencies directly through Visa and Mastercard.

Bitmain-affiliated financial service platform Matrixport has teamed up with Simplex, an EU-licensed payments processing firm, to allow users to purchase select cryptocurrencies using their credit and debit cards.

Matrixport users can buy seven cryptocurrencies with most popular fiat currencies

As part of the partnership with Simplex, Matrixport users from across the globe are now able to buy seven cryptocurrencies including Bitcoin (BTC), Ether (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), DASH and Tether (USDT) via Visa or Mastercard using the platform’s website or mobile app, according to a press release shared with Cointelegraph.

There are more than 20 supported fiat currencies that can be used to purchase crypto, the announcement reads, including the U.S. dollar, euro, Russian ruble, British pound and Japanese yen.

Investment products are now easier to use

The new partnership facilitates the use of Matrixport’s financial products like Dual Currency-USD, an investment setup that supports stablecoin payments made in USDT and USD Coin (USDC), John Ge, co-founder and CEO of Matrixport, who is also co-founder of Chinese mining giant Bitmain along with Jihan Wu, said:

“Dual Currency-USD is one of our most popular products as people can invest in USDT/USDC and earn returns way higher than what they can get from banks deposit and most funds. Previously, our users had to purchase USDT/USDC somewhere else and transfer it to our platform. The support of Simplex has greatly streamlined the process, making these attractive returns at your fingertip.”

All credit cards purchases are allegedly 100% safe

Matrixport users are guaranteed with “the highest possible degree of security for credit card purchase”, as per the press release, since apparently all merchants get fully compensated by Simplex in case of a fraud chargeback. As for the fees, Simplex charges 3,5% of transaction value, the firm’s representative told Cointelegraph.

Cointelegraph has reached out to Matrixport for additional comment but has yet to hear back from the company.