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OKCoin Partners with Simplex to Enable USD Deposits Via Debit or Credit Card

Monday, June 17, 2019 — 15:47:34 (EDT)

SAN FRANCISCO — June 17, 2019 — OKCoin (www.okcoin.com), a leading fiat-focused digital asset exchange, announced today that it has partnered with Simplex, a FinTech company providing payment processing solutions, to enable international users to make USD deposits via debit or credit card. The feature is available to users outside of Europe, China and the United States, with plans to extend functionality to additional countries in the future. OKCoin strives to maximize the number of choices for its customers, and with this latest addition of accepting credit and debit cards, OKCoin now offers users even more ways to securely onboard fiat. From now until July 1, 2019, 11:59 pm PST, OKCoin will gift $50 worth of BTC to new users who use their debit or credit card to make a $50 deposit plus deposit any amount of a supported digital asset.

“Traders and businesses come to OKCoin to seamlessly convert between fiat currencies and today’s leading digital assets,” said OKCoin CEO, Tim Byun. “Our users have been asking about debit and credit cards and we are glad to deliver a new payment option for them. As we welcome Simplex to our existing banking and fiat partners, our goal remains to make it easier than ever to start trading crypto quickly and confidently.”

Simplex combines the best in fraud prevention with cutting-edge payment processing technology. They use AI and proprietary fraud detection algorithms to analyze every transaction, eliminating instances of fraud and false declined transactions. Because Simplex’s payment processing solution includes such robust fraud detection technology, they were an ideal partner for OKCoin. Simplex recognizes that credit card processing has historically been a barrier to entry for cryptocurrency. In addition to their turnkey and escrow services, payment processing for crypto is a core focus.

“Easy and fast credit card payments, for mainstream users, is a key factor in wider adoption of crypto in general,” said Nimrod Lehavi, Co-Founder and CEO of Simplex. “We’re thrilled to partner up with OKCoin and together enable a much better, fast, and easy experience.”

This is just one of several updates OKCoin has made in recent months to make buying and selling tokens more accessible to people around the world.  After the creation of OK PiggyBank, a new token listing form, and strategic additions to their lineup of cryptocurrencies, this new option for depositing fiat was the natural next step. The new feature comes with a few stipulations: the minimum deposit for this service is $50 USD, and Simplex includes a 5% processing fee.

About Simplex Simplex is an EU licensed financial institution providing fraudless payment processing solutions worldwide. Simplex processes credit card payments with a 100% guarantee — in case of a fraud chargeback, the merchant gets paid by Simplex. Its fraud prevention solution and proprietary AI technology block fraudulent users and allow legitimate users to complete payments with ease. Simplex’s solution increases conversion rates and enables merchants to focus on growing their business. By combining this state-of-the-art technology, Simplex allows crypto merchants to introduce credit card payment options to users throughout the world.

About OKCoin OKCoin is one of the largest and most trusted fiat-to-crypto trading platforms in the world. Founded in 2013, OKCoin offers advanced features for crypto beginners and high-volume traders alike, enabling users in 184 countries worldwide to exchange fiat currency including the US dollar and the euro for Bitcoin, Bitcoin Cash, Cardano, Ethereum, Ethereum Classic, Decred, EOS, Litecoin, XRP, Cardano, 0x, Stellar, Zcash, 0x, TRX, XRP, Zcash, and other digital assets. As a registered Money Services Businesses (MSB) with the Financial Crimes Enforcement Network (FinCEN), OKCoin is on a mission to make digital assets accessible to the world while complying with the highest of regulatory standards. For more information, visit www.okcoin.com .

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Source: Company press release.