Cryptocurrency exchange Huobi, a former ‘big three’ platform, partnered with London-based payments processor, Koinal to offer users yet another option to buy crypto with fiat using debit and credit cards.
This collaboration allows Huobi’s international users to make USD and EUR transactions via a debit or credit card, which effectively provides a fiat onramp for its crypto users around the world.
Huobi customers will be able to purchase Bitcoin, Litecoin, Ripple, Ethereum, Bitcoin Cash, TRON, ALGO and IOTA with any local currency via debit or credit cards with low fees. Koinal’s system accepts cards issued by Visa, MasterCard and China Union Pay.
Huobi said it will continue to expand its fiat-to-crypto payment options as a means to increase crypto adoption.
Koinal often charges a processing fee of 2.5 percent per transaction. This compares to Israel-based Simplex’s rates which charges a fee of 3.5% per transaction or $10, whichever is higher. Koinal users making purchases of less than $2,500 will not be required to complete KYC verification, but the company applies various restrictions, including a $50,000 maximum monthly limit for verified customers.
To kickstart the Koinal-Huobi integration, the two companies offer a zero-fee promotion for purchases of $500 or more made via the ‘Buy Crypto’ gateway.
More Options to Pay for Cryptocurrencies
Meanwhile, there are geographical restrictions for using Koinal’s fiat-to-crypto service. Specifically, its card acquiring system does not allow cards issued in the following locations: Afghanistan, Anguilla, Antigua Barbuda, Aruba, Bangladesh, Benin, Botswana, Brazil, Burkina Faso, Burundi, Cabo Verde, Canada, Central African Republic, Cote D’Ivoire (Ivory Coast), the Democratic Republic of the Congo, Djibouti, Egypt, Equatorial Guinea, Eritrea, Eswatini, Gambia, Guinea, Guinea-Bissau, Iran, Iraq, Kenya, Kosovo, Lebanon, Lesotho, Liberia, Libya, Malawi, Mozambique, Myanmar (Burma), Namibia, Nicaragua, Nigeria, North Korea, Rwanda, Senegal, Somalia, South Sudan, Sudan, Syria, Tanzania, Togo, Uganda, USA, Vietnam, Virgin Islands, Yemen, Zambia and Zimbabwe.
Koinal has already signed partnerships with leading crypto exchanges to enable users to buy cryptocurrencies with their credit cards.
Huobi is originally from China, but after outstaying its welcome there, it opened offices in Hong Kong, South Korea, and Singapore. Despite regulatory uncertainty, the firm has made inroads into the U.S. through a mutual rebranding with its exclusive US strategic partner, HBUS.
Furthermore, the exchange has been expanding aggressively into trading services in many other jurisdictions around the world, including Argentina, Russia, Korea, as well as setting up an office in London.
In addition to local branches, such as Huobi Argentina and Huobi (US), the exchange serves much of the rest of the world through its flagship exchange platform, Huobi Global.