In a development which could bring more convenience for the crypto traders, the cryptocurrency platform Liquid has announced its partnership with the Simplex. The partnership allows the use of fiat currencies to make a deposit on the trading platform using credit or debit cards. This new convenience is expected to help the cryptocurrency traders by bringing in more convenience in trading activity and can play an important role in stimulating the crypto adoption.
Speaking on the occasion, Seth Melamed, who is global head of business development and sales at Liquid, said that the company is super excited to partner with Simplex. The new innovation will bring more convenience for the crypto traders on the company’s trading platform. Liquid has already got support for various fiat currencies on its network and now by offering the extra convenience of making a deposit using the regular debit or credit cards, the company has stepped up the game. The platform is expecting to widen its reach among the traders with this new convenience and hope to bring in more revenue with this new innovation. This new convenience also means the alienation between the fiat and crypto ceases and paves the way for greater cooperation.
Just so you know, Liquid was incepted in November 2017 when the two cryptocurrency exchanges – Qryptos and Quoinex – merged together. The exchange is based in Tokyo and comes under the purview of the Japan Financial Service agency. At present, the crypto traders and users using the Liquid services can make a deposit only in Euros but the statement released by the company on Thursday indicates that it will soon start accepting the deposit in US dollar also. Once the money is deposited with the platform, the traders can buy any cryptocurrency of their choice including the Bitcoin and Ethereum. The deposited money can also be used for margin trading which is another add on to the convenience offered to the customers by the platform.
As mentioned earlier, Simplex will facilitate these fiat currencies deposits on the Liquid platform. Simplex claims that it provides highly secured credit card payment services and the transfer process is literally free from any kind of fraud. In fact, the company is so confident about its technology that it takes guarantee of all the payments it accepts. In case of a chargeback, Simplex will pay the money to the company which has lost on the transaction. The business model of Simplex is based on four key pillars that include fraud prevention, global reach, maximize conversion, and chargeback liability. The company has a proven track record on safety even in the markets which are plagued by the high fraud rate and these safety credentials make it favorite among the marketplaces, merchants, and crypto platforms.