Huobi OTC enables credit card deposit service via Simplex partnership

Cryptocurrency exchange operator Huobi Group has announced that Huobi OTC, its peer-to-peer cryptocurrency trading platform, has started accepting deposits via Visa and Mastercard.

This has been made possible via a partnership with payment processing firm Simplex. Huobi said:

“In order to give our users flexibility and choice in payment methods, Huobi OTC now provides credit card deposit service through Simplex, which is an EU licensed financial institution providing reliable payment processing solutions worldwide.”

Users would now be able to use their debit and credit cards to purchase Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), & Ripple (XRP) on Huobi OTC.

According to the press release, deposits through Simplex are capped at $20,000 daily and $50,000 monthly. Fees can vary but generally average around 3.5%. The minimum fee for transactions is $10.

"Bridging the divide between the fiat and crypto is still a big problem for the community and this is one of the ways we are looking to solve it," said Ross Zhang, Head of Marketing for Huobi Group. "Partnering with Simplex will allow us to significantly minimize the obstacles our customers face – something we are always interested in," Zhang added.

Huobi said that it chose Simplex for the partnership for a number of reasons including the strong fraud protections enabled through innovative machine-learning algorithms. In addition to Visa and Mastercard, Simplex also accepts some virtual and prepaid cards.

"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 Huobi and together enable a much better, fast, and easy experience.”