A fiat-to-crypto exchange has unveiled a new feature enabling its consumers to buy Bitcoin and Ether using credit cards.
BiboxEurope says it offers a much-needed bridge between fiat and crypto thanks to its Insta-Buy function, which paves the way for major coins to be acquired using euros and British pounds.
According to the company, cryptocurrency that’s purchased using a Visa or MasterCard credit card subsequently arrives in the customer’s account within 10 minutes.
Compared with fiat-to-crypto offerings by other exchanges, BiboxEurope says its fees are a user-friendly, competitive 2.9%. Other rivals in this space, such as Binance and Coinbase, charge fees of 3.5% and 3.99% respectively, and often impose limits on the fiat value of a purchase.
Crypto enthusiasts who have passed the second level of BiboxEurope’s Know Your Customer (KYC) checks can use the Insta-Buy service, which is being launched in conjunction with a third party.
Responding to user demand
The addition of a gateway for converting British pounds to major cryptocurrencies follows a Bibox poll asking its 22,700 Twitter followers which fiat-crypto trading pair they would like to see next. GBP secured 67% of the vote — miles ahead of Singapore dollars with 13%, Hong Kong dollars with 12% and Australian dollars with 8%.
Bibox says there is clearly an appetite for a straightforward, inexpensive method of converting fiat to crypto. This especially benefits consumers who are looking to acquire Bitcoin (BTC) and Ether (ETH) for the first time, enhancing adoption rates. By anticipating demand and delivering a service that makes purchases quick, convenient and user friendly, the exchange is positioning itself as an attractive destination for European consumers who want a localized alternative to exchanges that only accept payments in United States dollars.
Rolling out in Europe
The artificial intelligence-enhanced digital asset exchange launched a site specifically for the Europe market in July 2019 — obtaining licences and enforcing stringent KYC and Anti-Money Laundering compliance in order to become a fully regulated, blockchain-based financial institution.
In a sign that traditional institutions on the continent are enthusiastic to see what Bibox has to offer, the company reportedly secured investment from a major global bank during a recent round of fundraising for its European arm. Work has also been under way to secure partnerships with banking, insurance and regulatory specialists.
These collaborations mean that BiboxEurope has acquired the help of a regulated custodian to ensure that crypto assets are protected in cold wallets. Meanwhile, a warranty service with an insurance company is designed to mitigate losses in the unlikely event of a security breach — and ensure that customers are reimbursed by an insurance provider if they are left out of pocket.
In time, the exchange is also planning to further break down barriers between fiat and crypto by unveiling a Bibox-branded credit card in conjunction with major service providers. It is hoped this will pave the way for consumers to purchase real-life goods and services using their crypto — with growing numbers of retailers beginning to accept major digitial currencies for everything from online shopping to cups of coffee in local cafes.
According to Bibox, its integration of artificial intelligence boosts transaction security while also ensuring systems are stable. The exchange has now established operating centers around the world, and it says it is continually looking for new ways to better service its user base.
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