Seychelles-based crypto asset exchange KuCoin has significantly expanded its fiat on-ramps, introducing support for 17 national currencies on June 12.
KuCoin now supports credit card purchases denominated in over 50 fiat currencies through integrations with Simplex, Banxa, and OTC Trading Desk.
The new fiat services follow reports revealing that the small African archipelago of Seychelles hosts a larger volume of cross-border Bitcoin (BTC) transactions than the United States.
KuCoin adds credit card support for 17 fiat currencies
KuCoin’s newly supported currencies predominantly target countries situated in Latin American and Central Asia.
“KuCoin has been committed to promoting the mass adoption of blockchain and cryptocurrencies, and an easy channel to transact from fiat to crypto will largely contribute to this,” said KuCoin Global chief executive,” Johnny Lyu.
Fiat purchases are now supported for the national currencies of the United Arab Emirates, Azerbaijan, Chile, Colombia, Costa Rica, Argentina, Dominican Republic, Georgia, Kazakhstan, Moldova, Namibia, Peru, Qatar, Uruguay, India, The Philippines, and Uzbekistan.
“Through continuous efforts on fiat channels, KuCoin welcomes more newcomers to embrace and make contributions to the crypto world," added Lyu.
Seychelles dominates international BTC volume
KuCoin’s expansion of fiat support comes as data published by Crystal revealed that Seychelles is the world’s largest source of cross-border Bitcoin transfers.
Despite comprising a mere 175 square mile archipelago with a population of roughly 100,000, exchanges domiciled in Seychelles are estimated to have received $15.83 million and sent $20.83 billion worth of Bitcoin transfers in and out of the country during 2019.
The most active Bitcoin flows worldwide were found to be from Seychelles to Europe, United States, and South Korea — with each country’s exchanges processing more than $2 billion in transnational BTC transfers with counterparties located in Seychelles.
Seychelles is home to many leading crypto exchanges, including BitMEX, Cex.io, and Bitfinex.