Huobi cryptocurrency exchange has partnered with Koinal, a London-based payment processor service, to provide the easiest and fastest way for buying cryptocurrencies. The move intends to provide users of Huobi international to make USD and EUR transactions using their debit or credit cards. The partnership comes amid Huobi’s plan to expand its fiat-to-crypto gateway while increasing the adoption of cryptocurrencies. Accepted Cards Includes Visa, MasterCard, and China Union Pay The deal between Koinal and Huobi will now enable customers to purchase cryptocurrencies such as Bitcoin, Litecoin, Ripple, Ethereum, Bitcoin Cash, TRON, ALGO, and IOTA. Users can purchase the cryptocurrencies via Koinal using their debit or credit cards issued by Visa, MasterCard, and China Union Pay. Currently, Koinal charges a processing fee of 2.5 percent per transaction. In its counterpart, Simplex, another fiat service provider charge a higher fee of 3.5% per transaction or $10, whichever is higher. Koinal has not made it mandatory for its users to verify their KYC process for making purchases less than $2,500. However, for its verified customers the payment processing firm applies a monthly maximum limit of $50,000. Meanwhile, Koinal’s fiat gateway service is not completely accessible in many parts of the world due to its inoperability in restricted jurisdictions. Huobi and Koinal Offering Zero-fee Promotion Huobi cryptocurrency exchange originated in China and later on expanded to Hong Kong, South Korea, and Singapore. It also expanded to various jurisdictions including Argentina, Russia, Korea, London. Amid the regulatory instability, the exchange entered the US market by rebranding itself with its strategic US partner HBUS. In addition to its local branches such as Huobi Argentina and Huobi US, the cryptocurrency exchange operates globally under its flagship platform, Huobi Global. Koinal had previously partnered with Binance crypto exchange to enable cryptocurrency payments using credit cards. In order to attract new customers, Koinal and Huobi are offering a zero-fee promotion over purchases of $50 or more made via Koinal on Huobi through its “Buy Crypto” gateway.
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