Crypto Trading Platform Huobi OTC Now Accepts Credit Card Deposits

Announcements, News | April 19, 2019 By:

Huobi OTC, Huobi Group’s peer-to-peer (P2P) crypto trading platform, is now accepting deposits via Visa and Mastercard.

Huobi OTC offers an exchange bridge between fiats and digital assets. It is a platform devoted to over-the-counter (OTC) trades of digital assets. It allows users to buy and sell digital assets by posting a buy/sell advertisement on the platform and then complete transactions with the other party so as to exchange digital assets with fiats.

The company recently partnered with Simplex, which provides fraud-free payment processing solutions worldwide, to allow its users to use their debit and credit cards to purchase bitcoin (BTC), ethereum (ETH), Litecoin (LTC) and Ripple (XRP) on the P2P exchange. In addition to Visa and Mastercard, Simplex also accepts some virtual and prepaid cards. Deposits are at $20,000 daily and $50,000 monthly. The minimum fee was set at $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.”

Huobi said that they partnered with Simplex because it is an EU-licensed financial institution and offers strong fraud protections enabled through innovative machine-learning algorithms.

“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.”