London-based crypto wallet and banking service provider Cashaa on Monday announced that it has enabled credit and debit card payments for purchasing digital currencies on its platform.
Users of Cashaa can buy Bitcoin, Ethereum, or its native CAS token using any plastic card. However, the services are not available to its United States-based clients.
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Commenting on the development, Kumar Gaurav, founder and CEO of the platform, said: “This functionality was constantly being asked by our existing personal users from more than 109 countries. There is no major wallet like Blockchain.info or Bitgo that are offering this service, while the ones who are offering it, are charging higher markup fees on Bitcoin.”
“Enabling this feature will allow our wallet users to buy crypto as an e-commerce experience without paying high fees within their multi-sig wallet. There will be no hidden or markup fees on Bitcoin price.”
Cheaper than the usual
According to the announcement, the platform will charge a processing fee of four percent for cards issued within the European Union while non-EU cards will be charged five percent. Moreover, there will be an additional service fee of 1.49 percent, which can be reduced to 0.75 percent for personal use and 0.40 percent for business use by paying in CAS token.
The crypto platform has also set the transaction limit in the upper side – EUR 10,000 per transaction.
Launched on April 8, Cashaa is offering banking services to the crypto companies and is targeting the businesses which are struggling to get basic banking services from large banks. The company claims that it has on-boarded 173 crypto-related firms in its initial beta phase.
Making the purchasing experience more convenient
Meanwhile, many major crypto exchanges including OKEx, Binance, and Liquid has also enabled card payments for buying crypto assets. All of them have tied with Simplex to use its “risk-free” payment gateways.