A DEX (decentralized exchange) on Ethereum powered by Kyber Network, KyberSwap, announced the launch of a new fiat-to-crypto gateway through a partnership with Coindirect a digital currency service provider backed by Concentric, MakerDAO and Blockchain.com.
Through this Coindirect partnership, KyberSwap has become one of the first to introduce a fiat-to-crypto gateway for the decentralized ecosystem.
To date, KyberSwap’s platform has only supported the trading of Ethereum ERC20 tokens. With this new integration, anyone can purchase ETH directly through KyberSwap’s web and mobile apps using a credit card and begin trading more than 70 digital assets. In addition to providing customers in over 100 countries with a new on-ramp to purchase their first digital assets using a native currency, KyberSwap’s feature-rich platform offers a seamless user experience, with decentralized token swaps, price charts, price alerts, non-custodial limit orders, and tracking of their favourite assets on a watchlist.
“The Kyber team met many people during recent Ethereum events who were keen to join the blockchain ecosystem but weren’t sure where to begin,” said Sunny Jain, Head of Product at KyberSwap. “We realized that a lot of people who have never held digital assets find the current process extremely complex. This inspired our partnership with Coindirect to build a simple and secure fiat-to-crypto gateway, helping to increase crypto adoption worldwide.”
London-headquartered Coindirect offers robust support for VISA and Mastercard credit and debit cards as well as Mobile Money solutions in emerging markets. With one of the lowest fees in the industry and the widest geographic footprint, Coindirect has grown quickly in the digital asset payment industry, and complies with strict international standards in terms of AML and CFT.
“We are excited to work with Kyber Network to introduce one of the first fiat-to-crypto gateways for the decentralized finance ecosystem,” said Jesse Hemson-Struthers, CEO and founder of Coindirect. “Together, we hope to make it simpler for people to purchase their first digital asset and equalize people’s access to the global financial markets.”