KyberSwap Dex launches fiat-to-crypto gateway with Coindirect

A DEX (decentralized exchange) on Ethereum powered by Kyber Network, KyberSwap, announced the launch of a new fiat-to-crypto gateway through …

KyberSwap Dex launches fiat-to-crypto gateway with Coindirect

September 14, 2019 • Finance

KyberSwap Dex launches fiat-to-crypto gateway with CoindirectKyberSwap Dex launches fiat-to-crypto gateway with Coindirect

In partnership with Coindirect, KyberSwap now supports

ETH purchases using Visa and Mastercard credit and debit cards.

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.”

Edited by Fundisiwe Maseko

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Ripple-backed MoneyGram strikes deal with Visa

As it happens, Ripple, a company focused on using the XRP cryptocurrency, and MoneyGram, which is the second-largest money transfer company …

MoneyGram—the money transfer company that Ripple has a $30 million stake in—announced yesterday a new debit card deposit service with Visa. The service, which works with Visa’s real-time payments platform, Visa Direct, will make it possible for MoneyGram customers to transfer money to over a billion Visa cards using MoneyGram.

MoneyGram users will be able to send money to debit cards via the MoneyGram app or on its website. The cost of the service starts at $1.99 per deposit.

“Visa and MoneyGram share a common goal of providing customers with a fast and reliable way to pay and be paid,” said Bill Sheley, Global Head of Visa Direct.

As it happens, Ripple, a company focused on using the XRP cryptocurrency, and MoneyGram, which is the second-largest money transfer company worldwide, also share that common goal.

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Ripple bought a $30 million stake in MoneyGram back in June. At the same time, MoneyGram committed to using its xRapid service which utilizes its much-vaunted asset XRP. MoneyGram CEO Alex Holmes said, in a recent earnings call, that the money transfer giant was already using the cryptocurrency to make cross-border payments and that it was highly effective.

But will the new service utilize XRP?

Well, in the past, Visa has made partnerships with crypto debit card companies only to later leave them in the dustheap. This would suggest that it wants to steer clear of any money that has ties to cryptocurrency. But, its recent partnership with Coinbase—which now offers a Visa crypto debit card—suggests that it is becoming more open-minded. And on top of that, Visa is investigating its own blockchain-based offering.

So, it looks like the barriers are coming down. But it will be up to MoneyGram to decide how quickly.

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Matrix, Sequoia Lead $4.5 Mn Funding Round In Fintech Startup FPL Tech

First Principle Labs Technologies (FPL Tech) has reportedly raised $4.5 Mn seed funding from marquee investors such as Matrix Partners and …
Matrix, Sequoia Leads $4.5 Mn Funding Round In FPL TechMatrix, Sequoia Leads $4.5 Mn Funding Round In FPL Tech

First Principle Labs Technologies (FPL Tech) has reportedly raised $4.5 Mn seed funding from marquee investors such as Matrix Partners and Sequoia India. The fresh funds will reportedly be used to strengthen the company’s product offering, team expansion and customer acquisition, according to a report in ET.

Pune-based FPL Tech currently has a free credit scoring and monitoring app called OneScore and now aims to launch consumer credit cards through bank partnerships. “We have one lakh users of the OneScore app already, and we will target them first with our product,” FPL Tech cofounder Anurag Sinha reportedly said.

“We believe there are another 60-65 Mn customers who have a good credit score who have taken loans and repaid in the past but do not have a credit card; we can cater to that market,” he added.

“In a market as crowded as the financial services space with a plethora of services and products to choose from, FPL breaks through the clutter with a simplified and streamlined approach to rebuild the credit and payments platform with a unique model that leverages tech and over-weighs on data security,” said Rajat Agarwal, director, Matrix Partners India.

FPL Tech was founded by Anurag, Rupesh Kumar, and Vibhav Hathi in September 2018. With the launch of consumer credit cards, FPL Tech claims to disrupt the market by making agents or sales marketing professionals obsolete in the process, the report added.

Credit Card Market In India

Currently, the credit card market in India is dominated by HDFC Bank, State Bank of India, ICICI Bank, Axis Bank and Citibank. In February 2019, a total of 46.1 Mn credit cards were in operation in India, with nearly 9.13 Mn credit cards and 89.11 Mn debit cards added in one year.

Many tech majors in India have also started entering the credit card market in India. Latest entrants in the space include telemedicine startup Practo, which has partnered with RBL Bank to launch a co-branded health-centric card – RBL Bank Practo Plus, earlier this month. Some of the benefits include unlimited online consultations with doctors 24×7, One free full-body health check-up and for every INR 100 spent on this card, cardholder earns one unit of Practo HealthCash.

Further, Walmart-owned ecommerce player Flipkart has also ventured into fintech services with the launch of a co-branded credit card. Flipkart claims to offer customers benefits such as unlimited cashback and discounts on all spends, online and offline.

Ride-hailing major Ola has also launched an Ola Money-SBI Credit Card to add to its many offerings related to payments and digital transactions. In May, digital payments company Paytm too had ventured into the credit card business in a partnership with Citibank. Paytm First Card offers 1% universal unlimited cashback and has no restrictions on rewards for any transaction. In addition to these, smartphone maker Apple and global ecommerce giant Amazon have also launched credit cards in India.

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