In a press release, MEXC Global said they are opening up users in over 180 countries to conveniently and cheaply buy crypto assets worth up to $5k in a single transaction.
According to the Head of Payment at MEXC Global, Anthony Guo, the decision is because they want to simplify and create a “connected user experience”.
“By enabling crypto purchase through Visa and MasterCard directly, MEXC Global is delivering a faster, simpler, and more connected experience for its users — making it easier for users to convert fiat into crypto assets, which opens up the ownership of cryptocurrency to millions of people where bank card is the dominant medium of transaction.”
MEXC Global is actively opening up more channels for fiat holders to acquire their favorite crypto assets using an easy-to-use and familiar payment method they are comfortable with. Despite the explosion of crypto and blockchain-enabled payment and remittance ramps, Visa, MasterCard, and other traditional payment options are used by fiat holders spread across the globe.
These payment processors have refined their operations over the years. Notably, they have a more robust, global network of partners, primarily financial institutions. On the other hand, crypto solutions are still being developed and lagging. MEXC Global is filling this gap by linking the crypto and fiat worlds to fast-track the adoption of digital assets. This specifically considers the massive cost benefits associated with digital asset infrastructure.
MEXC Global and its newfound partners, MasterCard and Visa, realize what’s at stake. They are now committing to driving crypto adoption in a win-win arrangement. While MEXC Global will increase its user base and Visa and MasterCard profit from fees, end-users, on the other hand, can quickly shuttle between the fiat and crypto worlds without necessarily learning or familiarizing themselves with complex systems.
The partnership follows the successful launch of the Global Bank Transfer Program that allows MEXC Global clients in Europe and the U.S. to deposit and withdraw using SWIFT and FedWire networks. Users who purchase crypto through the program also don’t pay trading fees.
MEXC Global has also launched an OTC payment service and activated P2P trading. Moreover, clients can use approved third-party portals like Simplex and Banxa.