KuCoin P2P Fiat Market Adds USD Support For Crypto Purchases

To let traders purchase digital currencies, such as BTC, USDT and ETH, via U.S. dollars (USD) through PayPal in addition to other payment methods, the KuCoin cryptocurrency exchange said that USD support has been added to its P2P Fiat Market, according to an announcement.

USD’s support comes following the enablement of the Canadian dollar (CAD), Chinese yuan (CNY), Vietnamese dong (VND) and Indonesian rupiah (IDR), the announcement states.

KuCoin Global CEO Johnny Lyu said in the announcement, “As one of the most globalized cryptocurrency exchanges, KuCoin has been expanding its fiat gateways. Now, our P2P Fiat Market supports … the 5 mainstream fiat currencies. We also support 50 fiat currencies like EUR [euro] and AUD [Australian dollar] through our partnerships with Simplex, Banxa and PayMIR.”

Lyu also noted that KuCoin will continue its globalization work to let more users throughout the world use the company’s services.

The company noted that of the share of transactions involving bitcoin and fiat currencies in different nations, USD clocks in the No. 1 place at 63.21 percent, per Coinhills data. As a result of KuCoin P2P Fiat Market’s support of USD, the firm said it would be easier for more individuals globally to buy digital currency.

Earlier this week, news surfaced that PayPal would reportedly provide direct crypto sales for clients. At the time, it was noted that the company would put forward the function for those who wish to have a new wallet feature.

The pandemic has sped up a shift from physical purchasing to digital transactions that were occurring already, PayPal’s Vice President and General Manager of North America and Australia Marcy Campbell told PYMNTS in a previous interview.

Smaller and digital-first retailers have needed to grow fast to satisfy a large rise in demand.

“We’ve had some interesting conversations with CEOs of different companies,” Campbell said. “One actually told me that this is basically their Super Bowl.”