KuCoin, the Seychelles‘ crypto asset exchange, has significantly expanded its access to trust currencies, introducing support for 17 national currencies on 12 June.
KuCoin now supports credit card purchases denominated in over 50 trust currencies through integrations with Simplex, Banxa and OTC Trading Desk.
The new fiat services follow reports that the small African archipelago of Seychelles hosts a higher volume of Bitcoin cross-border transactions (BTC) than the United States.
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KuCoin adds credit card support for 17 fiduciary currencies
The currencies that KuCoin has recently supported are predominantly directed at countries in Latin America and Central Asia.
„KuCoin is committed to promoting the mass adoption of blockchain and crypto-currency, and an easy channel to move from fiat currency to crypto will go a long way in this,“ said KuCoin Global CEO Johnny Lyu.
Support is now available for the purchase of the national trust currencies of the United Arab Emirates, Azerbaijan, Chile, Colombia, Costa Rica, Argentina, Dominican Republic, Georgia, Kazakhstan, Moldova, Namibia, Peru, Qatar, Uruguay, India, Philippines and Uzbekistan.
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„Thanks to its continued efforts in the fiat channels, KuCoin welcomes more newcomers to welcome and contribute to the world of cryptomonics,“ added Lyu.
Seychelles dominates international BTC volume
The expansion of KuCoin’s support for trust currency came about when data published by Crystal revealed that Seychelles is the world’s largest source of Bitcoin cross-border transfers.
Despite comprising a mere 175-square-mile archipelago with a population of approximately 100,000, Seychelles-based exchanges are estimated to have received $15.83 million and sent $20.83 billion in Bitcoin transfers in and out of the country during 2019.
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The most active Ethereum Code flows worldwide were found to be from the Seychelles to Europe, the United States and South Korea, with each country’s exchanges processing more than $2 billion in transnational BTC transfers with counterparts located in the Seychelles.
In Seychelles, there are many important cryptomoney exchanges, such as BitMEX, Cex.io, and Bitfinex.