KuCoin has introduced a new payment solution called KuCoin Pay, designed to help merchants accept cryptocurrency payments and seamlessly integrate them into the retail industry.
This platform enables contactless, borderless transactions, acting as a bridge between conventional retail and the crypto world. With over 37 million users worldwide, KuCoin utilizes its robust infrastructure to support this new service.
KuCoin Pay: Bringing Crypto Payments to Merchants
The primary goal of KuCoin Pay is to minimize transaction costs and facilitate instant settlements in cryptocurrency. The platform supports a wide array of cryptocurrencies and blockchain networks, expanding its reach for payments. It also makes it easier for users to make everyday purchases like gift cards and mobile top-ups, encouraging wider adoption of crypto for regular transactions.
KuCard: Supporting Multiple Cards with Cashback Features
KuCoin’s Visa debit card, known as KuCard, now offers multiple virtual and physical cards for users, along with a cashback program, according to Finance Magnates. This feature adds flexibility, allowing users to manage different spending categories such as personal expenses, family costs, and more. Additionally, KuCard allows for crypto-to-fiat conversions and cashback rewards.
Launched in November 2023, the KuCard automatically converts cryptocurrency into local currency at the point of sale. It’s compatible with both Google Pay and Apple Pay, and can be used anywhere Visa is accepted. Initially available in the European Economic Area, this card aims to foster blockchain technology adoption.
Alameda Files Lawsuit Against KuCoin Assets
In other news, Alameda Research, a subsidiary of the defunct FTX crypto exchange, has filed a lawsuit against KuCoin in a bid to recover over $50 million in assets. The lawsuit was filed in the U.S. Bankruptcy Court for the District of Delaware following KuCoin’s decision to freeze assets after FTX’s collapse in November 2022.
These assets, which have grown in value since then, are part of the FTX estate and are intended to help repay creditors. Alameda alleges that KuCoin has refused to return the assets, breaching bankruptcy laws, and is demanding their return along with compensation for the delays.
Easy Integration for Merchants
Merchants can easily integrate KuCoin Pay into their existing payment systems, enabling customers to complete transactions either through the KuCoin app or by scanning a QR code. The goal of this integration is to modernize transaction methods and improve the overall user experience.
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