As part of its core mission of empowering users and making global finance seamless and accessible to all, Huobi Group is pleased to announce that Huobi OTC now accepts deposits via Visa and Mastercard.

Made possible via a partnership with global payment processor Simplex, the new service will allow users to use their debit and credit cards to purchase Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), & Ripple (XRP) over Huobi’s peer-to-peer exchange.

“Bridging the divide between the fiat and crypto is still a big problem for the community and this is one of the ways we are looking to solve it,” said Ross Zhang, Head of Marketing for Huobi Group. “Partnering with Simplex will allow us to significantly minimize the obstacles our customers face – something we are always interested in,” Zhang added.

“Easy and fast credit card payments, for mainstream users, is a key factor in wider adoption of crypto in general,” said Nimrod Lehavi, Co-Founder and CEO of Simplex. “We’re thrilled to partner up with Huobi and together enable a much better, fast, and easy experience,”

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Huobi chose Simplex to partner with for a number or reasons; in addition to the peace of mind and security that comes from dealing with an EU-licensed financial institution, Simplex also offers strong fraud protections enabled through innovative machine-learning algorithms. In addition to Visa and Mastercard, Simplex also accepts some virtual and prepaid cards.

Deposits through Simplex are capped at USD $20,000 daily and USD $50,000 monthly. Fees can vary but generally average around 3.5%. The minimum fee for transactions is USD $10.