Hong Kong-based cryptocurrency exchange KuCoin announced on Wednesday that they have added new payment options for the P2P Fiat Trade. These new options include PayPal, Wire Transfer, and Interac e-Transfer, and are aimed to provide an affordable and fast trading service.
#KuCoin P2P Fiat Trade Adds Payment Methods via PayPal, Wire Transfer and Interac e-Transfer
— KUCOIN (@kucoincom) June 24, 2020
Starting from today, users will be able to use the three new options for P2P trade on the exchange, however, there are certain restrictions in place. Those using PayPal will be able to transfer a maximum amount of $10,000 in just an estimated 1 second, with no minimum amount limit.
On the other hand, there’s a minimum amount limit of $3,000 for Wire Transfer via banks, though there’s no cap on the maximum amount. Transfer time for wire transfer is between 1-2 weeks for most countries, which can be a problem for those looking for urgent payments. Lastly, Interac e-Transfer will have a maximum limit of $3,000, which can further be extended to $10,000 if the user requests his/her bank to extend their card limit. This payment option will take only half an hour.
All the three newly added options are conventional and cater to a user base much bigger than the entire crypto industry put together. PayPal, for instance, has a user base of over 325 million people, with a year transfer volume amounting to whopping $700 billion. Integration with such conventional options opens a box of opportunities for KuCoin to attract conventional prospects, by offering an effective alternative to traditional fund transfers.