KuCoin, the IDG-backed crypto exchange now enables its users from across the world to purchase cryptocurrency with Russian Ruble (RUB) using credit or debit cards. The new feature is made possible by the platform’s recent partnership with PayMIR, a well known Russian fiat on-ramp service provider.
The partnership will help KuCoin tap into the Russian crypto community by offering them a convenient way to purchase crypto assets, while at the same time contribute towards the development of a robust blockchain ecosystem in the country. According to the Russian Association of Crypto Industry and Blockchain (RACIB), the total number of cryptocurrency investors in the country is somewhere upwards of 2 million with more people joining the ranks every day, which represents a huge market capacity. Meanwhile, Russia is also home to a huge pool of talented blockchain developers who have put the country on the list of fastest-growing blockchain markets in the world.
The Moscow-based PayMIR is an online full-service marketplace for services, digital goods and cryptocurrencies with presence in the US, Germany, Ukraine, Hong Kong and Shenzhen. With the cooperation between both platforms in place, users can navigate to the “Buy with Credit Card” page on KuCoin, select PayMIR as payment option and purchase USDT against RUB payment. Once they transfer fiat to PayMIR through wire transfer, they will receive cryptocurrency in their KuCoin account.
“From its inception, KuCoin has been committed to offering secure, stable and easy-to-use trading services to all users,” said Johnny Lyu, KuCoin Global CEO. “For a long time, moving from fiat to crypto has been a relatively complicated process. It is also a major obstacle for new users looking to invest in cryptocurrencies. We are really excited to partner with PayMIR, and through the PayMIR Core system, we are now able to provide Russian users with a more smooth experience. This is also an important step in KuCoin’s global expansion.”
Yuri, co-founder and CEO of PayMIR, said: “PayMIR aims to revolutionize payment methods between international suppliers, making it easier and more compliant. KuCoin is one of the most global exchanges with more than 5 million users, and with our cooperation, more users around the world can enjoy the service PayMIR offers, allowing them to join the crypto world with just a few clicks.”
Founded in September 2017, KuCoin has grown into one of the most popular crypto exchanges, and it currently provides a series of financial services including fiat-to-crypto, crypto-to-crypto, futures, staking, borrowing, token launch and more to its 5 million users across 207 countries and regions around the world. One out of four crypto holders worldwide are with KuCoin.