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KuCoin has introduced a payment system that will let crypto holders make direct purchases using their account on the trading platform.
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Crypto exchange KuCoin has introduced a new point-of-sale (PoS) system that allows its users to make payments to businesses using their exchange balances.
KuCoin said its “KuCoin Pay” tool will allow merchants to integrate crypto payments into their systems. It would let their customers complete purchases by scanning a QR code or using the KuCoin application.
According to KuCoin, the new feature supports approximately 54 crypto assets, including Bitcoin (BTC), Ether (ETH), Tether (USDT) and USD Coin (USDC).
KuCoin said its new feature could “open new opportunities” for merchants. The exchange said that the feature allows businesses to tap into KuCoin’s user base, and it simplifies the buying process for users.
It also said the feature enables a seamless checkout process, promoting more widespread adoption of crypto assets.
Related: Tether shifts $780M in Bitcoin to reserve — its biggest move in 9 months
Crypto payments expansion in the fourth quarter of 2024
KuCoin’s latest offering comes amid a wave of developments in the crypto payments sector during the fourth quarter of 2024.
On Oct. 9, payments provider Stripe introduced stablecoin payment options using USDC. The platform saw users from 70 countries adopt its new payment option on the first rollout day, reflecting strong demand for alternative payment systems.
On the same day, the Web3 money app Wirex launched its Wirex Pay service, a modular payment chain. This allows users to make everyday payments with their crypto assets using their non-custodial wallets. The service gives users complete control of their funds through various security features.
On Oct. 28, fintech firm FV Bank launched debit and corporate credit cards in partnership with Visa. The cards allow its customers to have access to both digital assets and US dollars. The card accepts stablecoins like USDC and USDT and crypto assets held in custody accounts, including BTC, ETH, Polygon (MATIC), Dogecoin (DOGE) and Polkadot (DOT).
In November, United States store chain Sheetz expanded its crypto payments support by partnering with the digital assets payment provider Flexa. The partnership enabled crypto payments for the chain’s 750 locations in the US. The company said that users can pay using USDC, BTC, ETH, Litecoin (LTC) and other crypto assets supported by Flexa.
Magazine: Crypto is used for payments in Georgia, not to get rich: Tbilisi Crypto City Guide
This article first appeared at Cointelegraph.com News
