KuCoin has launched KuCoin Pay, a new merchant solution aimed at integrating cryptocurrency payments into the retail sector.
The platform offers contactless, borderless transactions, bridging traditional retail and crypto. With over 37 million global users, KuCoin leverages its infrastructure to support this service.
KuCoin Pay Integrates Crypto Payments for Merchants
KuCoin Pay focuses on reducing transaction fees and enabling immediate crypto payment settlements. It supports a wide range ofcryptocurrencies and blockchain networks, expanding payment reach. The platform also facilitates everyday purchases, such as gift cards and mobile top-ups, encouraging broader crypto adoption.
Merchants can integrate the system into their existing payment methods, allowing customers to complete purchases using the KuCoin app or by scanning a QR code. According to the firm, this integration aims to update transactions and enhance user experience.
Crypto exchange @kucoincom has introduced a point-of-sale system that allows customers to pay merchants using crypto held in their accounts at the exchange, by @HeleneBraunnhttps://t.co/ToywMbxa9B
— CoinDesk (@CoinDesk) January 2, 2025
KuCard to Support Multiple Cards and Cashback Program
KuCoin's Visa debit card, KuCard, supports multiple virtual and physical cards. This update allows users to manage several cards and access a cashback program, as reported by Finance Magnates.
KuCard offers enhanced financial flexibility, enabling users to manage personal expenses, family costs, and separate spending categories. It also provides crypto-to-fiat conversion and cashback rewards.
Launched in November 2023, KuCard automatically converts cryptocurrencies into local currency at the point of sale. The card is compatible with Google Pay and Apple Pay, and can be used anywhere Visa is accepted. Initially available in the European Economic Area, the card promotes blockchain technology adoption.
Alameda Files Lawsuit Against KuCoin Assets
Meanwhile, Alameda Research, a subsidiary of the collapsed FTX crypto exchange, has filed a lawsuit against KuCoin to reclaim over $50 million in assets. The legal action, initiated in the US Bankruptcy Court for the District of Delaware, follows the freezing of assets by KuCoin after FTX's collapse in November 2022.
The assets, which have increased in value since then, are part of the FTX estate and are intended for creditor repayments. Alameda claims that KuCoin has refused to return the assets, violating bankruptcy laws, and is seeking their return along with compensation for delays.
This article was written by Tareq Sikder at www.financemagnates.com.
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