KuCoin Launches KuCoin Pay to Facilitate Crypto Payments in Retail
KuCoin, a prominent crypto exchange, has launched KuCoin Pay, a solution for integrating cryptocurrency payments into the retail sector. This initiative aims to enhance the accessibility and usability of digital assets for shoppers.
Merging Crypto with Mainstream Retail
With over 37 million global users, KuCoin is utilizing its infrastructure to make crypto payments as seamless as traditional transactions. KuCoin Pay provides merchants with a contactless and borderless payment option, allowing immediate settlements and reduced transaction fees.
The platform supports various digital currencies and blockchain networks, promoting the adoption of crypto in daily life. Easy integration allows merchants to incorporate this system into their existing payment methods. Customers can pay using the KuCoin app or by scanning a QR code.
Additionally, KuCoin introduced KuCard, enabling users to convert crypto assets into local currencies at points of sale. Launched in November 2023, KuCard is compatible with Google Pay and Apple Pay, functioning wherever Visa is accepted. It offers users a bridge between crypto and fiat currencies.
KuCard enhances financial flexibility, allowing users to manage expenses across different categories. A cashback program and real-time crypto-to-fiat conversion add further benefits.
A Legal Battle Looms for KuCoin
KuCoin faces legal challenges as Alameda Research, a subsidiary of the collapsed FTX exchange, has sued to recover over $50 million in assets. The firm alleges that KuCoin has refused to return assets frozen after FTX's collapse in November 2022, claiming violations of bankruptcy laws related to creditor repayments.
This legal issue continues in the US Bankruptcy Court as asset values increase. Despite these challenges, KuCoin Pay and KuCard aim to transform consumer payment methods, utilizing blockchain technology to streamline transactions.
Major exchanges such as Coinbase, Binance, and Crypto.com are also expanding their crypto payment systems and DeFi solutions, indicating a significant shift toward digital assets in finance.