Leading cryptocurrency exchange, KuCoin has launched KuCoin Pay, a point-of-sale (PoS) system that supports users to make purchases with their digital assets. The exchange made the disclosure on Thursday through an official blog post.Â
In the announcement, KuCoin provided key details about the functionalities of the PoS system. As announced, the innovation will allow crypto enthusiasts to pay business establishments using their balances on the exchange.
The exchange added that KuCoin Pay will aid merchants and businesses in adding cryptocurrency payments to their systems. By that, users can make payments by scanning a QR assigned to the merchant or by using the KuCoin application.
Furthermore, the crypto exchange added that the PoS system supports up to 54 cryptocurrencies. As per the statement, supported assets include BTC, ETH, USDT, and USDC. The trading platform further revealed that the system will open more opportunities for merchants and business owners.
More so, KuCoin said it will allow businesses to leverage its growing user base and simplify the payment process for their customers. Similarly, the firm discussed how the new functionality will encourage widespread adoption of cryptocurrency.
Side Note on KuCoin
On the flip side, the PoS system will further enhance the reputation and patronage of the cryptocurrency exchange. Currently, KuCoin is ranked the 8th largest cryptocurrency exchange by trading volume with a weekly visit of 2.4 million according to Coinmarketcap.
With its headquarters in Seychelles, the exchange is operating in more than 200 countries, having about 37 million users across the globe. Meanwhile, KuCoin is a popular brand in the cryptocurrency landscape for its array of offerings like instant exchange services, P2P trading options, and crypto purchases with debit/credit cards.
It is worth mentioning that in February 2024, the cryptocurrency exchange made a strategic investment in Crystal Fun to enhance the gaming experience in the web3 sector. A Binbits report revealed how Crystal Fun through the support of KuCoin will leverage some core strengths of blockchain to enhance its gameplay.
In December 2023, KuCoin suffered a major setback after regulatory issues forced the exchange to quit New York. The office of the Attorney General of New York indicated the exchange for failing to obtain an operational license in the state before commencing operations.
As part of the plea deal, the Attorney General, Letitia James mandated KuCoin to pay a $22 million fine and block residents of the state from using the exchange. According to a Binbits report, Letitia James ordered the exchange to refund $16 million worth of cryptocurrency to its New York users.