MyEtherWallet Allows Ethereum (ETH) Purchases With Credit Cards

The developers of MyEtherWallet (MEW), one of Ethereum (ETH) most widely used wallets, reported on Wednesday, July 18th, that customers of the platform can now purchase Ethereum (ETH) by paying with their credit cards.

In accordance with a MyEtherWallet tweet, customers of this cryptocurrency wallet can now acquire Ethereum (ETH) via Visa or Mastercard credit cards in either US Dollars or Euros. That is achieved thanks to an agreement between MyEtherWallet and Simplex, a business devoted to non-fraudulent payment services for the cryptocurrencies market ecosystem using credit cards.

Credit card transactions have a minimum first purchase limit of $50 and a maximum limit of $10,000. Also, to respect the Simplex terms, the monthly trading volume for each card is $50,000, with a maximum daily trading volume of $20,000. These limits are being shared by the investment services firm Abra, which last week advertised the deployment of Simplex to their business services.

It is now possible to buy Ethereum (ETH) on MyEtherWallet using credit cards, once again

The recent reports made by MyEtherWallet and Abra announce the re-establishment of the cryptocurrencies purchases on credit, for the first time since February this year when several banks including JPMorgan, Lloyds Bank, Citi Group, and Bank of America ruled out the option for their customers to buy Bitcoin (BTC) using credit cards.

Back then, they argued that the volatility of the cryptocurrencies market represented a risk for investors. This corporative action removed the opportunity for these banks’ customers to buy cryptocurrencies on credit. Because of this move, the total number of Mastercard transactions being processed declined by 2% in the first quarter of 2018 as compared to the same period in 2017, reported Mastercard’s Chief Financial Officer Martina Hund-Mejean.

Currently, no other limitations on the MyEtherWallet service are known to exist, excluding the restrictions on Abra, where it is impossible to purchase Bitcoin (BTC) in 13 countries, as a result of alleged Simplex constraints.

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About the Author: Anna Galvez

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