In first, non-custodial exchange KyberSwap rolls out fiat-to-crypto gateway

DEX • September 13, 2019, 6:00AM EDT

UPDATED: September 13, 2019, 6:56AM EDT

KyberSwap, a non-custodial exchange built on the Ethereum blockchain by Kyber Network, has become one of the first non-custodial exchanges to roll out fiat-to-crypto gateway.

The gateway has been launched in partnership with MakerDAO-backed crypto startup Coindirect, according to a press release shared with The Block on Friday. The move will allow of the KyberSwap's users to purchase cryptocurrencies directly with fiat currencies.

KyberSwap currently supports the trading of ether (ETH) and ERC20 tokens only, which means users can buy these tokens directly using fiat, as well as Visa and Mastercard credit and debit cards as Coindirect supports these cards.

“We realized that a lot of people who have never held digital assets find the current process extremely complex. This inspired our partnership with Coindirect to build a simple and secure fiat-to-crypto gateway, helping to increase crypto adoption worldwide,” said Sunny Jain, head of product at KyberSwap.

In July, crypto exchange Binance’s official wallet, Trust Wallet, also partnered with Kyber Network, to add trading support for “multiple” DEXs. The move gives users more options to “instantly” trade their assets and “tap into a large pool of ERC20 token liquidity.” KyberSwap supports more than 70 tokens including stablecoins DAI, USDC, TUSD, USDT, digital gold DGX, as well as MKR, LINK, KNC, and WBTC (wrapped Bitcoin).

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