Crypto exchange KyberSwap has become the first ever non-custodial exchange to introduce its own fiat-to-crypto gateway in partnership with crypto exchange Coindirect.
As per a blog post released on 13 September, the users of KyberSwap will now be able to purchase digital currencies by using fiat currencies directly. However, the exchange supports the trading of ERC-20 tokens and Ether based coins only currently.
The collaboration with Coindirect helps KyberSwap to but cryptocurrencies by using MasterCard and Visa debit and credit cards.
KyberSwap received support for the DEX token versions when crypto exchange Binance showed interest to team with Kyber Network. Binance arrived at a deal where its Trust Wallet would enable KyberSwap to support the DEX tokens. On the other hand, Kyber Network already offers supports to over 70 tokens which includes USDC, DAI, USDT, TUSD, MKR, KNC, WBTC and LINK.
Sunny Jain, KyberSwap’s Head of product, found a key reason behind the rejection that cryptocurrency till date had been experiencing. According to Jain, not many people could easily acquire cryptocurrency. They faced difficulties in purchasing a token and later saw that the exchange would not let it turn into fiat. He thus saw an opportunity in this situation and collaborated with Coindirect to become the first non-custodial crypto exchange offering a fiat-to-crypto choice.