In summary:

Users of Beaxy can now purchase Bitcoin (BTC) and Ethereum (ETH) using their credit and debit cards courtesy of Simplex.

The addition of this fiat bridge will increase the visibility of the exchange as well as benefit BXY in the long run.

As much as we want to be pro-cryptocurrency and anti-fiat during these trying times in the stock markets, bridging between the two forms of payment is essential for crypto adoption. The financial world as we know it still functions in the form of fiat currencies such as the USD or the EURO. We are yet to get to that stage where transactions are denominated in Satoshis or where we refer to the value of Beaxy (BXY) as 132 Satoshis.

Beaxy Collaborates with Simplex to Bring Card Purchases

In a medium blog post earlier today, the team at Beaxy let the trading community know that they had teamed up with Simplex. This collaboration will allow for crypto enthusiasts to purchase Bitcoin (BTC) and Ethereum using their credit and debit cards. Beaxy’s co-president, Nick Murphy, elaborated on how the new service will benefit users.

Credit and debit card purchases powered by Simplex provide users a new and efficient way to add money to the crypto market. This convenience drives access and adoption of cryptocurrencies for larger groups of potential users around the world. The more bridges we can build between legacy systems and the crypto market, the better.

How it Will Benefit Beaxy (BXY)

Further checking Coinmarketcap.com, we come to the conclusion that the new service via Simplex has already had the desired effect on the price of Beaxy (BXY). The token is currently up 15.92% in the last 24 hours. It is trading at $0.0091 and 132 Satoshis in the USD and BTC markets respectively.

One reason why the token is exhibiting impressive gains is the simple fact that the news announcement is bullish on the value of the Token. Given that it is the native asset on the exchange, investors have seen the potential for BXY to gain as more traders sign up on Beaxy due to the convenience of buying Bitcoin (BTC) and Ethereum (ETH) for direct trading on the platform.

Secondly, Beaxy (BXY) falls into the category of exchange tokens such as Binance Coin (BNB), Bitrue Token (BTR), OceanEx (OCE), KuCoin Shares (KCS) and more. The simple fact that it is indeed the native token at the exchange is enough grounds to determine that it has potential as the platform grows.

Using and holding BXY has the following advantages on Beaxy:

50% discount when paying for trading fees.

When you stake BXY, you get 62.5% reduction in fees on all trades.

Holding BXY enables you to get premium features on the exchange such as SMS alerts and premium Tradingview charting.

Access to exclusive polls and surveys.

Earning loyalty rewards and more.

Conclusion

The Beaxy exchange and Simplex have collaborated to allow users to buy Bitcoin (BTC) and Ethereum (ETH) using their credit and debit cards. The collaboration has had an instant effect on the price of Beaxy (BXY) as it is up over 16% in the last 24 hours. Additionally, the new service will likely attract new traders onto the platform thus increasing the exposure of Beaxy (BXY) to potential investors.

(Feature image courtesy of Ray Hennessy on Unsplash.com)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Crypto Gazette or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you



