Announced today on the CEX.IO blog, users of the bitcoin exchange can now make withdrawals of fiat currencies directly to their payment cards; Visa and Mastercard are currently accepted on their site.
With this new feature, CEX.IO has successfully completed the full circle of fiat money flows to and from Visa and MasterCard, meaning that you can deposit and withdraw funds in just a few clicks, once payment card is linked to your profile.
CEX.IO is a bitcoin exchange based in London, where users can buy and sell bitcoins using their online platform. Purchasing bitcoin with a payment card has been available already on their exchange for some time, but now being able to withdraw back to your payment card is a big step toward user adoption with the best and easiest user experience possible.
This is the way the process will work as outlined in their update:
Withdrawal requests are processed automatically, right after their placement, and you do not need to log in to third party services. In most cases, withdrawals are processed instantly, and this will enable you to gain convenient access to withdrawn funds on your Visa/MasterCard right away. To make a withdrawal, follow these steps:
- Go to your CEX.IO wallet and click “withdraw”.
- Specify the amount to withdraw and the card to credit.
- Confirm withdrawal with 2FA.
- Enjoy using your withdrawn funds!
In an interview with Bitcoin.com, CEX.IO CEO Oleksandr Lutskevych said the key advantages of this new feature are,
[…] speed of payment processing and low commissions compared to withdrawals via bank transfer, which was the only withdrawal option available on our exchange so far. Moreover, card withdrawals are possible without user’s full identity verification, meaning that user needs to prove ownership of the card only. All in all, it is faster, cheaper, and simpler.
Staying competitive with other exchanges has become a top priority for many bitcoin companies. Recently other exchanges have been adding new features as well, such as Coinmotion adding SOFORT payments and announcing a new vault wallet feature, Bitso raising $1.8m to tackle remittances to Mexico, and even Coinbase adding instant card buying features.