The London-based exchange Cryptophyl is a trading platform focused on the Simple LEDGER Protocol (SLP) and bitcoin cash (BCH) ecosystem. On October 29, the exchange announced the launch of the first fiat on-ramp to obtain well-known SLP tokens.
Purchasing SLP Tokens With Fiat
Cryptophyl.com has revealed the public can now purchase SLP tokens using fiat via credit cards, debit cards, and Apple Pay. The Cryptophyl team is collaborating with the payment processor Moonpay in order to facilitate the fiat on-ramp. The SLP token ecosystem has grown quite mature this year and thousands of tokens have been created using the BCH network. Data reveals there’s been 5,400 SLP tokens minted since the inception of the protocol and a slew of tokens have been listed on exchanges. Cryptophyl launched in August and initially offered spice (SPICE) trading with bitcoin cash but the trading platform now has honestcoin (USDH) and the Cryptophyl developed drop (DROP) token. Cryptophyl’s native exchange token drop leverages the ability to utilize onchain dividends by paying holders airdropped tokens directly to their wallets.
Now the Cryptophyl team has partnered with Moonpay to provide credit and debit card support to Cryptophyl’s exchange platform. Cryptophyl’s initial fiat payments launch will provide users access to spice and the stablecoin USDH. In the near future, credit and debit card payments can be used to obtain bitcoin cash and drop as well. “We are proud to partner with Cryptophyl to support instant purchases of SLP tokens,” said Ivan Soto-Wright, cofounder and CEO at Moonpay. “Reducing the barriers to entry is critical for mainstream adoption.” Moonpay users will have a connection to the SLP universe as well “expanding the reach of SLP to all users of Moonpay integrated products,” Cryptophyl’s announcement highlighted.
Making Bitcoin Cash Token Trading More Accessible
According to the Cryptophyl team, honestcoin (USDH) and spice (SPICE) are the most popular tokens on the trading platform. Moonpay and Cryptophyl’s fiat on-ramp will charge a fee of 3.99% per transaction. “It’s great to see the addition of credit card support to Cryptophyl,” Semyon Germanovich, Cryptophyl’s founder, detailed during the announcement. “We’re constantly working hard to make token trading more accessible. We’re excited to connect Moonpay’s existing userbase with some of the most popular SLP tokens out there.” Germanovich added:
This is a big moment for SLP tokens, and we’re thrilled to see SLP mature over time, and be a part of this journey. This is the beginning of many great things to come for Bitcoin Cash and the wider cryptocurrency ecosystem.
Since Cryptophyl’s inception, the trading platform has been focused on the token technology tethered to the BCH network. The exchange aims to continue expanding the list of SLP pairs on the trading engine. “This mission is achieved through the discovery, due diligence and subsequent listing of quality tokens that demonstrate real-world utility,” Cryptophyl’s announcement notes. “Moving forward, both companies have committed to work together to add all new Cryptophyl listed tokens to Moonpay.”
What do you think about Cryptophyl revealing its fiat on-ramp to the SLP token ecosystem? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, USDH, SPICE, Pixabay, Moonpay, and Cryptophyl.com.
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Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for cryptofans.ru.Bitcoin.com about the disruptive protocols emerging today.