What to know:
KuCoin has introduced a point-of-sale system that allows customers to pay merchants using crypto held in their accounts at the exchange.
KuCoin Pay allows 54 cryptocurrencies, including bitcoin, ether, USDT and USDC.
KuCoin has introduced a feature for merchants to allow customers to pay for purchases directly from their account on the crypto exchange.
Merchants can integrate the tool, called KuCoin Pay, into their payment systems. Customers pay by scanning a QR code or using the KuCoin app, the exchange said in a press release.
The exchange joins a number of crypto payment providers in facilitating direct payments for customers, a feature that’s supposed to bridge the gap between crypto and the legacy payments infrastructure.
In August, for example, digital payments platform Flexa announced a similar product with retailers including Chipotle, Mikimoto, Regal Cinemas and 99 Ranch Market.
The new infrastructure supports 54 cryptocurrencies, including bitcoin (BTC), ether (ETH) and the USDT and USDC stablecoins.
Several merchants, who expect to launch the feature in January, have signed up for the product, a spokesperson for KuCoin said. Their names cannot be disclosed at this time.
