Starting this Thursday, the 29th of October 2020, users will be able to buy and deposit cryptocurrencies with Fiat on Cake — made possible by our partner BANXA.

Everything you need to know about the new Fiat On-Ramp

Cake will start with offering BTC and ETH purchases. All purchases will be processed by Cake’s trusted partner BANXA, and the crypto will automatically be deposited in the user’s account on Cake.

BANXA works with the world’s leading cryptocurrency exchanges and wallets, providing a suite of global and local payment solutions as well as regulatory compliance and anti-fraud systems. They are operating with offices in Australia and the Netherlands, and are fully regulated in both countries.

Payment methods in general include:

  • Visa/Mastercard (150+ countries supported)
  • Apple Pay (and all countries in which it is available)
  • POLi/PayID/BPAY/Newsagent/Australia Post for users in Australia
  • iDEAL for users in the Netherlands
  • Faster Payments for users in the United Kingdom
  • SEPA/Sofort-Klarna for users in the European Union
  • Interac for users in Canada

Users in the European Union, Australia, and Canada will be able to enjoy 0% gateway fee by making payments using various bank transfer methods available to them.

At the beginning, however, the currencies SGD, CNY, JPY, KRW & ZAR will not be supported.

Being a Singapore company itself and having interest in enabling as many people as possible to purchase crypto with fiat on Cake, Cake is of course looking into how to support these currencies as soon as possible as well.

Happy converting from cash to crypto! :)

Your Cake Team

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