Waves, a decentralized platform for crypto asset and custom token issuance, transfer and trading on blockchain announced its implemented credit card purchases for WAVES and bitcoin within its lite client via a partnership with Indacoin.
The bitcoins purchased will be delivered directly to the user’s wallet as a WBTC token via the Waves bitcoin gateway, or instantly converted to WAVES if preferred. The service is best suited for buying small amounts of BTC and WAVES, in order to use the platform’s token creation and distribution facilities.
Users can already deposit bitcoins to their Waves wallet using the bitcoin gateway. The gateway processes bitcoin transfers and exchanges them for the native Waves bitcoin token, WBTC. The token is backed 1:1 with bitcoins that are stored in a multi-sig account, managed by a cluster of secure servers. New fiat gateways will be added in due course, starting with a Euro gateway.
The additional option has been added to the BITCOIN and WAVES Deposits tab in the client. A pop-up dialogue allows users to buy cryptocurrency with a credit card. On confirming they want to continue, the user is redirected to Indacoin to complete the purchase. The bitcoins are then deposited to the user’s Waves account via the bitcoin gateway, as normal, or converted on-the-fly to WAVES. An exchange rate calculator within the client ensures that users know how much currency they will receive at the point of transaction.
Credit card processing has been outsourced to Indacoin, an instant exchange platform that allows the fast and easy purchase of bitcoins. Indacoin is well-established in the bitcoin space and has been offering credit card purchases since 2014. No registration is required.
Sasha Ivanov, CEO of Waves platform said:
“Whilst we’re lining up gateways that will enable users to move larger amounts of money into and out of the Waves system efficiently, credit card purchases allow anyone to buy bitcoin and WAVES quickly and easily.”
“So they can access token creation facilities on the platform — something that will be necessary as we target mainstream adoption and facilitate entry into the rapidly-growing blockchain crowdfunding sector.”
Indacoin deals with the problem of chargebacks through an enhanced verification process. To ensure that the owner of the card really does want to purchase bitcoin, a call is placed to the buyer’s mobile and a four-digit code provided for confirmation on the site. A spending limit applies for first-time buyers, which is progressively raised for later transactions. Visa and Mastercard credit/debit cards can be used.
In due course, it will be possible to trade WBTC and WAVES against other tokens on the platform’s decentralized exchange (DEX).