Waves, the crypto-platform for asset/custom token issuance, transfer, and trading on blockchain, has implemented credit card purchases for bitcoin within its lite client via a partnership with Indacoin. Any bitcoins purchased will be delivered to the user’s wallet as a WBTC token via the Waves bitcoin gateway.
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.
Now, an additional option has been added to the bitcoin Deposit tab in the client. A pop-up dialogue allows users to buy bitcoins 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. An exchange rate calculator within the client ensures that users know how much bitcoin they will receive at the point of transaction.
Credit card processing has been outsourced to Indacoin, an instant exchange platform that allows fast and easy purchase of bitcoins. Indacoin has been offering credit card purchases since 2014. No registration is required. 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.
Sasha Ivanov, Waves CEO, explained: “Bitcoin is the reserve currency of the cryptocurrency world, and so it makes sense that it should be freely available within the Waves ecosystem. Indacoin has made it possible to buy bitcoins quickly and easily – something that will be necessary as we target mainstream adoption and facilitate entry into the rapidly-growing blockchain crowdfunding sector.”