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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.
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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 thereâs 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. Cryptophylâs 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 Cryptophylâs exchange platform. Cryptophylâs 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. âWe are proud to partner with Cryptophyl to support instant purchases of SLP tokens,â said Ivan Soto-Wright, cofounder and CEO at Moonpay. âReducing the barriers to entry is critical for mainstream adoption.â Moonpay users will have a connection to the SLP universe as well âexpanding the reach of SLP to all users of Moonpay integrated products,â Cryptophylâs announcement highlighted.
At first users will be able to access spice (SPICE) and honestcoin (USDH).
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 Cryptophylâs fiat on-ramp will charge a fee of 3.99% per transaction. âItâs great to see the addition of credit card support to Cryptophyl,â Semyon Germanovich, Cryptophylâs founder, detailed during the announcement. âWeâre constantly working hard to make token trading more accessible. Weâre excited to connect Moonpayâs existing userbase with some of the most popular SLP tokens out there.â Germanovich added:
This is a big moment for SLP tokens, and weâre 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 Cryptophylâs 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. âThis mission is achieved through the discovery, due diligence and subsequent listing of quality tokens that demonstrate real-world utility,â Cryptophylâs announcement notes. âMoving forward, both companies have committed to work together to add all new Cryptophyl listed tokens to Moonpay.â
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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