KuCoin has launched KuCoin Pay, a new merchant solution aimed at integrating cryptocurrency payments into the retail sector.

The platform offers contactless, borderless transactions, bridging traditional retail and crypto. With over 37 million global users, KuCoin leverages its infrastructure to support this service.

KuCoin Pay Integrates Crypto Payments for Merchants

KuCoin Pay focuses on reducing transaction fees and enabling immediate crypto payment settlements. It supports a wide range of cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term and blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term networks, expanding payment reach. The platform also facilitates everyday purchases, such as gift cards and mobile top-ups, encouraging broader crypto adoption.

Merchants can integrate the system into their existing payment methods, allowing customers to complete purchases using the KuCoin app or by scanning a QR code. According to the firm, this integration aims to update transactions and enhance user experience.

Crypto exchange @kucoincom has introduced a point-of-sale system that allows customers to pay merchants using crypto held in their accounts at the exchange, by @HeleneBraunnhttps://t.co/ToywMbxa9B

— CoinDesk (@CoinDesk) January 2, 2025

KuCard to Support Multiple Cards and Cashback Program

KuCoin's Visa debit card, KuCard, supports multiple virtual and physical cards. This update allows users to manage several cards and access a cashback program, as reported by Finance Magnates.

KuCard offers enhanced financial flexibility, enabling users to manage personal expenses, family costs, and separate spending categories. It also provides crypto-to-fiat conversion and cashback rewards.

Launched in November 2023, KuCard automatically converts cryptocurrencies into local currency at the point of sale. The card is compatible with Google Pay and Apple Pay, and can be used anywhere Visa is accepted. Initially available in the European Economic Area, the card promotes blockchain technology adoption.

Alameda Files Lawsuit Against KuCoin Assets

Meanwhile, Alameda Research, a subsidiary of the collapsed FTX crypto exchange, has filed a lawsuit against KuCoin to reclaim over $50 million in assets. The legal action, initiated in the US Bankruptcy Court for the District of Delaware, follows the freezing of assets by KuCoin after FTX's collapse in November 2022.

The assets, which have increased in value since then, are part of the FTX estate and are intended for creditor repayments. Alameda claims that KuCoin has refused to return the assets, violating bankruptcy laws, and is seeking their return along with compensation for delays.