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

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

KuCoin Pay integrates cryptocurrency payments for merchants

KuCoin Pay focuses on reducing transaction fees and enabling instant settlements for cryptocurrency payments. It supports a wide range of cryptocurrencies and blockchain networks, expanding the scope of payments. The platform also facilitates everyday purchases, such as gift cards and mobile top-ups, encouraging broader adoption of cryptocurrencies.

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

KuCard for multi-card support and cash back program

KuCoin’s Visa debit card, KuCard, supports multiple virtual and physical cards. This update allows users to manage multiple cards and access the cashback program, Finance Magnates reported.

KuCard offers enhanced financial flexibility, allowing users to manage personal expenses, household costs and separate spending categories. It also offers conversion of cryptocurrencies to fiat currencies 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. The card was initially available in the European Economic Area and encourages the adoption of blockchain technology.

Alameda files lawsuit against KuCoin assets

Meanwhile, Alameda Research, a subsidiary of collapsed cryptocurrency exchange FTX, has filed a lawsuit against KuCoin to recover more than $50 million in assets. The legal action, which began in the US Bankruptcy Court for the District of Delaware, follows the freezing of KuCoin assets following the collapse of FTX in November 2022.

The assets, which have since increased in value, are part of FTX’s ownership and are earmarked to repay creditors. Alameda claims that KuCoin refused to return the assets, violating bankruptcy laws, and is seeking their return with compensation for the delay.