Credit Card Memecoin Buys Bypass Rules, Widening Crypto's Onramp
Two digital trading applications, Robinhood Wallet and Fomo, have made it possible for users to purchase memecoins using their credit cards. The transactions can be completed in one quick motion without requiring additional identification verification at checkout.
The discovery was made by The Block, which indicates that this solution may eliminate one of the main barriers in the path of the retail crypto market, transferring fiat to blockchain within a short period from one's phone.
According to The Block, people using Robinhood Wallet and Fomo can select any token and make payments via credit card using Apple Pay or Google Pay. The usage of either app doesn't require an additional know-your-customer (KYC) form while making the transactions.