Robinhood Wallet Lets Users Buy Memecoins With Credit Card Without ID Checks

Robinhood Wallet and Fomo have introduced a new feature that allows users to buy memecoins with their credit cards, using payment apps like Apple Pay or Google Pay. This move skips the usual Know Your Customer (KYC) identity checks required for crypto transactions.

The purchases are facilitated by Crossmint, a crypto infrastructure firm, which powers the payment process. The company's head of strategy said that this product removes friction from checkout and allows users to buy memecoins with credit card without the hassle of KYC forms.

According to a report from September 1, Chase and Visa are reviewing the setup, as the transactions were coded as digital media rather than crypto. This allowed the purchases to earn normal points and cash back. Crossmint has said that over 68,000 first-time buyers have used its checkout tool.