Popular Ethereum wallet interface MyEtherWallet (MEW) has recently made a new partnership with Simplex to let users buy ETH using their credit cards, in an attempt to “make it as seamless as possible for our community to get their hands on cryptocurrencies.”
According to a recently published blog post, Simplex is a “fully regulated fintech company” that started working in the cryptocurrency ecosystem in 2014. It reportedly uses “fraud-fighting technology” to protect businesses.
Its AI-based technology, per MEW, has been integrated into its platform so “anyone can easily open the door to the new financial world (cryptocurrencies) using old world technology (credit cards).”
This, the post concludes, lets users purchase ETH using their credit cards on the platform, after setting up a wallet. It reads:
For existing users, we are simplifying the entire cryptocurrency-buying process, while making it instant and secure. You can now completely bypass cryptocurrency exchanges if you wish.
Before being able to use their credit cards to buy the cryptocurrency, users will notably have to go through an “easy, one-time” know your customer (KYC) check to stop the platform from being used for money laundering or other illicit activities.
MyEtherWallet made headlines earlier this year, when its Twitter account was suddenly changed to MyCrypto in what was deemed by many a “hostile takeover.” After community members signed a petition to reverse the move, Twitter handed MEW its account back.
It was later on in the news again after hackers reportedly hit the internet’s core infrastructure to swindle Ethereum users out of 215 ETH, at press time worth nearly $100,000. The platform’s users saw its DNS redirect them to a phishing website, despite the attack not being directed at the platform.
Although MyEtherWallet doesn’t store users’ private keys on its website, phishing scams may trick users into entering their own keys, thinking they’ll be able to access their wallets. Once users enter their keys on a phishing website, hackers will gain access to them.