Because of the COVID-19 effects, certain crypto platforms have decided to waive fees for their services. Check out our list of fee waiving platforms!
Amid the COVID-19 pandemic, all markets, be they traditional or crypto, started to crash. Bitcoin and most of the altcoin market have experienced heavy losses.
To encourage the use of crypto even in these dire times, there have been several projects and services from the industry that have decided to waive their fees temporarily to help customers out during this crisis.
BABB
BABB is a crypto wallet, banking, and donation app that has recently revealed its top-up function, which waives fees for COVID-19 fundraisers when they make withdrawals from its platform.
The announcement also states that the service added a fiat gateway for mobile users of both Android and iOS systems. According to the firm, customers that have met all their KYC verifications will be able to use the gateway without any issues.
“It’s during times like these that people need to be able to reduce friction in their lives wherever possible, which is something we are able to assist with.
Having carried out extensive internal user and security testing we are satisfied that the platform is not only stable but secure, too,”- read the announcement.
This means that customers are now able to purchase BAX tokens, the native crypto of the platform, directly with fiat using a credit or debit card. The feature also enables withdrawals and fiat transfers to bank accounts. The app can be downloaded from the Google Play Store. BABB stated that the Android app will be accessible to residents from 47 countries.
Joy Braun, Chief Strategy Officer & Deputy CEO of BABB, stated in the official announcement:
“BABB is launching to the public with a humble offering, but we certainly hope that it will be more than enough to encourage people around the world to connect and foster a sense of global community to support each other in these challenging times.”
Crypto.com
Crypto payment service Crypto.com has announced that they will be waiving the 3.5 percent credit card fee until June for users who buy crypto using this method. In addition to this, the size of rebates has also been increased for buys involving necessary items, such as food, groceries, and delivery. The company implemented these measures in order to offer some relief to those affected by the global coronavirus pandemic.
“The global Coronavirus pandemic has affected everyone’s lives and is now ravaging the economy. In these tough times, businesses that are in a fortunate position to be growing have a responsibility to give back. Today, we’re introducing three measures which we hope will make the next three months slightly easier for our users globally,”-stated the co-founder and CEO of Crypto.com, Kris Marszalek.
Essential purchases, such as food, groceries, and delivery that are paid using the MCO Visa Card, will feature extra benefits. The company stated that the plastic MCO Visa Card will receive a 5 percent rebate on essential purchases, while the Metal MCO Visa Card will feature a rebate of up to 10 percent.
Food delivery and groceries acquired through gift cards have even more rewards, with food and beverage having a rebate of up to 20 percent and groceries up to 10 percent.
Crypto.com supports purchases from some of the biggest brands in the food industry, including Uber Eats, Deliveroo, McDonald’s, Walmart, Tesco, Whole Foods, Safeway, Carrefour, Sainsbury’s, Just Eat, Papa John’s, Domino’s, and more.
Paladyum Electronic Money and Payment Systems (PeP)
Paladyum Electronic Money and Payment Systems (PeP) is a Turkey-based crypto wallet service that has also decided to make its own contribution in the fight against the global COVID-19 outbreak.
The new initiative launched by the platform will provide support for free transactions between Turkey and Europe. However, the campaign will only be available until April 22nd.
The purpose of this initiative is to urge people to stay at home and help them conduct cross-border transactions without requiring banks. The waiving of the fee is a measure that will hopefully encourage them to use the platform’s online services.
Paladyum Electronic Money and Payment Systems board member, Artun Kumrulu, stated:
“PeP goal is to make their customer life easy since public health is part of their vision. We aim to meet the cash needs of our customers and encourage the public to continue to stay indoors. Our campaign will provide convenience and help our customers reach their loved ones without the need of going outside.”
The outbreak generated an emergency situation that requires services to facilitate fast and secure remittance systems to help the affected populations. Clear Junction CEO, Dima Cats, made the following statement:
“In this difficult time, it’s important for fintech companies to do their part to be upstanding and caring corporate citizens. There is no need for migrant workers and anyone else to stand in line and make cash transactions at this dangerous time, and so Clear Junction is proud to partner with Paladyum on this very important project and social initiative; we are committed to serving fintech companies outside their domestic geographies.”
BitHull
Mining hardware producer, BitHull, announced a generous waiver of 100% on custom fees for its new crypto miners BH Miner and BH Miners Box.
The BH Miner and BH Miners Box both use the newest FPGA technology in order to provide higher hash rates even in cases of low power consumption. The two rigs allow the mining of multiple coins, including Bitcoin, Litecoin, Ethereum, and Monero.
By waving off the custom fee for its customers, the company enables crypto enthusiasts to continue mining from home and increase their profit.
BaseFEX
BaseFEX is a crypto derivatives exchange, which offers crypto futures and perpetual contracts, that has recently announced that it will be changing its fees. It has lowered the taker fee to 0.06% from 0.07%, and users that trade with higher volumes can benefit from an even greater fee reduction. Certain types of traders can even get negative rates, which means that the initiator of a trade can be rebated. While this reduction is not necessarily significant or directly correlated to the COVID 19 outbreak, we still decided to mention this platform for lowering its fees.
Conclusion
The COVID-19 pandemic has prompted many exchanges, projects, and services from the crypto industry to establish initiatives that might help their customers or the general population to get through these tumultuous times. Multiple COVID-19 charities have been carried out in the last month by many crypto companies, with donations pouring in from everywhere.
Featured image: asiablockchainreview.com
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