Simplex implements KYC:
If you follow me on Twitter you probably already know that I am big fan of the new blockchain collectibles know as NFT'S ( Non Fungible Tokens ). One of the biggest names in this up and coming market is called WAX . Through the WAX website you can create a WAX wallet that can be funded with WAXP Tokens to make purchases on the WAX blockchain. These items range from user crafted NFT's available for a few WAX, all the way up to 25,000+ for some of the lower mintage pieces.
What's Simplex ?
Simplex is one of two integrated payment methods available on the WAX blockchain that allows you to purchase WAXP with a credit, or debit card. Up until recently the only way for a US citizen to purchase WAXP was to buy another cryptocurrency on a US friendly exchange, and then swap it for WAXP on a US friendly conversion website.
Not only is this costly, but it takes time. A lot of times "Drops" on the Atomic Market are time sensitive so funding your account quickly is imperative. So,why do I bring this up you ask ? I was excited to finally be able to use the Simplex service, but I was extremely disappointed in the amount of time it took to receive my WAXP tokens in my wallet.
My experience with Simplex :
So, yesterday evening after dinner I was scrolling through the Atomic Drops notification application, and happened to see a really cool WAX NFT I wanted to purchase. It was on sale for $0.75 usd but only available for purchase with WAXP tokens, and I had 2 hours until the release. Usually this wouldn't be a problem, but my wallet was empty, but I had 2 hours to get everything ready.
Instead of dipping into my Hodl wallets again to buy more junk on the internet I decided to try the Simplex service and fund my account with a debit, or credit card. I had tried this method before, but was unsuccessful due to KYC restrictions on US customers.
As I mentioned earlier, I had heard that the KYC on Simplex was up and running so I gave it another shot. I completed the KYC, and received my verification. Great! I then proceeded to purchase $60.00 worth of WAXP with my card. Transaction approved! Great! Enter codes from email, bank, etc. Receive email from Simplex that the transaction was approved and my WAX was on its way, but to be patient because there was a lot of traffic on the Blockchain and my transaction could take up to one hour to be confirmed. This was at about 6:25 pm Eastern Standard Time. 8:25 pm rolls around, and I am ready for the drop! Log onto my account and still no tokens .
Did I just make a big mistake :
Okay, so now I am getting worried. Did I make a mistake and enter the wrong wallet address ? At this point I'm freaking out so I go double check everything . Thank goodness ! Everything on my end was done correctly. Time to contact support .
The good news :
After a few help chats and emails with Simplex support staff they assured me that my tokens would arrive, just give it a little more time. I decided to go about my business and check my account periodically to see if my tokens had arrived. By 10 pm I was ready for bed, and still no tokens ! Grrrr.
Okay, this was getting ridiculous. I had enough so I just went to bed. At 1:30 am I am awoken by an email notification from Simplex saying my Tokens have arrived!
I hop up like a kid on Christmas morning, log on, check my account, and sure enough they had finally arrived ! Minus a $9.99 service fee I guess I failed to read when I quickly looked over the TOS, lol. Smacked down again ; story of my life.
Moral of the story :
We are no way near ready for "Mainstream Adoption " when it comes to some of these services available on the Blockchain. It took my simple $60.00 debit card transaction 7 hours to complete! Don't get me wrong, I understand how the Blockchain works. I understand that transactions need a certain amount of confirmations before they are completed, but 7 hours is a little much don't you think ?
Overall I am happy with the service and I will probably use it again. I am just glad some of these companies are starting to finally include US citizens .
What do you all think ? Are you a US citizen? Do you collect NFT's ? Have you used Simplex, or a similar site for funding your wallet ? Please leave a comment below, and let us know !
*Disclaimer :
I am not a financial advisor and this is not financial advice. This article is for entertainment and educational purposes only. I am not affiliated with any company mentioned in this article. These are simply my personal experiences put into words for your enjoyment.
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Awesome!! Thanks!! I will you go check it out!