Kava is one of the most exciting decentralized finance (DeFi) protocols available in the market today. If you wish to learn more about the project and how you can buy its native token, KAVA, with your credit card, keep reading this guide.
Exploring Kava
Kava is a top crypto lending platform, allowing users to lend or borrow multiple digital assets without middleman intervention. It is built on Cosmos due to the blockchain’s interoperability capabilities. Kava intends to collaborate with other platforms created within the Cosmos ecosystem to allow more users to access its services.
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Liquidity providers who make it possible for the Kava lending system to work usually receive weekly rewards in the form of KAVA tokens. They can then decide to stake the tokens or use them to participate in the governance of the protocol.
According to data from CoinGecko, more than 838 million KAVA tokens are in circulation, with a market capitalization of $451 million. KAVA does not have a cap on its supply. However, the team behind the project burns a certain amount of KAVA periodically to boost the price of the remaining tokens.
You now know what the Kava project is all about. So, it is time to show you how to purchase its native token, KAVA, using your credit card. Before that, however, you need a secure, non-custodial cryptocurrency wallet to store KAVA after purchasing it. Some of the options include Atomic Wallet, Math Wallet, Trust Wallet, Guarda Wallet, and Ledger.
How to Purchase KAVA With Your Credit Card
KAVA trades on several cryptocurrency exchanges like Kraken, Coinbase, and Binance. These three platforms support credit cards as a payment method. For this guide, we have opted for Kraken. Here is how you can buy KAVA with your credit card through the US-based exchange.
Before Kraken allows you to buy KAVA, you must register and verify a trading account. Depending on your preferences, you can use Kraken’s web app or mobile app, which is easily downloadable from the App Store or Play Store.
After following the instructions for setting up an account and successfully creating one, hit “Buy Crypto.” On the page that follows, you will see all the crypto assets that can be bought using a credit card. Select KAVA. Note that you can only pay for the token using USD. So, enter the amount of US dollars you want to spend on KAVA tokens. The minimum USD amount to spend is $10, but there is no limit on the upper side.
Next, you will be required to add your preferred payment method. To do this, press “Add Payment Method” and select credit/debit card. Key in your Mastercard/Visa-issued credit card details. It is worth mentioning that the name on the card must match that on your Kraken account; Otherwise, Kraken will decline to process your KAVA purchase order. Once you have entered the necessary details, click “Continue” and provide the one-time password from your bank, then confirm the transaction. Kraken will process the transaction within seconds. Your KAVA tokens will be available in your account. However, you should not keep them there for too long. We recommended transferring them to a self-custody wallet. Use any of the options we mentioned earlier.
What to Consider When Buying KAVA Using a Credit Card
Before purchasing KAVA, there are certain factors you need to consider first. They include:
Security of a Crypto Exchange
Trading crypto assets in a secure environment is a priority for every trader. No one wants to feel like their cryptocurrencies will be gone at any time because a crypto exchange has ignored adopting proper security measures. That said, always check whether the platform you wish to buy your KAVA tokens from employs effective safety protocols.
Transaction Costs
Different exchanges apply varying costs on credit card transactions. Choose the one that imposes cheaper fees.
Conclusion
Crypto exchanges like Kraken are making it easy for traditional investors to invest in digital assets by supporting conventional payment methods such as credit cards. However, before you buy KAVA, ensure you have researched the project properly.