Kava is an exciting DeFi protocol targeting the decentralized lending market. Read on to learn more about Kava and how to buy the blockchain’s native crypto, KAVA, with a credit card.
Best exchanges to buy crypto with a credit card within a minute
KrakenSecure exchange with high deposit & withdrawal limits
CoinbaseBest for buying, storing, and selling cryptocurrencies
How we chose the platforms to buy KAVA with a credit card
In order to recommend platforms with which users can buy KAVA with a credit card, BeInCrypto conducted an extensive testing process over a period of six months. Factors that were assessed included safety, regulation, solvency, large scale hacks, and many other factors. Lastly, the availability and diversity of features were a strong motivating force in our selection.
Kraken has obtained an extensive range of regulatory approvals, including individual money transmitter licenses across various U.S. states and the highly sought-after BitLicense, issued by the New York State Department of Financial Services. It is also noteworthy to point out Kraken was one of the first exchanges to publish a proof of reserves.
• Supports 190+ countries
• Staking and earn products
• Advanced trading interface
• Supports multiple order types
Coinbase, notable as an early recipient of the New York State Department of Financial Services’ BitLicense, maintains a network of money transmitter licenses across several U.S. states. Additionally, it possesses a broker-dealer license, overseen by the Financial Industry Regulatory Authority (FINRA). Coinbase is also a U.S. publicly traded company that regularly publishes financial reports.
• Subscription for favorable trading fees
• Supports 100+ countries
• Staking and earning products
• Coinbase debit card
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What is Kava?
Kava.io is a decentralized finance (DeFi) lending platform that allows users to borrow and lend various digital currencies without intermediaries. The layer-1 blockchain network was created to combine the interoperability and speed of Cosmos blockchain with the developer capability of Ethereum.
Kava uses Cosmos instead of Ethereum because the former is interoperable and customizable, while the latter struggles with scalability issues. Kava seeks to incorporate other protocols and platforms via application-specific blockchains anchored on Cosmos, referred to as “zones.” This allows users to add multiple coins to the Kava platform for lending and borrowing.
The Kava protocol uses two different cryptocurrencies, USDX and KAVA, with KAVA being the protocol’s native coin.
Users who deposit their crypto funds to aid Kava’s lending system get KAVA coins as weekly rewards. The crypto is also used for staking and network governance. Kava holders can vote on parameter and system changes on the Kava protocol based on the number of KAVA tokens they hold.
The KAVA coin has an infinite supply, and as of mid-October 2023, the token has a circulating supply of 838,900,336 tokens and a market cap of over $450 million, according to CoinMarketCap. Although KAVA has an infinite supply, the Kava system regulates the token’s supply by periodically burning KAVA coins.
Now that we know what Kava is, let’s look at how you can buy KAVA with a credit card. Remember, you’ll need a secure crypto wallet to trade and store the KAVA you purchase. Ensure you choose a secure Kava wallet and ensure you follow strong crypto wallet security measures to safeguard your digital assets.
How to buy kava with a credit card
Today, users can easily buy and pay for KAVA using different online payment methods. One such method is buying cryptocurrency with a credit card. Moreover, you can also purchase KAVA from multiple crypto exchanges such as Binance, Coinbase, and Kraken, among others.
For this guide, we’ll take you through how to buy KAVA tokens with a credit card on the Kraken crypto exchange. Below is a step-by-step guide to the process.
Before buying KAVA, you must create an account with Kraken and verify your identity. You can choose to use the Kraken app or its desktop version. The latter is what we will be using for illustration purposes. If you already have an account with Kraken, proceed to sign in.
After successfully signing up or in, click the “Buy Crypto” widget on the dashboard.
A pop-up screen will appear on Kraken, as shown below. You’ll notice that the default fiat currency is USD. Proceed to set the digital asset you want to buy as KAVA, then enter the amount of USD you wish to spend. You can buy KAVA for as little as $10, with no maximum limit. Moreover, you can choose whether to buy KAVA once or set an automatic recurring purchase order under the order type.
Next, click on “Add Payment Method.” Kraken has two options for buying KAVA — using a card or depositing cash. Select the “Add a Payment Card” option.
You will be redirected to add your Visa or Mastercard credit card details, as shown below. Please note that the credit card must be in the same legal name as your Kraken account and enabled with 3D security. Once done, click on “Continue”.
Kraken will redirect you to a secure payment getaway where you will enter the one-time password (OTP) that your bank will send you to verify the secure transaction. Once the transaction is successful, Kraken will deposit your purchased KAVA into your Kraken account.
While Kraken, just like any other crypto exchange, strives to ensure its platform is secure, it’s still advisable to withdraw your KAVA tokens to a Kava wallet.
That said, you can withdraw your KAVA tokens from Kraken to any hot wallet or cold wallet of your choice. Alternatively, you can opt for a fully air-gapped wallet or a multi-signature wallet if you need a crypto wallet that can support more than one user.
Keep your KAVA secure
Today, crypto users can easily buy KAVA with a credit card in minutes. It also helps that most crypto exchanges offer users multiple online payment methods, enhancing access to KAVA coins. This helps to break one of the entry barriers to DeFi protocols for crypto users, which could help boost the mass adoption of decentralized finance protocols. If you decide to purchase KAVA, make sure you store them in a non-custodial wallet for enhanced security. And remember, never invest more than you can afford to lose.