Binance, the world’s most popular crypto exchange, known for their mass array of crypto-to-crypto trading pairs and significant trade volume, has announced they will now enable debit and credit card payments for cryptocurrencies.
The move is a result of a new partnership with payment provider Simplex, a fintech company who provides a fraud-free payment processing solution. The partnership will enable users to purchase Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP) with either Visa or Mastercard.
We are super excited to announce the new partnership with @Binance – the leading #crypto exchange! Making it easier for mainstream users to buy crypto and continue transforming the financial space.#buycrypto #cryptocurrency #btc #bitcoin #etc pic.twitter.com/icuaLvk6sF
— Simplex (@SimplexCC) January 31, 2019
Binance’s Mission: Increase Mainstream Adoption and Accessibility to Crypto
One of Binance’s primary goals and missions for the crypto exchange is to increase the mainstream adoption and accessibility to cryptocurrencies. Enabling users to buy cryptos with debit and credit cards is a massive step in the right direction to achieving this goal.
As put by Changpeng “CZ” Zhao, the CEO of Binance:
“We want to provide Binance users with fast and easy access to crypto, in the most secure way possible. Partnering with Simplex allows us to instantly bridge the gap between credit card payments and crypto for traders globally. On Binance.com, you can now buy crypto with credit cards and start trading in minutes.”
Binance users will benefit from fairly low fees of just 3.5% per transaction, and fast transaction times taking between 10-30 minutes. Compared with industry standards, the fees and speeds in which transactions take place are actually very good.
Adding to what CZ said about providing easy access to crypto, the co-founder and CEO of Simplex, Nimrod Lehavi, said in a statement:
“Easy and fast credit card payments, for mainstream users, is a key factor in wider adoption of crypto in general. We’re thrilled to partner up with Binance and together enable a much better, faster, and easier experience.”
Final Thoughts
Binance has been on a roll as of late, with a myriad of announcements and new developments. In regards to on-boarding new crypto users with fiat currency, Binance launched 2 new fiat-to-crypto exchanges – Binance.je supporting Euros and British Pounds, and Binance Uganda supporting Ugandan Shillings.
However, the Binance and Simplex partnership should bring in far more new users as it enables users from around the world to buy cryptos with debit and credit cards.
Giving a final statement about this newly announced development, CZ said:
“The crypto industry is still in its early stages and most of the world’s money is still in fiat. Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users.”
These days Binance is full of surprises. What do you think this budding crypto exchange will announce next? Let us know what you think in the comment section below.
