Home Bitcoin Binance Adds Credit Card Support for Crypto Purchases

Binance Adds Credit Card Support for Crypto Purchases

Binance users can now make crypto purchases on the exchange using their credit cards. Malta-based Binance has announced support for credit card payments on its platform through a partnership with Israeli based payment processor Simplex.

According to its press release, the partnership would allow Binance, which is the largest cryptocurrency exchange by volume, to provide a more direct route for investors to purchase cryptocurrencies globally. Previously, users had to buy crypto elsewhere and then transfer them to Binance to trade with.

“We want to provide Binance traders 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,” Changpeng Zhao, CEO of Binance explained in the release.

With the credit card functionality, Binance users can use their Visa or MasterCard to purchase Bitcoin, Ethereum and Litecoin, for the time being.

“Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users,” Zhao added.

The digital asset platform promises to add other cryptocurrencies to the payment channel later in the future.

Earlier this month, Binance entered the European market with the launch of Binance Jersey, a fiat to crypto exchange.

Trading on Binance Jersey includes support for fiat currencies Euros and the British Pound with cryptocurrencies. At the time, binance had stated that the expansion into the Island of Jersey could provide freedom from the looming Brexit uncertainty for both UK. and EU residents.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

Bitgo Plans to Launch Wrapped Bitcoin on the Tron Blockchain

Members of the crypto ecosystem will soon be able to leverage WBTC via the Tron (TRX) network. Just like the tokenized BTC created using Ethereum’s ERC20...

Ethereum’s Long Term Chart Is Extremely Simple To Read

The weekly Ethereum chart, as opposed to the daily chart, is simple and concise. There are 2 simple...

US Department of Transportation Says Blockchain Has Many Applications For Unmanned Aircraft Systems (Drones)

Blockchain technology could assist with adjusting and improving current technical challenges in the expanding business of commercial drone delivery, said the US...

Security tokens, blockchain settlement draw interest from institutions: MIT Bitcoin Expo panel

Amid growing competition between providers, institutions in the traditional finance space are looking at blockchain as another way to offer value to...

Networking 2.0 at Blockchain Life 2020

Make hundreds of connections at Blockchain Life 2020 The 5th Blockchain Life 2020 returns to Moscow on April 22-23 at the unique media...