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

Staking: these are the 5 preferred cryptos for passive profits

Staking has been called in various ways, some accurate, others not so much. This has also happened with PoS,...

United Kingdom forces to block cryptocurrency advertising

The advertisements of the company Luno will be withdrawn from the United Kingdom after the resolution that obliges them to do so...

Cryptocurrencies find some relief after their crash

Cryptocurrencies find some support for a bounce after one of the toughest weeks for investors. Although last Thursday we...

China Strikes Cryptocurrencies Again, Bitcoin Slumps Again

The highest level of government in China has proposed new measures to regulate mining in the country. The proposal has been received...

Bitcoin on the Playstation? Sony’s patent finally accepted

On May 17, 2021, the publication of a patent by Sony Interactive Entertainment mentioning Bitcoin was greeted with great fanfare by the...