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Binance, the world's largest volume cryptocurrency exchange, today announced that debit and credit card payments for cryptocurrencies are now open – thanks to a partnership with Simplex, a fully-fledged financial institution. approved offering online payment processing solutions protected against fraud.
Binance users now have the option to purchase Bitcoins (BTC), Ethereum (ETH), Litecoins (LTC) and XRP (XRP) via Visa and MasterCard (debit and / or credit cards). This procedure takes between 10 and 30 minutes. average.
The card payment fee is 3.5% per transaction or USD 10 – the highest amount.
#Binance Enables debit and credit card payments: //t.co/EuJSsaHsQU pic.twitter.com/5uhflUcmXL
– Binance (@binance) January 31, 2019
Facilitating adoption for the general public
This decision is part of Binance's long-term goal of increasing the adoption and accessibility of cryptocurrencies to the general public. Changpeng Zhao, CEO of Binance, explained:
We want to provide Binance traders with fast and easy access to cryptography in the most secure way possible. The partnership with Simplex allows us to instantly bridge the gap between credit card payments and cryptography for traders around the world. On Binance.com, you can now buy crypto with credit cards and start trading in minutes.
Similarly, Simplex CEO and co-founder Nimrod Lehavi said:
Easy and fast credit card payment for mainstream users is a key factor for wider adoption of crypto in general. We are excited to partner with Binance and create together a much better, faster and easier experience.
It should be noted that the purchase of cryptocurrency via Binance via Simplex is subject to local banking policies.
Continuous development
The partnership between Binance and Simplex comes shortly after the world's largest stock exchange has launched its support for Euro and Sterling trade via Binance.je and Ugandan shillings via Binance in Uganda.
For Zhao, the construction of fiducial gateways is essential to facilitate the traditional adoption of cryptocurrencies and crypto-encrypted transactions, indicating:
The cryptography industry is still in its infancy and most of the world's money is still in fiat. We now need to build Fiat bridges to develop the ecosystem, increase adoption and introduce cryptography to more users.
What do you think of the partnership between Binance and Simplex to enable debit and credit card payments on the platform? Let us know in the comments below!
Images courtesy of Twitter, Shutterstock.
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