Cryptocurrency exchange Binance now allows credit card payments for cryptocurrency purchases as it aims to boost crypto adoption worldwide. This information was contained in a blog post by the exchange earlier today.
Binance partners Simplex to enable credit card payments
The world’s largest crypto exchange by trading volume has announced its partnership with Israel-based payments processing firm Simplex. The partnership will make it easier for Binance users to purchase cryptocurrencies using Visa and MasterCard credit cards
For a start, Binance will support credit card purchase for the leading cryptocurrencies, Bitcoin (BTC), ether (ETH), Litecoin (LTC) and XRP. These cryptos can be traded against the other tokens available on the platform.
In the blog post, the exchange stated that “By accepting credit card payments for crypto, Binance is supporting broader use and accessibility of cryptocurrency worldwide.”
Binance CEO Changpeng Zhao noted that the crypto industry is still in its early stage, with most of the world’s money still available in fiat. “Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users” he added.
Zhao further stated that partnering with Simplex allows them “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.”
Simplex which was founded in 2014 has experienced impressive growth over the past few years. The Bitmain-backed firm partnered with Singapore-based crypto exchange KuCoin back in November to enable users to purchase BTC, ETH, and LTC with credit and debit cards.
Nimrod Lehavi, Co-Founder and CEO of Simplex noted that easy and fast credit card payments, for mainstream users is crucial to wider adoption of crypto. “We’re thrilled to partner up with Binance and together enable a much better, fast and easy experience,” he added.
Binance has launched four fiat-to-crypto exchanges over the past four months, with the recent one launched this month on the island of Jersey. The exchange is now looking to expand its fiat market globally, and its partnership with Simplex will help achieve that.
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