Binance, the world’s largest cryptocurrency trading exchange by volume, announced today that both debit and credit card payments for cryptocurrencies are now open — thanks to a partnership with Simplex, a fully-licensed financial institution that offers online fraud-protected payment processing solutions.
Binance users are now afforded the opportunity to purchase Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and XRP (XRP) via Visa and MasterCard debit and/or credit cards — a process which takes between 10-30 minutes on average.
The fee for card payments is 3.5 percent per transaction or $10 USD — whichever amount is higher.
— Binance (@binance) January 31, 2019
Facilitating Mainstream Adoption
The move comes as part of Binance’s long-term goal or increasing both the adoption and accessibility of cryptocurrencies for the wider public. Explained Binance CEO Changpeng Zhao:
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.
Likewise, Simplex CEO and cofounder Nimrod Lehavi stated:
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, fast and easy experience.
It should be noted that purchasing cryptocurrencies through Binance via Simplex is subject to local bank policies.
Binance’s partnership with Simplex comes shortly after the world’s leading exchange launched support for euro and British pound sterling trading via Binance.je and Ugandan shillings trading via Binance Uganda.
Zhao sees the construction of fiat gateways as critical to facilitating mainstream adoption of cryptocurrencies and cryptocurrency trading, stating:
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.
What do you think about the partnership between Binance and Simplex to allow debit and credit card payments on the platform? Let us know in the comments below!
Images courtesy of Twitter, Shutterstock.