The world’s largest cryptocurrency exchange by trading volume, Binance[1], has given traders another reason to flock to its platform. Binance now accepts credit cards. Who’d have thought it!?
Users can now buy cryptocurrencies using their Visa or MasterCard credit cards[2]. This is no doubt going to please a lot of traders. Let’s check it out.
Binance Accepts Credit Cards
Announced earlier today, Binance has partnered with Israel-based payments processing firm, Simplex, to allow the ability to use credit cards on its exchange.
The move will now make purchasing cryptocurrency much easier for the platform’s users.
Once active, the exchange will support credit card purchases for Bitcoin[3] (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple[4] (XRP). These coins can then be traded further, against over 151 other tokens supported on the exchange.
Binance CEO Changpeng ‘CZ’ Zhao said earlier today about the update:
“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.”
Simplex
Simplex is an Israel-based financing firm with ties to the crypto industry. It raised $7 million in a Series A funding round in February 2016 with investments coming from crypto-miners Bitmain and Cumberland Mining, among others.
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In late 2018, it partnered with Singapore-based crypto exchange KuCoin offering a similar service to traders, enabling them to buy Bitcoin, Ethereum, and Litecoin through credit and debit card payments.
Binance and Fiat
Binance[6] has been actively involving fiat-to-crypto payment methods in its business. It
