Binance exchange, one of the largest cryptocurrency exchanges by trading volume has announced that it has enabled credit and debit cards for crypto payments.
The exchange announced this on Thursday as part of its larger mission to increase the adoption and mainstream accessibility of crypto, this was made possible through its partnership with Simplex. A fintech company which focuses on enabling worldwide fraud-free payment processing.
Changpeng “CZ” Zhao, the CEO of Binance exchange said that this new partnership will provide Binance traders with fast and easy access to crypto and also increase the adoption of crypto currencies.
In his own words he said, “We want to provide all Binance exchange traders with fast and easy access to crypto, in the most secure way possible,”
Zhao goes on to say, “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.”
Nimrod Lehavi On Partnering With Binance Exchange
Nimrod Lehavi, Co-Founder and CEO of Simplex also expressed similar views. “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,” he said.
Binance is the largest crypto exchange by trade volume and one of the fastest in the world which is capable of processing more than 1.4 million orders per second, with over 100 token and coins options on the platform.
This new development from Binance exchange will be a major competition for Coinbase which is known for fiat to crypto exchanges but it has limited crypto options.
Before now users have to buy bitcoins and other available trade pairs on Coinbase with fiat then send them to exchanges such as Binance to trade their desired token or coin which is not available on Coinbase.
With this development users can directly buy the trade pairs BTC, ETH, and LTC cryptocurrencies from Binance exchange and then trade them for their desired token or coin on the platform.
The service works in the U.S. except for six states, including New York and Washington State. Traders from Afghanistan, Iran, Libya, China and a handful of others are also restricted from using the service.