BINANCE BEGINS ACCEPTING CREDIT CARD PAYMENTS

Binance, the cryptocurrency exchange with the highest trading volume, has just announced that it will allow its customers to buy cryptocurrencies with Visa and MasterCard credit cards. This was reported by the company on Thursday, January 31 in a publication on its official website.

Binance has decided to facilitate the purchase of digital assets on its platform by partnering with a payment processing platform in Israel known as Simplex, so that its customers can pay with credit cards from the Visa and MasterCard companies.

In the statement, it has been specified that these cards will be compatible to buy bitcoin (BTC), ether (ETH), litecoin LTC and XRP. Now, once acquired, these can be exchanged with the 151 chips offered by the exchange.

"As part of Binance's larger mission of increasing the adoption and widespread accessibility of crypto, Binancians can now use Visa and MasterCard to buy BTC, ETH, LTC and XRP, and start trading on Binance.com in a matter of minutes. "

They have highlighted among the benefits of this new form of payment the speed, considering that in an average of 10 and 30 minutes the purchased cryptocurrencies will appear in the wallet. In addition, low operating fees, which are 3.5 percent per transaction, or US $ 10, whichever is greater.

Changpeng Zhao, CEO of Binance, commented that the cryptocurrency market is still young, so it is necessary to provide links with the fiat system for its growth:

"The cryptography industry is still in its early stages and most of the money in the world is still in conditions. What we need now is to build fiat gateways to grow the ecosystem, increase adoption and introduce cryptography to more users. "

Simplex raised US $ 7 million in 2016 in a financing round involving Bitmain and Cumberland Mining. In addition, at the end of 2018, KuCoin, another cryptocurrency trading platform, announced its association with this Israeli company also to allow the purchase of same with debit or credit cards.