In an unprecedented move that has left many crypto traders excited, the crypto exchange known as Binance has announced a partnership with the leading payment processing firm of Simplex to allow users to purchase cryptocurrencies using their credit and debit cards on the trading platform.
This new feature is now available for Binance users and can be found on the ‘Funds’ tab. Once clicked, the user then selects ‘Buy with credit card’. The purchase amount in crypto is then keyed in and the users is redirected to Simplex’s checkout platform. Once on Simplex, the secure site asks for the regular personal information such as name, email, phone number and billing address. The user is then directed to key in their credit/debit card details that will enable Simplex to process the transaction.
Instant Bridge Between Credit Cards and Crypto
Binance CEO, Changpeng Zhao, explained that the new partnership with Simplex will bridge the gap between crypto and credit card payments on the platform.
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.
CZ also took to twitter to explain that the credit card payments were still in the initial stages of testing and that Simplex currently does not support all credit cards. His full tweet can be found below.
Buy crypto with your credit card!
In our testing, Simplex does not support all credit cards, but do have a decent coverage. Good luck! https://t.co/qM3LJrEKJd
– CZ Binance (@cz_binance) January 31, 2019
A Boost to Crypto Adoption
Co-Founder and CEO of Simplex, Nimrod Lehav, explained how this new feature was the right direction in crypto adoption.
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.
Buy BTC, ETH, LTC and XRP Efficiently
The announcement by Binance went on to elaborate that the service currently supports the use of VISA and MasterCard for the purchase of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and XRP. The new service has the following benefits.
Fast: Average 10-30 mins for cryptocurrency to reach your wallet
Low Fees: only 3.5% per transaction or 10 USD, whichever is higher
Convenient: Visa and MasterCard accepted
Headquartered in Israel with subsidiaries in the UK, US and Lithuania, Simplex is a fintech company that was founded in 2014. Its chief goal is to provide guaranteed fraudless payment processing solutions. The firm works wilt a variety of large crypto exchanges as well as wallets and other platforms.
What are your thoughts on Binance and Simplex partnering to offer credit and debit card payments on Binance.com? Will this change the game and attract more users to the platform? Please let us know in the comment section below.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.