Building Fiat Gateways: Binance Starts Accepting Visa And Mastercard For Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), And Ripple’s XRP
The efforts of all important players towards mass adoption of crypto continue these days.
Binance just made the day for crypto enthusiasts by announcing that both debit and credit card payments for crypto are now open. All of this is possible thanks to a partnership with Simplex.
Simplex is a fully-licensed financial institution that provides online payment processing solutions with zero risks for fraud.
Binance accepts Visa and Mastercard
From now on, Binance users will find it much easier to turn fiat into crypto.
“Binance is thrilled to enable debit and credit card payments for cryptocurrencies through our new partnership with Simplex,” according to the official announcement.
The exciting news says that “As part of Binance’s larger mission to increase the adoption and mainstream accessibility of crypto, Binancians are now able to use Visa and MasterCard to buy BTC, ETH, LTC, and XRP, and start trading on Binance.com within minutes.”
The fees are 3.5% for each transaction, and the minimum charge is of $10.
According to Binance’s CEO, Changpeng Zhao, this moves is part of the company’s aim to make it easier for traders to enter this market.
Binance wants to offer people a fast and easy access to crypto in the most secure way possible.
“With most of the world’s money still resting in fiat, building fiat gateways is what we need now to grow the ecosystem and create more long-term opportunities for crypto,” CZ says.
The option is disabled in some countries including Cuba, Libya, Iraq Afghanistan and in the US all states are supported but six of them: New York, Connecticut, Hawaii, Georgia, New Mexico, and Washington excluded.
— Binance (@binance) January 31, 2019
Waiting for Binance DEX
Binance CEO has also recently revealed that Binance DEX, the new decentralized exchange, will allow users to control their private keys by interacting with the exchange from their very own hardware wallets.
Crypto enthusiasts have been waiting for Binance DEX with massive excitement, but the exchange is still in the works at the moment.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.