By The world’s largest cryptocurrency exchange by adjusted trading volume, Binance has just announced an easier way for users to purchase digital currencies.
Binance announced on Thursday that they have entered into a partnership with an Israeli-based payments processing firm known as Simplex to integrate purchase with both Visa and MasterCard credit cards.
Upon launch, the exchange will support credit card sales for Bitcoin (BTC), Ethereum (ETH) Litecoin (LTC) as well as XRP. These coins can then be traded against around 151 additional tokens on the exchange’s platform.
Changpeng Zhao, CEO of Binance stated:
“The crypto industry is still in its early stages, and most of the world’s money is still in fiat. Building fiat gateways are what we need now to grow the ecosystem, increase adoption and introduce crypto to more users.”
As per the terms & conditions page on Binance’s site, a handful of countries are excluded from the service and this includes Libya, Afghanistan, Cuba and Iraq. In addition to this six US states are also not support namely Washington, New York, Connecticut, Hawaii and New Mexico.
Transaction Fees:
Simplex charges 3.5% of each transaction and carries a $10 minimum (flat fee). Daily limits are $20 000 per user with a monthly maximum of $50 000 per user.
The firm added:
“Simplex payment processing is subject to local bank policies. Some issuer banks may decline charges on their own terms, regardless if users reside in a supported jurisdiction.”
Simplex was founded back in 2014 and managed to raise $7 million in a Series A funding round back in February 2016. Notable investors include mining firms Cumberland Mining & Bitmain, crowdfunding platforms such as FundersClub and a few others. Last year November, Simplex joined forces with KuCoin a Singapore-based crypto exchange to allow users to buy Bitcoin, Ethereum and LiteCoin by use of credit and debit cards.
As reported by CoinBeat earlier this month, Binance also launched their fiat-to-crypto exchange on the Island of Jersey, a self-governing British territory, finally allowing users to trade Bitcoin and Ethereum against the pound as well as the euro.
Furthermore, Binance also set up a base of operations in Uganda, allowing trading of the Ugandan shilling against various digital currencies.
This is excellent news for the cryptocurrency sector; the question is will this lead to other exchanges launching credit card payments? Let us know your thoughts by commenting below.
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