Binance enables debit and credit card payments

Binance has announced that it will enable debit and credit card payments for cryptocurrencies through a new partnership with payment provider Simplex.

The move is in line with the exchange’s larger mission to increase the adoption and mainstream accessibility of crypto. Users will now be able to use Visa and MasterCard to buy Bitcoin, Ethereum, Litecoin, and Ripple and start trading on Binance.com.

The benefits of using a debit or credit card on Binance include faster trades (with 10 to 30-minute transaction times), low fees of only 3.5% per transaction, and the convenience of quick and easy fiat payments.

Bridging the gap between credit cards and crypto

Changpeng “CZ” Zhao, CEO of Binance, said he wants “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.”

Through Simplex, users on Binance can now buy BTC, ETH, LTC, and XRP cryptocurrencies with Visa and MasterCard debit and credit cards. Users can then trade between more than 150 different tokens and coins on Binance.com.

Attracting the mainstream

Co-founder and CEO of Simplex Nimrod Lehavi went on to say that “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, faster, and easier experience.”

In the past four months, Binance has launched two fiat-to-crypto exchanges, with Binance.je supporting the trading of euros and British pounds with crypto, and Binance Uganda supporting Ugandan shillings. With the new Simplex partnership, Binance is further expanding to global markets.

CZ concluded: “The crypto industry is still in its early stages and most of the world’s money is still in fiat. Building fiat gateways is what we need now to grow the ecosystem, increase adoption, and introduce crypto to more users.”