The Binance exchange, the leading crypto exchange in the world, has availed three cryptocurrencies to be purchased using MasterCard and Visa credit cards on its platform.
In a press release, the Binance exchange CEO, Changpeng Zhao, said that:
The crypto industry is still in its early stages and most of the world’s money is in fiat. Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more user.
The introduction of a credit card payment option on the platform was a result of a successful partnership between the Binance exchange and Simplex, a leading Israeli-based firm that provides credit card payment processing solutions.
To begin with, the Binance exchange will allow Bitcoin, Ether, and Litecoin, to be purchased using the two major credit cards – Visa and MasterCard. Once purchased, the three coins can be traded with over 140 coins on the platform.
Simplex’s CEO and Co-Founder, Nimrod Lehavi, expressed his excitement over the partnership noting that for mass adoption of virtual currencies, “easy and fast credit card payments, for mainstream users, is a key factor.”
The move by the exchange comes a few months after The Commonwealth, a leading bank in Australia, said that it would not support crypto purchases using the bank’s issued credit cards. Others who have followed these footsteps include Lloyds Bank and JP Morgan.
However, the Binance exchange is seemingly interested with getting as many people to trade crypto as possible by providing easy payment methods. For example, in 2018, Binance launched in Uganda supporting the Ugandan shilling on its platform. It was the first time the exchange was touching fiat.
At the beginning of this month, Binance exchange launched on the island of Jersey where it supports the euro and the British pound against the two popular coins – BTC and ETH.
Do you think more people will give a crypto a second thought now that the Binance exchange has simplified the payment method?
Let us know in the comments section below.