In an announcement made yesterday, Binance Trust Wallet will now let users buy cryptocurrencies using credit cards. The new payment option is possible thanks to a partnership between the wallet and Simplex, an Israeli based payments processor.
The announcement was made yesterday to the delight of many users of Binance crypto exchange. The platform also revealed that it would add support for XRP which is the currently the third largest cryptocurrency according to coinmarketcap.com.
Now users of the Binance Trust Wallet will have the ability to purchase XRP, BTC, ETH, and BCH using major credit and debit cards. However, the announcement didn’t specify what type of cards will be supported and other vital details like the amount of fees that will be charged.
Viktor Radchenko who is the founder of the Trust Wallet noted that the goal was to increase access to cryptocurrencies and other decentralized applications for all crypto users.
In a statement he added:
“Adding credit card payments is one piece to furthering cryptocurrency adoption and realizing our larger vision in helping to bring the freedom of money, and we will continue to integrate more blockchains and features to Trust.”
Binance which is the largest cryptocurrency exchange in the world by adjusted trading volume acquired the Trust Wallet platform last July. At the time the wallet was only compatible with Ethereum and other tokens based on the network.
However, since then the exchange has enabled support for multiple crypto coins, and it’s currently supporting 17 virtual currencies and “hundreds” of other decentralized applications better known as dApps according to the announcement made yesterday.
Also, the statement noted that the Binance Trust Wallet would also be the native wallet for the exchange’s upcoming decentralized exchange, Binance DEX that is expected to launch by Q2 of 2019.
What’s your take on Binance making it possible for users purchase of XRP on Binance Trust Wallet using a credit card? Share your thoughts in the comment section below.