Binance Adds Credit Card Support for Top Cryptos

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Binance Adds Credit Card Support for Top Cryptos

On the last day of January, Simplex, one of the leading providers for processing payments, announced their partnership with the biggest exchange in the market according to CoinMarketCap – Binance.

Changpeng Zhao, the CEO and the first man of Binance exchange shared the details on the partnership in one of the latest press releases submitted directly to Cointelegraph where he announced that some of the major cryptocurrencies listed on Binance are now supported for credit card purchases.

As noted by some crypto enthusiasts on Twitter following the credit card support announcement, credit card purchases are most probably set to increase the overall level of adoption.

Credit Card Purchases Enabled on Binance for Litecoin (LTC), Bitcoin (BTC), Ethereum (ETH) and Ripple’s XRP

Thanks to the partnership with Simplex, Binance users will be able to use their credit cards for purchasing some of the largest cryptocurrencies in the market.

Binance enabled credit card support for only four cryptos for now, without stating whether other cryptos will get the credit card support in the future as well. For now, Binance clients can use their Visa and MasterCard credit cards to purchase Litecoin (LTC), Bitcoin (BTC), Ethereum (ETH) and Ripple’s XRP.

Simplex is described on their official website as a fintech company operating with fraud-free payment processing. As explained on the official website, Simplex provides crypto platforms, merchants and marketplaces such as Binance, to take advantage of maximized conversion, fraud prevention, global reach and chargeback liability.

Simplex announced their partnership with the largest cryptocurrency exchange market in an enthusiastic tweet on January 31st:

“We are super excited to announce the new partnership with @Binance – the leading #crypto exchange! Making it easier for mainstream users to buy crypto and continue transforming the financial space.”

Simplex CEO, Nimrod Lehavi, stated regarding the latest partnership with Binance that credit card support is the key in wider adoption of cryptocurrency for mainstream users.

Binance Users Can Start Trading in Minutes, says CZ

Changpeng Zhao explained that the company is set to provide traders on the exchange with simple, easy and fast access to crypto trading and cryptocurrencies, adding that with credit card support, traders can start buying digital assets in the matter of minutes.

CZ went on to explain how the majority of world’s monetary value is still held in fiat currencies and that the cryptocurrency market is still in the early stage of growth, which is why gateways such as Simplex’ credit card support are important for mass adoption.

Since over-the-counter cryptocurrency marketplaces are recording an increased demand alongside increased trading volumes, Binance exchange also launched an OTC cryptocurrency market during the last week.

The market is named Binance OTC and it serves the purpose of processing larger crypto transactions, starting from 20 BTC and up.

Binance is currently the largest exchange in the crypto market with an average of half billion dollars in daily trading volumes.

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