Binance Enables Debit and Credit Card Payments

Author: 
Michael R.
Date: 
January 31, 2019
Read time: 
2 minutes
Binance
Cryptocurrency
Adoption

Leading cryptocurrency exchange Binance recently announced a partnership with Simplex to allow debit and credit card payments for cryptocurrencies.

Leading cryptocurrency exchange Binance recently announced a partnership with Simplex to allow debit and credit card payments for cryptocurrencies.

According to their website, they noted:
“As part of Binance’s larger mission to increase the adoption and mainstream accessibility of crypto, Binancians are now able to use Visa and MasterCard to buy BTC, ETH, LTC and XRP, and start trading on Binance.com within minutes.”

This is another step towards mainstream adoption for cryptocurrencies because prior to the announcement, Binance only allowed cryptocurrency trades. Now, users can create an account on Binance and simply use their credit or debit cards to purchase cryptocurrencies and speculate on the market.

The benefits of purchasing cryptocurrencies with a debit or credit card on Binance are:

  • Purchases are “average 10-30 mins for cryptocurrency to reach your wallet
  • Low Fees: only 3.5% per transaction or 10 USD, whichever is higher
  • Convenient: Visa and MasterCard accepted

Binance has millions of users worldwide and the userbase is growing. Many speculate that Binance will become a serious Coinbase competitor - the largest and most user-friendly platform for people to purchase cryptocurrencies with fiat (government-backed money).

Binance CEO Changpeng Zhao noted in a press release: “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.

Despite crypto being a 10-year-old industry, most people to this day have not heard of Bitcoin. With more user-friendly onramps like Coinbase and Binance, we expect the number of cryptocurrency owners to grow substantially. Changpeng Zhao has created quite the force with Binance and has become a leading figure in the industry. We believe this is just the first of many great improvements they will implement, and we are excited about the future.

If you are looking to invest in Bitcoin or other cryptocurrencies but have no idea how or where to begin, start learning how to invest by taking a look at the valuable and informative courses on our website.

Posted by Michael R.

Michael is an entrepreneur who has been deeply involved in the cryptocurrency industry since early 2014. He joined Cryptomaniaks as a cryptoanalyst, helping to create accurate and digestible content.

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