One of the largest cryptocurrency exchanges in the world Binance has taken another step in furthering crypto adoption.
The exchange will now allow credit card payments on its platforms via a partnership with Israeli payments processing company Simplex.
Enabling Crypto Adoption
With the new feature, users will be able to engage with the platform using their credit cards directly.
The exchange is looking forward to enabling broader use of crypto and worldwide accessibility.
According to their CEO Changpeng Zhao:
“We want 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.”
Note that Binance is capable of handling over 1.4 million orders per second and is one of the fastest and largest exchanges in the world.
These currencies can then be traded for over 150+ other coins listed on the exchange.
Providing More Buying Options to Users
Nimrod Lehavi, co-founder and CEO of Simplex commented that easy and quick credit card payments are a crucial factor for widespread crypto adoption amongst mainstream users.
Their partnership with Binance, Lehavi noted, will enable a faster, easier and much better experience for the users.
Binance is bringing fiat and crypto closers with two new fiat-to-crypto exchanges.
It launched Binance.je which allows trade in Euros and GBP while Binance Uganda allows users to trade with Ugandan Shillings.
Zhao said that while most of the money in the world is still in fiat, crypto is still in its nascent stages.
To help grow the ecosystem, they need to open new fiat gateways which could help in increasing adoption and introduce digital currencies to more users.