Top crypto exchange Binance has formed a partnership with Simplex – a payment processing firm to allow its users make purchase cryptocurrency with their credit card on its exchange platform.
According to reports by Simplex, crypto users will be able to purchase BTC, ETC and LTC using their VISA and Mastercard on the Binance platform. Users will then be able to trade this cryptocurrencies for more than 150 other digital assets offered on the Binance platform.
Binance Is Dominating The Crypto Space
According to data by CoinmarketCap, Binance is currently the largest crypto exchange in the world in terms of daily trade volume. Irrespective of the bear market and the nosedive in cryptocurrency values, the exchange platform handles about $600,000 worth of trades everyday.
Prior to this partnership with Simplex, Balance launched two fiat-to-crypto exchanges, Binance.je and Binance Uganda. With Binance.je supporting crypto trading of Euros and British Pounds and Binance Uganda supporting crypto trading with Ugandan Shillings.
Early this month, Binance also launched a Jersey-based platform called Binance Jersey in the European market. The platform offers traders four fiat-based trading pairs – BTC/GBP, ETH/GBP, BTC/EUR, and ETH/EUR.
Binance also launched an over-the-counter (OTC) trading desk. This will help facilitate larger transaction without affecting the market.
CEO of Binance, Changpeng Zhao, in a statement at Asia Trading Summit said that, the partnership will provide digital asset traders with faster, easier and more secure access to cryptocurrency. The partnership bridges the gap between credit card payment and crypto for traders anywhere in the world.
Zhao also added that, crypto is still in its early stage and most of the money in the world is in fiat currencies, building crypto getaways is the most effective means of growing the crypto industry, increasing users and encouraging crypto adoption.
Do you think Binance credit card payment enablement is a good move? Lets hear from you in the comment section below!
Image Credit: Shutterstock
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