Purchasing crypto assets on Binance just got easier as the exchange just made it possible for users to buy crypto assets using their credit or debit cards. This is as a result of Binance’s partnership with Simplex, a technology that provides secure buying of cryptocurrencies using credit and debit cards. This was contained in a press release by Binance earlier today.
Users who use Visa or MasterCard will enjoy a fast transaction that delivers cryptocurrencies to buyers’ wallets in at most 30 minutes. They will also enjoy lower fees of 3.5% of the transaction amount or $10.
This partnership is aimed at increasing mass adoption of cryptocurrencies as well as bringing the industry closer to the mainstream with easier methods of buying digital assets and improving accessibility. The CEO of Binance Changpeng Zhao said:
“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.”
Binance is the largest cryptocurrency exchange by trade volume with a powerful system that processes over 1.4 million orders per second. Its partnership with Simplex will definitely improve mainstream adoption of cryptocurrencies as well as further boost Binance trade volume. Simplex also confirmed the partnership through its Co-Founder and CEO Nimrod Lehavi;
“Easy and fast credit card payments, for mainstream users, is a key factor in wider adoption of crypto in general. We’re thrilled to partner up with Binance and together enable a much better, fast and easy experience,”
In truth, a major hindrance to crypto adoption is the technicality involved in buying the assets. With this new innovation, any ordinary human can easily buy crypto using their credit cards which is plausible. Binance, however, states that the use of the credit cards for payment through Simplex is subject to the policies of the local bank. You can try it on the Binance website here.