Popular cryptocurrency exchange, Binance has gone a step further to improve its fiat payment system, to give users more options to purchase cryptocurrencies using their debit and credit cards, as well as bank wire transfers.
The move which saw the exchange partner with Koinal, a London-based payment processing company will allow users to purchase five major cryptocurrencies including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), XRP, and Bitcoin cash (BCHABC) using either their Visa or Mastercard.
Per the report, the partnership would further foster the global adoption of cryptocurrencies, which has always been part of the exchange’s mission, with Binance CEO, Changpeng Zhao saying:
“At Binance, we want to provide users with the easiest way to enter and thrive in the crypto space. At the infrastructure level, we will continue to build fiat-to-crypto gateways in our effort to increase accessibility and adoption of crypto.”
To be clear the exchange had already partnered with three firms, including Israel-based payments processing firm Simplex, Paxos and TrustToken, to allow users to buy crypto with fiat. Koinal’s inclusion in the partnership would thus create an additional fiat gateway channel for fiat to crypto transaction.
The new channel would feature a fee of 2.5% per transaction with a processing time of about 5-20 minutes before each purchased asset will reach the user’s Binance wallet, the exchange noted.
Commenting on the development, Caroline Holst, Head of Sales at Koinal, was quoted as saying:
“We are thrilled to partner with Binance and open up additional credit card payment channels to the digital asset economy, providing easier access to the cryptocurrency space for millions of Binance users.”
Binance Fostering Global Crypto Adoption
Binance keeps making mainstream adoption of cryptocurrencies easier with its consistent service upgrades and expansion. As reported on Coinfomania earlier this month, the recently launched U.S. arm of the exchange, commenced users registration on September 18.
The news subsequently followed the platform’s listing of five altcoins, such as Cardano (ADA), Basic Attention Token (BAT), Ethereum Classic (ETC), Stellar (XLM), and 0x (ZRX), with the addition bringing the total number of tradeable assets on the US focused platform to twelve.