Binance users can now make crypto purchases on the exchange using their credit cards. Malta-based Binance has announced support for credit card payments on its platform through a partnership with Israeli based payment processor Simplex.
According to its press release, the partnership would allow Binance, which is the largest cryptocurrency exchange by volume, to provide a more direct route for investors to purchase cryptocurrencies globally. Previously, users had to buy crypto elsewhere and then transfer them to Binance to trade with.
“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,” Changpeng Zhao, CEO of Binance explained in the release.
With the new functionality, Binance users can use their Visa or MasterCard type credit cards to purchase Bitcoin, Ethereum and Litecoin, for the time being.
“Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users,” Zhao added.
The digital asset platform promises to add other cryptocurrencies to the payment channel later in the future.
Earlier this month, Binance entered the European market with the launch of Binance Jersey, a fiat to crypto exchange.
Trading on Binance Jersey includes support for fiat currencies Euros and the British Pound with cryptocurrencies. At the time, binance had stated that the expansion into the Island of Jersey could provide freedom from the looming Brexit uncertainty for both UK. and EU residents.