Leading cryptocurrency exchange Binance is preparing for a flood of new customers after enabling credit card payments for the first time.
The Malta-based business says a partnership with payment processing company Simplex will enable users to buy cryptocurrencies with their credit cards directly on Binance.com.
The company’s CEO, Chanpeng “CZ” Zhao, expects the new feature will support broader use and accessibility of cryptocurrency across the globe.
“We want to provide Binance traders with fast and easy access to crypto, in the most secure way possible,” Mr Zhao said.
“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.”
Through Simplex, users on Binance can now use Visa and MasterCard to buy BTC, ETH, LTC and XRP cryptocurrencies. Users can then trade between more than 150 different tokens and coins on Binance.com.
“Easy and fast credit card payments, for mainstream users, is a key factor in wider adoption of crypto in general,” said Simplex CEO Nimrod Lehavi.
“We’re thrilled to partner up with Binance and together enable a much better, fast and easy experience.”
In the past four months, Binance has launched two fiat-to-crypto exchanges, with Binance.je supporting the trading of Euros and British Pounds with crypto, and Binance Uganda supporting Ugandan Shillings. With the new Simplex partnership, Binance is further expanding to global markets.
“The crypto industry is still in its early stages and most of the world’s money is still in fiat. Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users,” said Mr Zhao.