Thursday, April 25, 2019

Users On Binance Can Now Purchase Cryptos Using Their Bank Cards

Binance, a leading crypto exchange, has added the option for its clients to purchase cryptocurrency with the use of credit card to its long list of achievements. This development came to be through a partnership with Simplex, a payment processor, according to a January 31st press release.

Access to Cryptocurrency Now Easy Through Credit Cards

The CEO of Binance, Changpeng Zhao, stated that the company “want[s] to provide Binance traders with fast and easy access to crypto, in the most secure way possible.” Zhao went ahead to add that clients of the exchange can now make use of credit cards to purchase digital assets easily and then “start trading in minutes.”

In a bid to make the new introduction of the exchange better explained, Zhao said that “the crypto industry is still in its early stages, and most of the world’s money is still in fiat,” which, in his opinion, is sufficient reason why the proper utilization of fiat is important for the growth of the industry.

Faster Card Payments Make Cryptocurrency More Attractive

The CEO and co-founder of Simplex, Nimrod Lehavi, opined that mainstream users prefer a credit card payment system that is easy and fast, thereby playing an active role as “a key factor in wider adoption of crypto in general.”

The press release stated that the following digital currencies could be purchased by Binance users by using MasterCard and Visa cards: Bitcoin (BTC), Ripple (XRP), Litecoin (LTC) and Ethereum (ETH).

According to CoinMarketCap, Binance ranks as the largest cryptocurrency exchange in the world by adjusted daily trade volumes. In the last 24 hours, transactions of about $588 million were conducted on the exchange.

Binance Prepares To Cater For More Transactions

In recent months, more companies have joined hands with Simplex to purchase Bitcoin Cash (BCH), BTC and ETH possible through credit card purchases.

In the previous week, Binance prepared for larger transactions by rolling out its own over-the-counter (OTC) trading desks. This will make it possible for users to conduct transactions worth at least 20 BTC, which is about $68,000.

Last week, Cryptopia, a New Zealand exchange, was hacked which saw to the loss of users’ assets. Zhao has confirmed the freeze of some of the stolen tokens which the hacker transferred to its wallet. Information gathered from Elementus, a blockchain infrastructure company, showed that up to $16 million worth of ERC20 and ETH tokens were lost to the hacker, alongside more funds that were just stolen a few days ago.

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