Customers of major crypto exchange Binance can now purchase crypto directly using credit and debit cards via payment processing company Koinal.
September 25, 2019, | AtoZ Markets - Malta-registered crypto exchange Binance has partnered with Koinal, a London-based payments processor, to enable credit and debit payments when buying cryptocurrencies, the company announced on Wednesday.
Binance adds one more channel to its fiat gateway
With this partnership, the traders on the platform can deposit fiat through Binance fiat gateway which will also charge “lowest fees” for the deposits. Koinal charges 2.5% per transaction, with the purchased assets on average taking five to 20 minutes to reach a Binance wallet.
The integration will add support to fiats in more than 175 countries and will allow traders to deposit local currencies with credit and debit cards, along with bank transfers to buy five cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and XRP.
Commenting on the partnership, Changpeng “CZ” Zhao, founder and chief executive of the exchange, said:
“Freedom to convert easily between fiat and cryptocurrency is key to bringing crypto further mainstream. As the blockchain industry matures, there is more demand to bridge the two worlds than ever before.”
“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.”
Supported jurisdictions
Since Koinal payment processing is subject to local bank policies, the solution is not available in a wide list of countries and regions, Binance noted.
To date, Koinal does not support bank cards issued within Mainland China, Russia, the United States, Vietnam, Bolivia, Colombia, Ecuador, Algeria, Bangladesh, Indonesia, Jordan, Kyrgyzstan, Morocco, Nepal, Saudi Arabia, Iran, Pakistan, Taiwan and Cambodia.
“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. We look forward to bringing more ease and affordability of purchasing digital assets to the global Binance community,” said Caroline Holst, head of sales at Koinal.
Simplifying the process of fiat deposits
It is worth mentioning that Binance partnered with Simplex to enable credit card payments on its main platform earlier this year. In addition, the exchange also added card payment support to its crypto wallet platform.
The crypto exchange is determined to expand its reach throughout the globe and has opened the registration process to its crypto-fiat exchange in the United States earlier this month.
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