Binance, a leading global crypto exchanges, has partnered with the payment processing firm Simplex to enable credit card payments on its exchange platform.
According to the announcement, Israel-based Simplex will support VISA and Mastercard-enabled credit card payments and can be used for the purchase of BTC, ETC, and LTC. These cryptos can further be traded for 151 other digital assets offered on the platform.
Buy crypto with your credit card!
In our testing, Simplex does not support all credit cards, but do have a decent coverage. Good luck! https://t.co/qM3LJrEKJd
— CZ Binance (@cz_binance) January 31, 2019
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Mentioning this partnership, the exchange’s co-founder and CEO Changpeng Zhao said: “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.”
Dominance of Binance
Binance is currently the largest crypto exchange in the world in terms of daily trade volume, according to Coinmarketcap.com data. Despite the bear market and the plunge in cryptocurrency values, the exchange is handling around $600,000 worth of trades every day.
Earlier this month, Binance entered the European market with the launch of a Jersey-based subsidiary called Binance Jersey. The platform offers the European traders four fiat-based trading pairs – BTC/GBP, ETH/GBP, BTC/EUR, and ETH/EUR.
The exchange also launched an over-the-counter (OTC) trading desk last week facilitating larger transaction without affecting the market.
“Easy and fast credit card payments, for mainstream users, is a key factor in wider adoption of crypto in general. We’re thrilled to partner up with Binance and together enable a much better, fast and easy experience,” said Nimrod Lehavi, co-founder and CEO of Simplex.