Binance Ties with Koinal to Expand Fiat Deposit Support

Crypto exchange Binance has partnered with Koinal, a London-based payment processing company, to enable credit and debit Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term to buy digital currencies, the company announced on Wednesday.

With this partnership, the traders on the platform can deposit fiat through Binance fiat gateway, which will also charge “lowest fees” for the deposits.

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 Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term 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.”

The integration will add support to fiats in more than 175 countries and allow traders to deposit local currencies with credit and debit cards, along with bank transfers, to purchase Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and XRP.

“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,” Caroline Holst, head of sales at Koinal, added.

Easing the process of fiat deposits

Earlier this year, Binance partnered with Simplex to enable credit card payments on its main platform. In addition, the exchange also added card payment support to its crypto wallet platform.

Meanwhile, the Malta-registered 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.