On 31 January, Binance announced their partnership with Simplex, a fintech payment processing company, to give users a new payment option when buying cryptocurrency through the exchange
Binance now accepts credit card as payments for buying cryptocurrencies. The exchange will utilize Simplex’s ‘guaranteed’ fraud-free payments processing solution to make the buying option available for users. And in the event of a chargeback, Simplex will reimburse the merchant.
Through the partnership, BTC, ETH, and LTC can be bought using Visa or Mastercard. After, the three mentioned cryptocurrencies can be traded for any of the 150 tokens the exchange carries. The feature is now ready for use on the Binance website.
Credit Card Payments for Greater Crypto Adoption
The exchange has the ability to process over 1.4 million transactions per second. Users of the platform come from more than 190 territories worldwide. It is the biggest exchange by trading volume. Plus, security, resilience, and speed are said to be among the focus of the platform. By offering an alternative payment option, Binance is encouraging a more extensive reach for cryptocurrency on the global stage.