Binance, the largest cryptocurrency exchange in terms of trading volumes, has team up with payments processor Koinal for enabling debit and credit card purchases for cryptocurrencies. Binance users can now purchase five cryptocurrencies – bitcoin, Bitcoin Cash, ether, Litecoin, Ripple – with Visa and MasterCard debit and credit cards, as well as via wire bank transfers.
This step makes Binance a main rival of Coinbase, one of the most popular platforms allowing crypto purchase with credit cards.
“The crypto industry is still in its early stages and most of the world’s money is still in fiat. Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users,” Binance CEO Changpeng Zhao commented on the new option.
A cryptocurrency will be credited to a Binance user account in 10-30 minutes after completing the purchase. Processing fee is just 2,5%.
As a reminder, earlier this month, Binance launched a dollar-backed stablecoin in the U.S, dubbed Binance USD. The Binance stablecoin, launched in partnership with the Paxos Trust Company has received the approval from the New York Department of Financial Services (NYDFS). The coin will be backed by U.S. dollars on a 1:1 ratio, according to a press release. Paxos will act as both the custodian and the issuer for BUSD, and will regularly audit the dollar holdings.