New stories come up in the crypto world with every passing day. Most of these reveal that crypto is not dead. Instead, it is the future of the world finance. These stories also prove that continuous downfall in the values of cryptocurrency cannot stop the craze of the people for it. In order to fulfill the customers’ demands, many companies are introducing innovative applications and services.
Binance, the world’s largest crypto exchange, has offered a new service for traders and customers. It has collaborated with payment processor Simplex to enable customers to purchase cryptocurrencies with the help of credit cards. Simplex is an Israel based payment processing firm.
Changpeng Zhao, CEO of Binance crypto exchange, says that this move will facilitate the traders to buy digital assets in the most secure way. The traders can buy Bitcoin, Ethereum, Litecoin, and Ripple (XRP) through VISA and Master cards. Traders can now start trading in a few minutes because digital assets reach their wallets in a few minutes.
It is also a fact that winter in the crypto world is due to their limited reach. Purchase of cryptocurrency with credit cards will open new horizons of success for crypto world which is at its early stage. Here, it is also worth mentioning that some crypto exchanges are already offering this facility.
Nimrod Lehavi, the CEO and cofounder of Simplex also considers it crucial for wider adoption of cryptocurrencies. Lehavi further says that they are thrilled to partner with Binance to offer payments through credit cards. This is because payments through credit cards are easy and fast.
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Earlier this month, Binance CEO stressed the fiat to crypto trading for long term growth of cryptocurrencies. It is also important to note that daily trading volume of the exchange makes it the largest crypto exchange in the world. Despite the winters in crypto world the daily trading volume of the exchange remains around $600 million.
Binance has also stepped in the European market and launched Binance Jersey. This subsidiary is also offering four different trading pairs to buy cryptocurrency with fiat currency.
Talking about the card facility, the official Binance team says that cryptocurrency will reach customers’ wallet in 10-30 minutes. The exchange is providing this facility at minimal cost of 3.5%. Zhao confirms that the fees will further decrease after the addition of some new cryptocurrencies.
Coin telegraph, another world leading crypto exchange, partnered with Simplex to offer the facility of payments through cards. Coin telegraph is also offering support for Bitcoin, Ethereum, and Bitcoin cash.
Binance had launched its own over the counter trading (OCT) desk. The main purpose of the desk was to handle the larger transactions. This desk handles the transactions worth 20BTC or greater nowadays.
Many countries around the world do not allow Simplex to operate in their jurisdictions. Even some states in America have no access to this payment processing firm. Most of the Asian countries including Iran, Iraq, Democratic People’s Republic Korea, China, and Libya do not allow Simplex to operate in their jurisdictions.
Use of debit/credit cards has always remained a controversial issue in the world of cryptocurrency. Many of the top crypto exchanges which once supported their usage have now banned cards. This is because experts associate card usage in cryptocurrency with its illegal usage.
Coin base, one of the renowned crypto exchanges, had banned use of cards in America a year ago. But nowadays, it is offering support for buying cryptocurrency with debit/credit cards.
Banks are also unable to decide their customers to allow or ban card usage for buying crypto assets. There are many banks which have banned the usage of credit/debit cards for buying cryptocurrency. Also, many banks are offering this support for the customers.
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