Binance Exchange Users Can Now Buy 5 Cryptos Using Debit Or Credit Cards via Koinal Partnership
The users of the largest crypto exchange Binance can now buy five cryptocurrencies through their debit or credit cards. The payment processing will be done by Koinal.
Through a blog post, the crypto exchange stated that its customers can purchase five major cryptocurrencies using either Visa or MasterCard debit as well as credit cards.
According to the press release shared with us, the payment processing company asks for 2.5% on every transaction. The bought digital asset will arrive in Binance wallet averagely after five to twenty minutes after the completion of the transaction.
As per the blog post, the payment processor Koinal must adhere to domestic bank policies. Due to these local requirements or policies, the service will not be available in most countries. Currently, Koinal services are not available in various countries like the United States, China, Russia, Taiwan, Colombia, Saudi Arabia, among others.
While announcing the new service, Changpeng Zhao, Binance CEO, commonly referred to as CZ, said that the new service will go a long way in enhancing mainstream adoption of cryptos. According to CZ, the new service will make it easier for users to convert fiat to cryptos which is essential in enhancing mainstream adoption. CZ explained that as the crypto market continues to grow, there is a need to come with solutions to bridge the fiat and crypto worlds.
The recent agreement with Koinal means that Binance now has four such partnerships. In the recent past, the crypto exchange had teamed up with Simplex, TrustToken as well as Paxos for fiat solutions.
Simplex, a payment processing company operating in Israel, supports the purchase of BTC, BCH, ETH, LTC, XRP as well as Binance’s native coin BNB. customers can utilize either Visa or MasterCard credit and debit cards. Customers have to part with fee of either 3.5% on every transaction or $10 whatever is higher.
Paxos as well as TrustToken solutions are bank transfer based solutions. Through Paxos customers can purchase Binance USD (BUSD) as well as Paxos stablecoins. On the other hand, using TrustToken customers can only buy TrueUSD (TUSD).