Kraken and Binance Form New Partnerships to Offer More Fiat Funding Options
Amidst the flying altcoins and stuck Bitcoin, cryptocurrency exchanges continue to add new options to allow users to buy and sell digital assets.
Kraken has added seven new USD funding options for US residents through its partnership with MVB Bank to offer the fastest and smoothest experience for its clients. Formed in 1997, MVB Bank is an FDIC insured bank.
“We are excited to offer this new USD funding method, and think it will prove to be one the best funding methods for our US clients. MVB Bank is an ideal banking partner for us in many ways, including their deep commitment to supporting innovative financial companies in the Fintech sector,” said Kraken Chief Operating Officer David Ripley.
The new domestic wire charges a deposit and withdrawal fee of $4 with a minimum deposit/withdrawal of $20.
The new option is available in every US state that Kraken operates in, except for Texas.
Reaching 170 Countries
Another exchange that is extending its options is leading spot exchange Binance, which has acquired crypto wallet app Swipe.io. This acquisition could help boost crypto adoption, said Binance.
Swipe users can now purchase cryptos from within the app and use debit cards that utilize the Visa payment network to automatically convert stored digital assets into fiat currency.
Available in 31 countries, Swipe support transactions in US dollar, pound sterling, and euros. The app has also listed Binance’s native coin BNB to its platform for an undisclosed amount.
The exchange also announced a partnership with settlement provider Etana Custody to further increase options for users to buy digital assets with fiat currencies.
With this partnership, Binance users can now fund their accounts with 15 national currencies in Europe, Asia, North America, and Oceania markets.
Besides, United Arab Emirates dirham (AED), Czech koruna (CZK), Danish krone (DKK), Hungarian forint (HUF), Mexican peso (MXN), Norwegian krone (NOK), Polish złoty (PLN), and Swedish krona (SEK), euro (EUR), Canadian dollar (CAD), Australian dollar (AUD), and Swiss franc (CHF) are also included.
This brings the total number of countries and regions that Binance serves with fiat to 170.
Users can fund their purchases of cryptos right from Binance’s website once they have set up a funded Etana account. Etana also follows KYC and AML standards and is compliant with the Bank Secrecy Act.
Etana also provides services to Kraken as a third-party custodian and settlement provider of both fiat and digital assets for brokers, traders, and exchanges.