Cryptocurrency exchange, Binance announced on Thursday it has teamed up with payment processing company Simplex to enable users to buy cryptocurrencies with their credit cards directly on its platform. Binance reported that through Simplex its users may now use Visa and MasterCard to buy BTC, ETH, and LTC cryptocurrencies. Users are then able to trade between more than 150 different tokens and coins.
The partnership with Simplex comes just a few months after Binance launched two fiat-to-crypto exchanges, with Binance.je supporting the trading of Euros and British Pounds with crypto, and Binance Uganda supporting Ugandan Shillings. Binance noted that with the new Simplex partnership it is further expanding to global markets. While sharing more details about the partnership, Changpeng Zhao, CEO of Binance, stated:
“We want to provide Binance traders with fast and easy access to crypto, in the most secure way possible. Partnering with Simplex allows us to instantly bridge the gap between credit card payments and crypto for traders globally. On Binance.com, you can now buy crypto with credit cards and start trading in minutes.”
Nimrod Lehavi, Co-Founder and CEO of Simplex, also commented:
“Easy and fast credit card payments, for mainstream users, is a key factor in wider adoption of crypto in general. We’re thrilled to partner up with Binance and together enable a much better, fast and easy experience.”
Zhao went on to add:
“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.”