Binance has announced that it has entered into a partnership with Simplex, thus allowing users to buy cryptocurrencies using a credit card.
This means that it is now possible to use Visa and MasterCard to purchase BTC, ETH and LTC on Binance, where there are also 151 other tokens and cryptocurrencies.
The objective is obviously to promote accessibility to global crypto markets.
This does not mean that Binance will cease to be a crypto-to-crypto exchange – fiat currencies will still not be listed – but only that it will be possible to use Simplex to buy BTC, ETH and LTC directly on the platform.
Whereas if users want to trade bitcoin for euros, for example, they can use other exchanges that also list fiat currencies.
More information has been published on a dedicated page of the Binance website.
Changpeng “CZ” Zhao, CEO of Binance, said:
“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”.
He also added:
“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”.
Nimrod Lehavi, co-founder and CEO of Simplex, 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”.
Simplex is a fintech company founded in 2014 that provides credit card payment processing solutions with 100% fraud protection. Their fraud prevention solution is based on proprietary artificial intelligence technology that blocks suspicious transactions.
The company is headquartered in Israel, with subsidiaries also in the UK, US and Lithuania.