Binance has announced that it has activated a new option to purchase cryptocurrencies using debit and credit cards or bank transfers.
This is the support for Koinal, which allows the purchase of cryptocurrencies by paying with Visa and MasterCard cards or via bank transfer. This allows users to buy BTC, ETH, LTC, XRP and BCH and start trading on Binance.com within minutes of making the purchase.
A special page on the Binance website has been created to allow the use of this new feature, which also states that it takes on average between 5 and 20 minutes to complete the purchase and see the tokens credited to the user’s account and that Koinal charges a 2.5% commission on each transaction.
The service is active only for users in the supported countries. Excluded countries include China, Russia, USA, Saudi Arabia, Iran, Taiwan, Pakistan, Bangladesh, Indonesia, Bolivia, Colombia and other countries in particular in Southeast Asia, Africa, South America and Central Asia.
Koinal is a crypto payments company founded in 2018, based in London with a proprietary exchange technology. It allows payments by debit and credit cards, but also by bank transfer and other alternative payment methods. In addition, it uses a fraud monitoring system and advanced encryption technology to protect payments.
Binance CEO Changpeng CZ Zhao said:
“Freedom to convert easily between fiat and cryptocurrency is key to bringing crypto further mainstream. As the blockchain industry matures, there is more demand to bridge the two worlds than ever before. At Binance, we want to provide users with the easiest way to enter and thrive in the crypto space. At the infrastructure level, we will continue to build fiat-to-crypto gateways in our effort to increase accessibility and adoption of crypto”.
Caroline Holst, Head of Sales at Koinal, added:
“We are thrilled to partner with Binance and open up additional credit card payment channels to the digital asset economy, providing easier access to the cryptocurrency space for millions of Binance users. We look forward to bringing more ease and affordability of purchasing digital assets to the global Binance community”.