Possibly the world’s largest cryptocurrency exchange-Binance announced that the company now lets users buy the largest cryptocurrencies by market cap with their Credit Card and it’s a great way to start the evening altcoin news today.
Currently based in Malta, the exchange giant announced its partnership with a payment processing company named Simplex in order to allow users to buy their favorite coins by using their credit cards.
Users can now buy Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Ripple (XRP) using Mastercard and Visa credit cards. The coins can later be traded with the other 150 tokens available on the platform.
CEO Of Binance Chengpeng Zhao 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.”
Binance operated as a crypto-to-crypto trading platform from the day it was launched but it seems that the company has a great expansion plan with them moving to a fiat territory in try to win over fiat entities such as Coinbase.
Back in 2018, Binance introduced the first fiat pairs by launching a crypto exchange in Uganda where users can now buy crypto using the Ugandan Shillings. The company also launched another exchange in Jersey that allows the users to buy crypto with British Pounds and even Euros.
However, banks are not really happy with users being able to purchase cryptocurrency using credit cards. Many popular banks such as JP Morgan and Citigroup restricted their users from buying bitcoin, ethereum or any other coin with credit cards mainly because cryptocurrencies are known to be extremely volatile.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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