Cryptocurrency exchange Binance has partnered with London-based payments processing firm Koinal to enable customers to purchase cryptocurrencies using debit and credit cards, according to a report by news outlet The Block.
The new services will allow Binance users to make their purchase of 5 cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP) with Visa and MasterCard debit and credit cards, as well as via bank transfers, all at competitively low fees.
A Binance spokesperson explained the reason for choosing Koinal over other payments processing firms, saying “Koinal offers very competitive fees. It charges a 2.5% processing fee.”
“The Koinal integration allows users to purchase cryptocurrencies with any local currency via debit or credit cards at low fees,” the spokesperson added. “The portal is powered by Koinal and hosted on Binance.com, where users can easily make purchases and check their deposit history after logging into Binance.”
Changpeng ‘CZ’ Zhao, CEO of Binance, said the partnership aims to bring crypto further mainstream, noting that the exchange “will continue to build fiat-to-crypto gateways in our effort to increase accessibility and adoption of crypto.”
The spokesperson added that Binance intends to “continue evaluating more quality fiat-crypto channels to increase the world’s accessibility to crypto.”
The collaboration brings Binance’s total partnerships for developing its fiat gateway channels to four. Previous partnerships were with Simplex, an Israel-based payments processing firm, and Paxos and TrustToken, both of which only support bank transfers.
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