Binance, the world’s largest crypto exchange by volume, has made a strategic alliance with the leading Simplex payment processing company, with which users around the world can buy cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Litecoin ( LTC) through Visa and Mastercard credit cards, as announced today through its official blog.
“We want to provide Binance merchants with quick and easy access to cryptocurrencies in the safest way possible,” said Changpeng “CZ” Zhao, CEO of Binance.
“Partnering with Simplex allows us to instantly close the gap between credit card payments and cryptocurrencies for merchants worldwide. At Binance.com, you can now buy crypts with credit cards and start trading in minutes, “the statement said.
Zhao went on to explain that “the cryptocurrency industry is still in its initial stage and most of the money in the world is still in fiat”, which according to him is the reason why the fiat gateways are important for the ecosystem growth.
With the alliance Binance presents a strong challenge to Coinbase, which is currently one of the most popular platforms for purchases of cryptocurrencies by credit card.
Simplex already has a strong presence in the crypto space, and works with service providers such as BitMart, Changelly and Mycellium.
Users who use Visa or MasterCard will enjoy a quick transaction that delivers cryptocurrencies to buyers’ wallets in a maximum of 30 minutes. They will also enjoy lower rates of 3.5% of the transaction amount or $ 10.
Binance is currently capable of processing more than 1.4 million orders per second
Binance is the largest exchange by volume of commerce and one of the fastest in the world, as well as one of the main platforms where the influence of the price of Bitcoin occurs.
In the last four months, Binance has taken important steps for the mass adoption of cryptocurrencies, with the launch of two fiat-crypto exchanges in Europe for the trade of euros and pounds with cryptos and the Binance Uganda to support that African country and its around.
In addition, they recently launched their OTC for larger transactions, called Binance OTC offering services to users oriented for operations with a value of at least 20 BTC (approximately $ 68,800 at the time of writing).
Simplex is a FinTech company that offers guaranteed solutions for fraud-free payment processing and processes credit card payments with a 100% fraud guarantee in the event of a chargeback, paying directly to the merchant.
It has a patented anti-fraud technology based on Artificial Intelligence (AI) that allows legitimate payments to be made easily and quickly. Its base of operations is located in Israel, with subsidiaries in the United Kingdom, the United States and Lithuania. It was founded in 2014 and currently works with several cryptographic exchanges, wallets and platforms.