Crypto exchange Binance has partnered with Koinal, a London-based payment processing company, to enable credit and debit payments to buy digital currencies, the company announced on Wednesday.
With this partnership, the traders on the platform can deposit fiat through Binance fiat gateway which will also charge “lowest fees” for the deposits.
Commenting on the partnership, Changpeng “CZ” Zhao, founder and chief executive of the exchange, 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.”
The integration will add support to fiats in more than 175 countries and will allow traders to deposit local currencies with credit and debit cards, along with bank transfers, to purchase Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and XRP.
“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,” Caroline Holst, head of sales at Koinal, added.
Easing the process of fiat deposits
Earlier this year, Binance to enable credit card payments on its main platform. In addition, the exchange also to its crypto wallet platform.
Meanwhile, the Malta-registered exchange is determined to expand its reach throughout the globe and has to its crypto-fiat exchange in the United States earlier this month.
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