Binance adds debit and credit cards as a payment option to buy cryptocurrencies directly via its payment processing firm Koinal.

On Sept 25th, Binance announced in a blog post that its users can now directly buy cryptos using their Visa and MasterCard debit and credit cards.

The payment processing app will let users buy five cryptocurrencies initially such as- Bitcoin (BTC), Ether (ETH), Litecoin (LTC), XRP and Bitcoin Cash ABC (BCHABC).

Charges will be cut at 2.5% per transaction while taking an average time of five to 20 minutes to reach a Binance wallet.

On the other hand, the crypto exchange giant said that since the payment processing app, Koinal is “subject to local bank policies”, the facilities will not be available in a number of countries.

ALSO READ :  Coca-Cola Supply Chain Firm Expands Blockchain Tech to 70 Manufacturers, Delivers 160,000 Bottles Daily

According to a CoinTelegraph report:

Koinal does not support bank cards issued within Mainland China, Russia, the United States, Vietnam, Bolivia, Colombia, Ecuador, Algeria, Bangladesh, Indonesia, Jordan, Kyrgyzstan, Morocco, Nepal, Saudi Arabia, Iran, Pakistan, Taiwan and Cambodia.

 “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.”

Binance CEO Changpeng Zhao 

Credit and debit cards remain one of the most feasible methods of buying cryptos due to its ease. Zhao adds that the introduction of the new service is a move for the mass adoption of cryptocurrencies.

The exchange declared that three altcoins- Monero, Zcash, and Dash will be added from Sept 20th onwards.


Share This

Share This

Share this post with your friends!