Binance adds debit and credit cards as a payment option to buy cryptocurrencies directly via its payment processing firm Koinal.
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).
Today @Binance – Wednesday 1. @cz_binance AMA announced 2. #Binance Adds Support for Koinal – Buy Crypto With Debit and Credit Cards 3. Lending Phase 6 live 4. Added REN/USDT, RVN/USDT and HC/USDT Trading Pairs 5. 75,000 $BTC ATH trading volume on Binance Futures#BUIDL Daily. https://t.co/Bh4R18yk7d — Binance (@binance) September 25, 2019
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.
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.