Cryptocurrency exchange Binance started allowing credit card purchases of major digital currencies. The world’s largest crypto exchange by adjusted trading volume has partnered with Israel-based payment processor Simplex to enable purchases with Visa and MasterCard credit cards.
Initially, the company is supporting credit card purchase for major currencies, such as bitcoin, ether, litecoin and XRP. The clients can then start trading in minutes, and can be traded against up to 151 other tokens offered by the exchange.
Zhao, said, “The crypto industry is still in its early stages and most of the world’s money is still in fiat. Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users.”
The service, howerver, is not supported in six states in the U.S., such as New York, Connecticut, Hawaii, Georgia, New Mexico and Washington, as per Binance’s terms and conditions pages. Some countries, including Iraq, Cuba Afghanistan and Libya, are also excluded from the service.
Binance, a crypto-to-crypto exchange, recently launched a platform, Binance Jersey, where euro and pound can be converted into cryptocurrency. In October last year, the company started allowing crypto trading against Uganda’s fiat currency, the Ugandan shilling.