Binance customers, the main crypto exchange, can now buy crypto directly using debit and credit cards through the payment processing company Konial.
2.5% commission for crypto purchases with Visa and MasterCard
Binance customers can now buy cryptocurrencies using their Visa and MasterCard debit and credit cards, the company said in a blog post on September 25.
Using Koinal, Binance customers can purchase five cryptocurrencies including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), XRP and Bitcoin Cash ABC (BCHABC), the release said.
The London-based payment processor charges 2.5% per transaction, and funds bought on average take 5 to 20 minutes to reach the Binance wallet.
Because the payment processing of Koinal is subject to local banking policies, the solution is not available in a wide list of countries and regions, said Binance.
To date, Connal does not support bank cards issued in mainland China, Russia, the United States, Vietnam, Bolivia, Colombia, Ecuador, Algeria, Bangladesh, Indonesia, Jordan, Kyrgyzstan, Morocco, Nepal, Saudi Arabia, Iran, Pakistan, Taiwan and Taiwan.
Introducing the new service on September 24, Binance CEO Changpeng Haao, also known as CZ, said the new solution was a key achievement to drive mass adoption of cryptocurrencies. HZ said:
"The freedom to easily convert between Fiat currency and cryptocurrency is the key to taking cryptocurrencies out of this trend. As the blockchain industry matures, there is a greater demand for the unification of the two worlds than ever before. It was possible."
On September 23, Binance began operations at its US subsidiary Binance.US, which initially supported 13 currency pairs. On September 24, the exchange announced support for five more cryptocurrencies.
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