- Binance has one additional channel to its fiat gateway
- The partnership with Koinal gives users an additional avenue to pay for crypto with debit and credit cards
- Binance has now got four fiat gateway channels
Users of Binance Cryptocurrency exchange can now buy five different cryptocurrencies using their credit and debit cards. This has been enabled by Binance’s addition of a new channel to its fiat gateway giving users an extra way to pay for their cryptocurrency purchases.
Buy Five Cryptocurrencies
The world’s leading cryptocurrency exchange by trade volumes announced via a blog post on September 25, 2019, it had partnered with payment processor Koinal which will provide this new channel. By using this new channel, Binance clients will now be able to buy bitcoin (BTC), bitcoin cash (BCH), Ether (ETH), Litecoin (LTC) and XRP – with Visa and MasterCard debit and credit cards besides via wire bank transfers. Commenting, a Binance spokesperson stated:
“The Koinal integration allows users to purchase cryptocurrencies with any local currency via debit or credit cards at low fees. The portal is powered by Koinal and hosted on Binance.com, where users can easily make purchases and check their deposit history after logging into Binance.”
Not Available In Some Countries
According to the blog post, Koinal Payment Processor will adhere to strict domestic banking policies meaning the service will not be available in some countries. The service will not be available in countries such as the United States, China, Russia, Taiwan, Colombia, Saudi Arabia, among others where Koinal doesn’t operate. The London-based payment processor will charge 2.5 percent per transaction while the digital assets purchased will be available in a user’s wallet in five to twenty minutes after they have completed a transaction. Binance CEO Changpeng Zhao (CZ) said the initiative was meant to “bring crypto further mainstream” and added:
“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.”
The latest deal between Binance and Koinal brings to four the number of partnerships undertaken by the cryptocurrency exchange which has recently joined up with Simplex, TrustToken as well as Paxos for fiat solutions.
The Israel-based Simplex payment processing company enables Binance users to purchase BNB as well BTC, BCH, ETH, LTC, XRP and charges customers using Visa or MasterCard credit and debit cards. Customers a fee of either 3.5% on every transaction or $10 whatever is higher. Paxos and TrustToken only support bank transfers with Paxos allowing the purchase of Binance USD (BUSD) and Paxos Standard (PAX) Stablecoins, while the latter allows purchasing only TrueUSD (TUSD).